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Cancelled PPI but Redemption Quote Higher Than Before!?!
mleonard79
Posts: 1,616 Forumite
in Loans
Hi everyone,
I'm really quite angry - We have a Lombard Direct Loan that had PPI on it and as it was costing nigh on £50 a month and isn't needed I cancelled it. I'm been thinking about just paying off the loan by selling an endowment or getting it added into a remortgage at a lower rate for the same length of time. So I got a redemption quote off them in May which would have meant paying back £14,006.25 for a £15k loan that had run for 8 months of a 5 yr term. When I cancelled the PPI they only refunded £1650 of a £2650 premium which amounted to nearly £1000 payment for only 8 mnths of protection which I wasn't happy with at all. Now the loan's up and running without PPI I thought I'd contact them again to see what the redemption figure is now expecing it to be a little less than the last quote as what I need to pay back is less now and low and behold they're telling me its now £14,149.89!!! How on earth can it be £150 more than it was 2 months ago just because I cancelled the PPI. I already feel they've robbed us with the PPI but this is ridiculous. Anybody any ideas if I can do anything about this?? I've already sent a letter of complaint about the huge PPI charges but no reply from them. Very annoyed with the whole thing. Thanks for any help.
Regards,
Michelle
I'm really quite angry - We have a Lombard Direct Loan that had PPI on it and as it was costing nigh on £50 a month and isn't needed I cancelled it. I'm been thinking about just paying off the loan by selling an endowment or getting it added into a remortgage at a lower rate for the same length of time. So I got a redemption quote off them in May which would have meant paying back £14,006.25 for a £15k loan that had run for 8 months of a 5 yr term. When I cancelled the PPI they only refunded £1650 of a £2650 premium which amounted to nearly £1000 payment for only 8 mnths of protection which I wasn't happy with at all. Now the loan's up and running without PPI I thought I'd contact them again to see what the redemption figure is now expecing it to be a little less than the last quote as what I need to pay back is less now and low and behold they're telling me its now £14,149.89!!! How on earth can it be £150 more than it was 2 months ago just because I cancelled the PPI. I already feel they've robbed us with the PPI but this is ridiculous. Anybody any ideas if I can do anything about this?? I've already sent a letter of complaint about the huge PPI charges but no reply from them. Very annoyed with the whole thing. Thanks for any help.
Regards,
Michelle
:hello: :hello: :hello:
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