ppi help

leea1001

hi

this is my first post so please bear with me...



my loan is with egg outstanding balance is £23000 withh ppi inclusive,payments of £470 a month.

I am wanting to stop ppi on the loan,but have been told the only way to do this is to create a new loan.if i am correct for them to re-issue a new loan they have to offer the same interest rate or better and the timescale has to stay the same..

do people agree with this comment

will i be charged new interest on a fresh loan and do they have a right to refuse me a new loan...

all help appreciated thanks in advance

di3004

leea1001 wrote: »

hi

this is my first post so please bear with me...



my loan is with egg outstanding balance is £23000 withh ppi inclusive,payments of £470 a month.

I am wanting to stop ppi on the loan,but have been told the only way to do this is to create a new loan.if i am correct for them to re-issue a new loan they have to offer the same interest rate or better and the timescale has to stay the same..

do people agree with this comment

will i be charged new interest on a fresh loan and do they have a right to refuse me a new loan...

all help appreciated thanks in advance

Hi there

This seems to be the way most do this now, but make sure the rate is either equal to that or better.
You can still try to reclaim on the PPI if you believe you were mis sold this for any reason.

Link here for reclaiming and templates, follow the procedures, they have 8 weeks to respond in full, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

leea1001

thank you for the response,

do they have a right to refuse to me a new loan,i never miss any payments.

i am still wondering if it is better to keep the loan the way is it,than set up a new loan and be charged interest on it....

di3004

leea1001 wrote: »

thank you for the response,

do they have a right to refuse to me a new loan,i never miss any payments.

i am still wondering if it is better to keep the loan the way is it,than set up a new loan and be charged interest on it....

Hi there.

I would ask them about this and have a good think about it, it just seems a shame that they cannot leave the loan as it is and remove the ppi, but not all work that way unfortunately.

However, I cannot see it being a problem of them giving you a new loan without the PPI, because you can still try to reclaim on the PPI that you have already paid on the first loan anyway.;)

If things do not go your way, you can ask the financial ombudsman service to investigate your complaints for you.