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PPI Cancellation Advice Please
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Could someone please advise on this?
Was kindly given copy template of letter by other poster to send to my bank (TSB) after I had phoned them to ask if I could cancel my policy and was told NO. They then sent me a letter explaining they had got in touch with my bank for a report and was told we were fully informed of the 30 day cancellation...we don't recall being told this...my complaint was that we didn't realise we could get the insurance cover elsewhere and thought we were obliged to take it with TSB.
Sorry if this is a bit long winded!
Sent the letter to them explaining again and got a reply in today.
After a bit of...got in touch with branch again..you were told of 30 day cancellation....However, as a gesture of goodwill they will refund £3191.13 + interest to our loan a/c but the monthly payments of £247.92 will remain the same. By crediting the loan with the refund of the insurance premium the loan will finish earlier....Failing that I need to go to branch and agree to reschedule loan.
Do you think we should go with the first option offered? Initially we wanted to reduce monthly payments but think they might increase interest from 9.4% to whatever.
Loan £12000 over 84 months....monthly payment £193.45
Ins. £3379.07 monthly payment £54.47
Loan Total £16249.80
+ Ins £4575.48
TOTAL £20825.28
I realise they didn't have to offer us this.
Would appreciate advice
Thanks
Was kindly given copy template of letter by other poster to send to my bank (TSB) after I had phoned them to ask if I could cancel my policy and was told NO. They then sent me a letter explaining they had got in touch with my bank for a report and was told we were fully informed of the 30 day cancellation...we don't recall being told this...my complaint was that we didn't realise we could get the insurance cover elsewhere and thought we were obliged to take it with TSB.
Sorry if this is a bit long winded!
Sent the letter to them explaining again and got a reply in today.
After a bit of...got in touch with branch again..you were told of 30 day cancellation....However, as a gesture of goodwill they will refund £3191.13 + interest to our loan a/c but the monthly payments of £247.92 will remain the same. By crediting the loan with the refund of the insurance premium the loan will finish earlier....Failing that I need to go to branch and agree to reschedule loan.
Do you think we should go with the first option offered? Initially we wanted to reduce monthly payments but think they might increase interest from 9.4% to whatever.
Loan £12000 over 84 months....monthly payment £193.45
Ins. £3379.07 monthly payment £54.47
Loan Total £16249.80
+ Ins £4575.48
TOTAL £20825.28
I realise they didn't have to offer us this.
Would appreciate advice
Thanks

:hello: Never say Never :smileyhea
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