I'm new and have a question about PPI! Help!

fayp

Hi there!

I have a loan with Barclays which I took out online about 2 years ago. A couple of months ago I called Barclays to ask them if I could cancel my insurance policy but was told that was not possible. I would have to take out a completely new loan. I've never encountered this before. Is this right?
Is it worth pursuing a PPI claim on this do you think?

Thanks!

Fay

di3004

fayp wrote: »

Hi there!

I have a loan with Barclays which I took out online about 2 years ago. A couple of months ago I called Barclays to ask them if I could cancel my insurance policy but was told that was not possible. I would have to take out a completely new loan. I've never encountered this before. Is this right?
Is it worth pursuing a PPI claim on this do you think?

Thanks!

Fay

Hi Fay

You should be able to cancel anytime, this is also stated within the FSA rules, but unfortunately this seems to be the case - taking out a new loan to start a new arrangement without the PPI.
If you agree to this, make sure the interest rate is equal to that rate or better to the original one.

You can still then if you were mis sold the policy try reclaiming on this, good luck.
Link here to ppi reclaiming guidelines and templates etc:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Write your own reasons in the template letter, they have 8 weeks to respond.
Another letter maybe required if they do not resolve in your favour the rist time for them to reconsider.

In the final response they should give details of the Financial ombudsman service (FOS).

Remember to post by recorded delivery.

Good luck and post up for help when required.;)