Barclays PPI reclaiming

nak10

Hi Martin,


I've just recently written to Barclay's bank explaining that I was mis-sold PPI on my loan (using your template) as I had no idea I was paying it until my mam suggested I could be. I requested copies of my original loan agreement and realised I was paying £80 a month for PPI! Yup, ridiculous! I have subsequently found cheaper PPI around £10 a month, so I was wondering; can I cancel my PPI through Barclay's and purchase the cheaper one and still go ahead with my claim? Or will canceling the original agreement make my claim void?

Also, is there a chance that I could claim against Barclay's for being wrongly advised on my loan? I originally got a £7,000 loan to pay for a new car and increased it a couple of times to pay off holidays (wrong I know), but the bank made appointments for me to review my loan and suggested that I pay my Barclaycard balance off with my loan. They told me it was in my best interests, but forgot to tell me that they would add another PPI premium to this extra amount and change interest rates? They've done this a couple of times now, and me being quite young and not too sure about this sort of thing, if a bank manager is telling me that it's better for me to do this, then I'm going to trust him, right?
Thanks, Nak :j

di3004

nak10 wrote: »

Hi Martin,


I've just recently written to Barclay's bank explaining that I was mis-sold PPI on my loan (using your template) as I had no idea I was paying it until my mam suggested I could be. I requested copies of my original loan agreement and realised I was paying £80 a month for PPI! Yup, ridiculous! I have subsequently found cheaper PPI around £10 a month, so I was wondering; can I cancel my PPI through Barclay's and purchase the cheaper one and still go ahead with my claim? Or will canceling the original agreement make my claim void?

Also, is there a chance that I could claim against Barclay's for being wrongly advised on my loan? I originally got a £7,000 loan to pay for a new car and increased it a couple of times to pay off holidays (wrong I know), but the bank made appointments for me to review my loan and suggested that I pay my Barclaycard balance off with my loan. They told me it was in my best interests, but forgot to tell me that they would add another PPI premium to this extra amount and change interest rates? They've done this a couple of times now, and me being quite young and not too sure about this sort of thing, if a bank manager is telling me that it's better for me to do this, then I'm going to trust him, right?
Thanks, Nak :j

Hi and welcome Nak.

Martin is unable to post personally to posts but he has very useful information and guidelines on reclaiming, to help you through this step by step.

In regards of the PPI, you should be able to cancel anytime, but banks differ from one to another, if you can check out the policy or request for this and find out what the terms and conds of cancelling, some will cancel then reduce the monthly repayments, where others will suggest taking out a new loan without the PPI, to pay off the existing one and so on, so its worth checking this out with the bank.

I am not sure on the loan itself, you would have to post on the actual loan thread to ask this question, here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=12

But if you were mis sold on the PPI, you can try to reclaim on this, here is the link with the guidelines of Martin's here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, good luck and post up for more help on the reclaiming if required.


Di

marshallka

nak10 wrote: »

Hi Martin,


I've just recently written to Barclay's bank explaining that I was mis-sold PPI on my loan (using your template) as I had no idea I was paying it until my mam suggested I could be. I requested copies of my original loan agreement and realised I was paying £80 a month for PPI! Yup, ridiculous! I have subsequently found cheaper PPI around £10 a month, so I was wondering; can I cancel my PPI through Barclay's and purchase the cheaper one and still go ahead with my claim? Or will canceling the original agreement make my claim void?

Also, is there a chance that I could claim against Barclay's for being wrongly advised on my loan? I originally got a £7,000 loan to pay for a new car and increased it a couple of times to pay off holidays (wrong I know), but the bank made appointments for me to review my loan and suggested that I pay my Barclaycard balance off with my loan. They told me it was in my best interests, but forgot to tell me that they would add another PPI premium to this extra amount and change interest rates? They've done this a couple of times now, and me being quite young and not too sure about this sort of thing, if a bank manager is telling me that it's better for me to do this, then I'm going to trust him, right?
Thanks, Nak :j

If you had two PPI's (or more!!) then claim for both the PPI's. I don't understand what you mean about wrongly advised on the loans? If you were able to meet the repayments better (I know adding the PPI was wrong perhaps if you did not need it and it was missold) then was this not in your best interests?