Lloyds TSB PPI

Bendex

Hi

I wonder if anyone can help me - I want to cancel the PPI on my Lloyds loan....have finally dug up the paperwork and its a single premium policy so was added into the total of the loan. Went to the Lloyds TSB website to get an address or phone number to cancel it and it tells me that I can't cancel it as over 30 days (the loan was taken out in 2008).

Can you actually cancel the single premium PPIs and how do you go about it?

robbedofmymoney

Bendex wrote: »

Hi

I wonder if anyone can help me - I want to cancel the PPI on my Lloyds loan....have finally dug up the paperwork and its a single premium policy so was added into the total of the loan. Went to the Lloyds TSB website to get an address or phone number to cancel it and it tells me that I can't cancel it as over 30 days (the loan was taken out in 2008).

Can you actually cancel the single premium PPIs and how do you go about it?

hi,

you can cancel the policy by ringing the Lloyds tsb loan department, they will send you a new loan agreement to sign without the ppi,

however, you may find that your monthly repayments may not go down as much as you think, (this is one of the unfair sides to single premium). your restructured loan will be for more than your think and nearer to the original loan value 2 years ago, (they will confirm the figures to you over the phone with you if you ring them)

they did for me and my monthly loan repayments would have gone up:eek: with the ppi removed.

if you are also persuing a miss-sale it would be worth leaving it in place until you have gone through the claim process as if you are succesful the policy will be removed in its entirety and the loan put into a position as if the ppi was not there at all.

let us know how you get on.

Bendex

Thanks - phoned up and got it sorted - they are sending out the new paperwork.....but what a rip off PPI is !!!

Original Loan £19k
PPI £4900 !!!!!!!
Monthly repayments £469.79, which is £373.47 loan, £96.32 PPI - yet cancelling the PPI only reduces the repayments by £35!!??

I don't think we can claim it was mis-sold - we wanted insurance......just didn't realise that we could get it much cheaper elsewhere ! Not sure that ignorance makes for a valid claim !

Bendex

I've just read through the loan paperwork again and it is clear in there that there was interest on the PPI - I think we were at fault for looking the repayment figure and not reading through the paperwork so thoroughly. It certainly wasn't highlighted or explained, but the figures are there in the breakdown....a couple pages into the loan agreement. Such a rip off - just realised that the £4900 PPI which I thought was excessive.....is actually £5780 when the interest on that is added :mad:

That will teach us to read the small print - and check this website !!!


However I would be thrilled to find out that it was mis-sold as the single premium aspect wasn't explained at all, and like many people we thought we needed the PPI and had no idea we could buy that elsewhere for less.......

amersall

Bendex wrote: »

Thanks - phoned up and got it sorted - they are sending out the new paperwork.....but what a rip off PPI is !!!

Original Loan £19k
PPI £4900 !!!!!!!
Monthly repayments £469.79, which is £373.47 loan, £96.32 PPI - yet cancelling the PPI only reduces the repayments by £35!!??

I don't think we can claim it was mis-sold - we wanted insurance......just didn't realise that we could get it much cheaper elsewhere ! Not sure that ignorance makes for a valid claim !

If i were you ,i would put a claim in for mis sell, please dont cancel until you know if you have won or not.They did not give you an option to look elsewhere for this ppi. And you would not have been aware that this was front loaded, trust me no one will have told you that this ppi was put on at the front and you pay interest over the term of the loan or you would not have taken it.And the ppi would not have covered you for the term of the loan but you will still pay it back when the ppi ended ? Please write to them and say you were mis sold this ppi (reasons above) it will take a few minutes and for the price of a stamp you never know.

Bendex

amersall wrote: »

If i were you ,i would put a claim in for mis sell, please dont cancel until you know if you have won or not..

Ok - I can hold off on that, as they are sending paperwork that we would both need to sign to cancel the PPI anyway. just found an article on "this is money" that has single pemium policy as one of the mis-sold categories, so might try and pursue that - £35 per month isn't much of a saving anyway.....