Can I do this...?

rt10

I have a loan with a rather high interest company who lend to those with bad credit ratings such as myself. I was told that I had to have PPI or they would not lend me the money. During conversations with this company, I have said that I wish to cancel the PPI. When asked why, I replied that I was a temp and therefore could not claim on it anyway. They replied that I should not have been given the loan in the first place. I have to write in a letter explaining that I was missold and they will cancel it. Now I have paid back more than the original loan and then some and I stil have 16 months to go. In the same letter cancelling the PPI, could I also ask for the loan to be written off, as (a) they shouldn't have sold it to me in the first place, according to their own in house rules, and (b) I have already paid it off and then some - Is it worth asking or do you think they will laugh in my face?

Any advice Welcome. (hint)

rt10

Hi

Further to the above, I have just received a statement from them detailing what I have recently paid. The original loan was for £4,000 and then PPI was lumped on top - when it shouldn't have been. I have now paid to them just over £4,500 - does anything think that it would be worthwhile sending a letter of complaint about misselling the loan in the first place and asking them to cancel it compeltely as I have already paid back the initial money?

Plutos_2

Yes you've been missold. Look through this forum for threads discussing "claiming back PPI" - it is possible and is only right seeing as you were unable to claim on it in the first place.

PL

Plutos_2

For example take a look at this thread:

http://forums.moneysavingexpert.com/showthread.html?t=117175&highlight=claiming+back+PPI

A chap managed to get all his PPI money back

PL

southernscouser

Did they say that you shouldn't have been given the loan or the PPI in the first place?

Even though you have paid off £4,500 this does include interest but definately send them the letter asking for the PPI to be cancelled and refunded.

rt10

Hi

The lady I spoke to said that I should not have been given the loan in the first place!

Thanks for the link to the PPI cancelling thingy - I will defintely be doing that.

Cumbrian_Male

I know an ex collegue who borrowed £5000 from Welcome over 60 months at £200/month £12000 total payable:eek:

So your paying £4500 back on £4000 borrowed probably won't be the end of it.

Welcome are well known for insisting on PPI