Barclays loan PPI

Major_oak

I have a loan with barclays which I completed online a few years ago. I ticked the box for PPI. I have now found I can get this a lot cheaper elsewhere. I contacted barclays by letter and even went into a branch to cancel it. They have told me I can't! Does anyone know where I stand and if they can do this??
I thought this was seperate to the loan and not a condition of having the loan.

Thanks for your help

di3004

Major_oak wrote: »

I have a loan with barclays which I completed online a few years ago. I ticked the box for PPI. I have now found I can get this a lot cheaper elsewhere. I contacted barclays by letter and even went into a branch to cancel it. They have told me I can't! Does anyone know where I stand and if they can do this??
I thought this was seperate to the loan and not a condition of having the loan.

Thanks for your help

Hi and welcome

You should be able to cancel the ppi at any time, but they may have a procedure to follow, all banks vary, if for instance you cancelled within the cooling period, most are of say of 30 days, then anything paid in ppi then they would refund, and then reduce the monthly repayments.
But if after the cooling period, some will suggest if you do this, you will then have to take out a new loan without ppi, to pay of the existing loan, but again this can vary.

I would check your policy details on this, if you no longer have them, they should supply them free of charge to you.

So I take it that the ppi was arranged and set up for you, and you were aware of this at the time then?;)

amersall

Major_oak wrote: »

I have a loan with barclays which I completed online a few years ago. I ticked the box for PPI. I have now found I can get this a lot cheaper elsewhere. I contacted barclays by letter and even went into a branch to cancel it. They have told me I can't! Does anyone know where I stand and if they can do this??
I thought this was seperate to the loan and not a condition of having the loan.

Thanks for your help

Hi there, if you cancel this ppi now, you will have to take a new loan out from now with maybe higher apr and term and no ppi, i think they are wrong saying you cannot cancel now.But i am sure someone will come on and say if this is right.You may be able to win mis sell with this as it was not explained that you could get this product elsewhere (dont think this is explained online) and you have only just realised that you can. It may be worth a shot to go for mis sell if you have reasons to believe this was mis sold.