Cancelling PPI but payments go up?? Help!

bandlerizer

Hi Everyone

This is my first post here so i hope i'm going about this right!!

I have a personal loan with M&S which was on a 60 month agreement and has 16 payments left. I took out the PPI and signed to accept it so i don't think i've a leg to stand on to reclaim.
However, i've recently cancelled the PPI (which they've done with no issue) but my monthly repayments haven't come down by as much as i expected and i think they're pulling a fast one.
here's the details:

Loan Payment = £162.48
Insurance Payment = £38.03
TOTAL PAYMENT = £200.51 which i've paid for a number of years.

Now i've cancelled the insurance and they've written to me saying they've cancelled given a rebate on the interest of the insurance and now my payments are £192.51 per month?

I've called twice and on both occasions they've patiently explained about interest being front loaded and 75p per £100 or something...etc etc, i understand this if i was asking for a settlement on the loan but as i've cancelled th insurance how come it's not just dropped to £162.48? How come i seem to be paying for something i'm now not getting?

Can anyone help?

I would love to have all the PPI back but as i said above i don't think i can as i signed for it but i do think that my payment should be dropping more than £8 !!

Please help.....My monies are really tight right now (i've discussed personal debt program) but i am staying afloat and there's light at the end of the tunnel.. £30/month right now is better in my pocket than M&S

thanks
Neil

di3004

bandlerizer wrote: »

Hi Everyone
Hi Neil and welcome.;)

This is my first post here so i hope i'm going about this right!!
This is fine.;)

I have a personal loan with M&S which was on a 60 month agreement and has 16 payments left. I took out the PPI and signed to accept it so i don't think i've a leg to stand on to reclaim.
Even though you signed to accept it, there are still other reasons for being mis sold worth checking on, just in case.
I will post the link at the bottom of this post if you want to check it out, with useful information with guidelines of reclaiming. If you signed to accept, I take it they went through this with you to make sure you were eligible to make a claim if you had to, for example sickness etc?

However, i've recently cancelled the PPI (which they've done with no issue) but my monthly repayments haven't come down by as much as i expected and i think they're pulling a fast one.
here's the details:
I am not good at working out calculations, but yes I see your point here, its a total rip off isn't it?

Loan Payment = £162.48
Insurance Payment = £38.03
TOTAL PAYMENT = £200.51 which i've paid for a number of years.

Now i've cancelled the insurance and they've written to me saying they've cancelled given a rebate on the interest of the insurance and now my payments are £192.51 per month?
So not much difference then? Did they send you a full detailed written breakdown on this, so you know what is what etc, if not ask for this, they should supply them if you request for this.

I've called twice and on both occasions they've patiently explained about interest being front loaded and 75p per £100 or something...etc etc, i understand this if i was asking for a settlement on the loan but as i've cancelled th insurance how come it's not just dropped to £162.48? How come i seem to be paying for something i'm now not getting?
As I said above, these policies are a total rip off, and one of the most complained about, read the link below for more information, in case any of it does occur to you.

Can anyone help?

I would love to have all the PPI back but as i said above i don't think i can as i signed for it but i do think that my payment should be dropping more than £8 !!
It does not seem to have dropped by that much, I also had a similar case, where they dropped about £14 or £15 a month, I was rather annoyed with that as well, yet the loan company did mis sell, and we did eventually receive this PPI back.

Please help.....My monies are really tight right now (i've discussed personal debt program) but i am staying afloat and there's light at the end of the tunnel.. £30/month right now is better in my pocket than M&S

thanks
Neil

Neil just a suggestion, if you have not done so yet, there is useful thread called debtwannabe, its very helpful, and the CCCS a free debt staff also post on the thread in the week.
If you require templates to send to the creditors, they will supply them for you, worth also posting on that stated thread here:

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

And as promised above, check this link here, it may also help you, good luck.;)

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