Barclays won't cancel ppi!...utter rip off!

Princess_G

After reading about cancelling ppi I decided to go ahead and do it.
I've a loan which is 23 months in to a 5 years period.
I rang up barclays - who it's with - this morning and they said thats fine and I was to go in to the branch and they would cancel it and do the refund I was due.
Now I went in to the bank and just happened to get the manager serve me.
She was helpful but insisted that I need to restructure the loan and then cancel the ppi.
I told her what I had been told and she made 3 different calls to barclays herself and each time got something different.
Bascially they said yes to cancel but only if re take out loan and without ppi the next time and any left over amount from ppi would taken off balance.
now here's where it gets good -
my interest is 10.9% on loan now and if I were to take out another to cover it without ppi is goes up to 16.9%!!!
The manager couldn't believe the rate!
There was nothing she could do.
I can't believe the cheek - although actually I can!
She did a complait letter for me and gave me info and sent it off to be dealt with.
credit rating is not that strong at mo so can't get loan elsewhere.
I was planning to pay it off next year anyway but this is just annoying!!!!!!!!!!!!!!
ps and the repayments would actually be £10 more than I am paying now!!!!!

wills7

i've got the same problem with HSBC - i don't know what to do about it

BullyCornedBeef

Princess_G wrote:

After reading about cancelling ppi I decided to go ahead and do it.
I've a loan which is 23 months in to a 5 years period.
I rang up barclays - who it's with - this morning and they said thats fine and I was to go in to the branch and they would cancel it and do the refund I was due.
Now I went in to the bank and just happened to get the manager serve me.
She was helpful but insisted that I need to restructure the loan and then cancel the ppi.
I told her what I had been told and she made 3 different calls to barclays herself and each time got something different.
Bascially they said yes to cancel but only if re take out loan and without ppi the next time and any left over amount from ppi would taken off balance.
now here's where it gets good -
my interest is 10.9% on loan now and if I were to take out another to cover it without ppi is goes up to 16.9%!!!
The manager couldn't believe the rate!
There was nothing she could do.
I can't believe the cheek - although actually I can!
She did a complait letter for me and gave me info and sent it off to be dealt with.
credit rating is not that strong at mo so can't get loan elsewhere.
I was planning to pay it off next year anyway but this is just annoying!!!!!!!!!!!!!!
ps and the repayments would actually be £10 more than I am paying now!!!!!

Just start the ball rolling with that letter of complaint and maybe something will come of it.

A question. Why does the loan rate change? Did you take the old loan out on a special introductorary rate?

If its any solice, I rang HSBC call centre (was put through to a UK call centre too :eek:) and the bloke on the other end said all I had to do was pop in with a signed letter instructing the branch to cancell my PPI. I get to the branch and was told that the only way of cancelling PPI was to take out a new loan without PPI to pay off the old loan. Sometimes im sure they make up policy on the spot just to get rid of the queues. :mad:

wills7

did you cancel it then? i was told that because my loan had previously been restructered i would end up paying more taking out a new loan to cover the old loan when the PPI was cancelled

BullyCornedBeef

I have to get a copy of my employment contract into the branch and they said they could do it.

I typed what happened here:
http://forums.moneysavingexpert.com/showthread.html?t=117175&page=15

Princess_G

At least I'm not alone! boohoo, I actually had a headache when I left bank.
No didn't cancel it.
It was going to work out 10pound more a month to re take out the loan to get rid of ppi.
The bank manager was very suprised at the fact that the apr% was 6.9% more than the other loan and it seemed to her that they were penalising me for cancelling it.

So basically I'd take out another loan to settle this one over the same period of time.

They wouldn't cancel ppi any other way than that.

Any amount off ppi that was due back to me would be put towards the old loan - just deducted from it and not given to me.

I'd be £10 worse off each month!!

I can't believe it, the cheek!!
I knew it wasn't going to be easy but to have someone tell me on the phone that I wouldn't have to reapply!
The manager rang up 3 times and asked a different person each time what the gen was on it and they all kinda came back with a new loan.

She logged all the details and sent off the letter - I'm not hoping to hear anything good back though!
grrrrr:mad:

Princess_G

BullyCornedBeef wrote:

I have to get a copy of my employment contract into the branch and they said they could do it.

I typed what happened here:
http://forums.moneysavingexpert.com/showthread.html?t=117175&page=15

I read yours last night and thought - hmmm that's cool wonder if that will be my case.
I'd happily do the new loan at the SAME rate but as I said the cheeky gits have added 6%!!!
Good on ya though, Well done
xx:T

Princess_G

BullyCornedBeef wrote:

Just start the ball rolling with that letter of complaint and maybe something will come of it.

A question. Why does the loan rate change? Did you take the old loan out on a special introductorary rate?

If its any solice, I rang HSBC call centre (was put through to a UK call centre too :eek:) and the bloke on the other end said all I had to do was pop in with a signed letter instructing the branch to cancell my PPI. I get to the branch and was told that the only way of cancelling PPI was to take out a new loan without PPI to pay off the old loan. Sometimes im sure they make up policy on the spot just to get rid of the queues. :mad:

I don't believe at the time it was a special rate.
The manager couldn't understand it at all and said it shouldn't be different, but she couldn't change the % herself.
I don't know what powers they have or don't have really
I felt like the call centre were making it up as they went along!
xx

Princess_G

wills7 wrote:

did you cancel it then? i was told that because my loan had previously been restructered i would end up paying more taking out a new loan to cover the old loan when the PPI was cancelled

Nope, in the process of complaining for whatever good that will do.
I'd end up worse off and not even get a money in hand if I cancel so I doubt I will even bother.
xx

BullyCornedBeef

Princess_G wrote:

I don't believe at the time it was a special rate.
The manager couldn't understand it at all and said it shouldn't be different, but she couldn't change the % herself.
I don't know what powers they have or don't have really
I felt like the call centre were making it up as they went along!
xx

As a former bank employee I can say that there is little consistency in training and knowledge between call centre and branch staff. There is a high turnover of staff in banking so perhaps you could pop in t your local branch and chat to a more senior clerk?

Princess_G

BullyCornedBeef wrote:

As a former bank employee I can say that there is little consistency in training and knowledge between call centre and branch staff. There is a high turnover of staff in banking so perhaps you could pop in t your local branch and chat to a more senior clerk?

I could tell that they weren't on the same wavelength and their polices seemed completely different.
It was my branch manager that I spoke to face to face today, I don't know if there is anyone above her in branch?
x