Help! Barclays won't cancel my loan insurance

fayp

Hi all,

I was made redundant 3 months ago and have only just gained employment again, albeit reduced hours and reduced income. I was in financial difficulty and told barclays this and so for 2 months they agreed I could just pay £10.
I am now able to start paying again but wanted to cancel my PPI to bring my monthly payments down and seeing that I wasn't able to claim when I was made redundent (thats another story!) I see it as money down the drain!
I went into a branch yesterday and was told that becasue they would have to cancel my exisiting loan then set up a new loan without the PPI I would not be able to do it because I am in arrears!

Does anyone know how I can get them to canel the PPI?? I feel like im being robbed!

[Deleted User]

Clearly you've been mis-sold.

If you were made redundant and couldn't claim - yet this is one of the key claims of PPI - then it's useless.

I'm interested though - why couldn't you claim whilst you were made redundant?

I am with Barclays and I can tell you it's all complete b**locks. They CAN set up a new loan and replace the old one because it's exactly what they did with me, except they messed up in doing so.

They'll refund you the part of the PPI that you haven't used yet, so pro-rata the two loans should cancel out.

When I did mine I had the same thought as you (that there would be a shortfall), but it's just an accounting entry.

If I were you I'd claim ALL your PPI back and say it was mis-sold - the guide on how to do this is on the site.

alyssa_liss

just to say im about to start this process for my OH

he also couldnt claim when he was made redundant like you say whats the point in it being there if its useless

di3004

fayp wrote: »

Hi all,

I was made redundant 3 months ago and have only just gained employment again, albeit reduced hours and reduced income. I was in financial difficulty and told barclays this and so for 2 months they agreed I could just pay £10.
I am now able to start paying again but wanted to cancel my PPI to bring my monthly payments down and seeing that I wasn't able to claim when I was made redundent (thats another story!) I see it as money down the drain!
I went into a branch yesterday and was told that becasue they would have to cancel my exisiting loan then set up a new loan without the PPI I would not be able to do it because I am in arrears!

Does anyone know how I can get them to canel the PPI?? I feel like im being robbed!

Hi there hun,

I agree with bunglejemson, you have a case here and would complain.

They must cancel on your request, I would check on Martin's link below for further info and the guidelines of reclaiming, you will also find template letters, a checklist of mis selling reasons, also the full guidelines on reclaiming, you go for it hun, in my opinion, its a very strong case, good luck and post up for help if required.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance