Barclays Loan PPI?

lucyclare

I took out a loan with Barclays in June 2006.

Loan amount £2000.00 monthly repayments £79.89 36 months.

It was done over the phone and the courier brought the papers form me to sign. I did not ask for ppi just that my repayments be about £80 ish

During the summer of 2007 I phoned barclays to enquire how much longer i had left to run on the loan. She advised me nearly two years. I asked how this was and she explained about the ppi.

I told her over the phone that i wished to cancel the ppi and was told that I could not. only way is to take out a new loan to repay the outstanding amount of the loan.

the new loan for less than £1500 without ppi was less than a pound cheaper than the existing payment. So i left things be. Cross and complained about the policy.

Anyway, ive finished paying and have a letter from Barclays confirming the balance is nil.

It shows the following information.

Cash Loan £2334.74
ppi premium loan N/A
Annual interest rate 14.9%

So in total i have paid barclays £2877.09
making the ppi total around about £542

With 8% interest about £585

Do I have a case for being mis sold on the basis that

a) i didnt ask for the ppi
b) the paperwork only refers to ppi way later down in the paperwork not in the repayments section.
c) i was told that i couldnt cancel the ppi seperatley
d) they seemed to have changed their policy


I got a new letter from them offering me a new loan. and a leaflet which makes quite clear that ppi can be cancelled as long as you give them 30 days notice in writing. Very different to the information they gave me in the summer of 2007.

Any suggestions or advice thankfully received.

marshallka

lucyclare wrote: »

I took out a loan with Barclays in June 2006.

Loan amount £2000.00 monthly repayments £79.89 36 months.

It was done over the phone and the courier brought the papers form me to sign. I did not ask for ppi just that my repayments be about £80 ish

During the summer of 2007 I phoned barclays to enquire how much longer i had left to run on the loan. She advised me nearly two years. I asked how this was and she explained about the ppi.

I told her over the phone that i wished to cancel the ppi and was told that I could not. only way is to take out a new loan to repay the outstanding amount of the loan.

the new loan for less than £1500 without ppi was less than a pound cheaper than the existing payment. So i left things be. Cross and complained about the policy.

Anyway, ive finished paying and have a letter from Barclays confirming the balance is nil.

It shows the following information.

Cash Loan £2334.74
ppi premium loan N/A
Annual interest rate 14.9%

So in total i have paid barclays £2877.09
making the ppi total around about £542

With 8% interest about £585

Do I have a case for being mis sold on the basis that

a) i didnt ask for the ppi
b) the paperwork only refers to ppi way later down in the paperwork not in the repayments section.
c) i was told that i couldnt cancel the ppi seperatley
d) they seemed to have changed their policy


I got a new letter from them offering me a new loan. and a leaflet which makes quite clear that ppi can be cancelled as long as you give them 30 days notice in writing. Very different to the information they gave me in the summer of 2007.

Any suggestions or advice thankfully received.

I would make a complaint for misselling if you definately did not want the PPI. Take a look through the guide here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

and there is a template letter on it and lots of reasons for misselling. You then write your own reasons and send by recorded delivery and give the company 8 weeks for a full and final response. If they write back they usually give you the opportunity to write back before their final response but just get back and reiterate your complaint and don't give up.

Good luck

di3004

lucyclare wrote: »

I took out a loan with Barclays in June 2006.
Hi LucyClare

Loan amount £2000.00 monthly repayments £79.89 36 months.

It was done over the phone and the courier brought the papers form me to sign. I did not ask for ppi just that my repayments be about £80 ish
I would request as it was a phone sale, if they could provide the copy of the telephone calls, they may supply them on request, worth a try.

During the summer of 2007 I phoned barclays to enquire how much longer i had left to run on the loan. She advised me nearly two years. I asked how this was and she explained about the ppi.
They obviously mis sold this to you then by adding the PPI without your knowledge.

I told her over the phone that i wished to cancel the ppi and was told that I could not. only way is to take out a new loan to repay the outstanding amount of the loan.
How annoying and they should have also cancelled this PPI on your request, they should not have added this in the first place.

the new loan for less than £1500 without ppi was less than a pound cheaper than the existing payment. So i left things be. Cross and complained about the policy.


Anyway, ive finished paying and have a letter from Barclays confirming the balance is nil.


It shows the following information.

Cash Loan £2334.74
ppi premium loan N/A
Annual interest rate 14.9%

So in total i have paid barclays £2877.09
making the ppi total around about £542

With 8% interest about £585

Do I have a case for being mis sold on the basis that

a) i didnt ask for the ppi
b) the paperwork only refers to ppi way later down in the paperwork not in the repayments section.
c) i was told that i couldnt cancel the ppi seperatley
d) they seemed to have changed their policy


I got a new letter from them offering me a new loan. and a leaflet which makes quite clear that ppi can be cancelled as long as you give them 30 days notice in writing. Very different to the information they gave me in the summer of 2007.

Any suggestions or advice thankfully received.

In my opinion as I just stated in between your postings above, you do have a case here and a good one as well.

You have been out of pocket due to being mis sold this and if they did not resolve this in your favour by refunding you your PPI, plus the interest etc, then you can take to the Financial ombudsman service (FOS), I'm sure they would resolve this in your favour.

When you write to them to ask them to refund the PPI, you do not need to write the amounts, but with your reasons, they have 8 weeks to respond in full.

You need to keep at them until they resolve in your favour or until they issue you with the final decision, the final response should enclose details of the FOS, you can take your complaint to these if your not happy with the outcome.

Best to post by recorded delivery as well, this is your proof of posting.

For more info and templates here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

you can use the templates on the link if you want to or as a guide with your own words, with your reasons you have, and also check the checklist of mis selling reasons on the link as well, in case any more of them apply to you.



Good luck, please keep us posted.;)

marshallka

Di they did offer to cancel the PPI but they wanted another loan drawn up which is normal for most companies. It was not that they would not cancel. As it was taken out in 2006 (after regulations) then I doubt the OP will have any problems with getting it back without requesting phone call etc unless unsure as to what was said.

If the OP did not request it then that was enough. As regards stating that they were not allowed to cancel then I assume they will argue this one in that you can cancel but (like most companies) a new loan has to be drawn up.

ALso just noticed that the poster said that the loan was taken over 36 months in June 2006 and they rang in summer 2007 to see how long left on the loan. That would be after paying for one year so there would be two years left to run cause of the PPI but you would have two years left after paying 1 year of a 3 year loan anyway so I am unsure of this comment and confused.

Anyway, as i see it regardless of anything else if you did not request the PPI and know you did not request and it was added without knowledge then that is a reason alone so good luck.