Loan PPP not cancelled

spark_deals

Hi
I had a loan of £4000 from my bank in Jan 2009 for two years, took out payment protection plan(PPP). I canceled the PPP within the week but repayments were not reduced. Its £46.33 a month for PPP.
I have spoken to the bank today(Nov. 2009) and they have agreed to cancel it from the start.
I was just wondering if I should ask them to credit the money to my account or adjust it against the loan. Or should I also ask them the interest on the amount at the APR of the loan.
Thanks everybody for viewing and replying.

spark_deals

to the top

di3004

Hi there

So they are basically still charging you for the PPI then really?

Realistically as you cancelled the PPI within the cooling period, they should have refunded what was paid if any. This is what I always thought anyway, then reduce your payments, if after the cooling period with most they reduce the repayments but not by much.

However, some procedures are that you take out a new loan without PPI to clear the existing loan, I would check your policy on this as well if you still have this.
As they can vary.

Do you mind saying what bank this is? thanks.

For more on PPI, there is a thread for this here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

Some useful info of Martin's here as well:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

spark_deals

Halifax bank.
Thanks

di3004

spark_deals wrote: »

Halifax bank.
Thanks

When you get the chance, please come along at the above thread, you will find that many others have had dealing with these in regards of PPI.;)

spark_deals

spark_deals wrote: »

Hi
I had a loan of £4000 from my bank in Jan 2009 for two years, took out payment protection plan(PPP). I canceled the PPP within the week but repayments were not reduced. Its £46.33 a month for PPP.
I have spoken to the bank today(Nov. 2009) and they have agreed to cancel it from the start.
I was just wondering if I should ask them to credit the money to my account or adjust it against the loan. Or should I also ask them the interest on the amount at the APR of the loan.
Thanks everybody for viewing and replying.

Thanks for the reply but I am still waiting for advice on above matter.