black horse single premium ppi

jimmy1405

hi, looking for a little bit off help, i have a 2nd charge on my house with black horse. i got made redundant over 2 years ago and used the ppi to pay for 1 years payments for black horse, i now look after my mother being a carer i cant go back to work just at this time.I phoned to cancel the ppi because i wanted to drop my payments every month to an affordable payment, they say i can,t because i have already used it for 12 months because its a single premium insurance one off payment can anyone advice me if i have a hope of cancelling it and dropping my payments lower please

di3004

jimmy1405 wrote: »

hi, looking for a little bit off help, i have a 2nd charge on my house with black horse. i got made redundant over 2 years ago and used the ppi to pay for 1 years payments for black horse, i now look after my mother being a carer i cant go back to work just at this time.I phoned to cancel the ppi because i wanted to drop my payments every month to an affordable payment, they say i can,t because i have already used it for 12 months because its a single premium insurance one off payment can anyone advice me if i have a hope of cancelling it and dropping my payments lower please

Hi there

These policies are a rip off, I assumed you would still be able to cancel, unless someone can clarify on this.
But maybe write to them again and tell them your aware you can still cancel the policy at any time and if they are unable to do this by the final decision move on to the Financial ombudsman service (FOS).

Hopefully though someone else may have some useful advice for you on this one, but I would defo write again to them even if you did make a successful claim for 12 months, your should still be entitled to what I know of cancel, your circumstances have changed as well and its no fault of yours.
I would try to get hold of the policy details and check these out, and the terms and conds of cancellation.

Good luck, please keep us posted.;)

jimmy1405

thanks for the reply, theres no problem cancelling it they say because i have claimed on it even though i cancel it i still have to pay every month

di3004

jimmy1405 wrote: »

thanks for the reply, theres no problem cancelling it they say because i have claimed on it even though i cancel it i still have to pay every month

Hi there

Arh right lol.......

Its so annoying, it makes you think if it were all worthwhile cancelling it in the first place now then doesn't it? especially as your still paying for it?

With it being one of those single policies where the ppi was added within the loan repayment, these are frowned upon.

If you do have the policy though check it through and see if there is anything on there on what happens if cancelling after the cooling period, as they can vary from one bank to the other, some on cancellation is to take out a new loan without PPI to pay off the existing loan etc, but they all work in different ways.

If your not satisfied with the way they have dealt with this, complain and if they do not resolve by the 8 weeks in your favour, you are entitled to complain to the FOS.