Loan & PPI Claim advise.

BuilderBob_2

Hi. I have read through the PPI claims section of the site several times, just trying to get my head around some of the termonology.

I have read through my Loan statement and terms and it says that and I quote.

WHAT HAPPENS IF I TAKE OUT COVER THEN CHANGE MY MIND.
This insurance is optional and you have the right to cancel your policy during a period of 30 days from the day of purchase. If you cancel within this period you will receive a full refund of any premium paid.

Now I am out of this period so I cant get it. But it then goes on to say and I quote.

You may cancel this policy at any time after this period by giving 30 days notice in writing to Santander UK PLC.

Now it seems I can stop the £31 a month Im paying quite simple. However I have just over £200 already paid on PPI.
Now reading through whether this has been misold or not is difficult. I am self employed and was told on the phone that it would cover me if I was out of work and ceased trading for a certain period. However I wasnt told on the phone that I would have to of involuntary ceased trading. Basically made to stop working.
Problem here is, its in the paperwork they sent me of the terms and conditions, but I dont recall it being said to me on the phone.
Is this being missold? And can I get the £200+ back I paid for PPI?

di3004

BuilderBob wrote: »

Hi. I have read through the PPI claims section of the site several times, just trying to get my head around some of the termonology.

I have read through my Loan statement and terms and it says that and I quote.

Now I am out of this period so I cant get it. But it then goes on to say and I quote.

Now it seems I can stop the £31 a month Im paying quite simple. However I have just over £200 already paid on PPI.
Now reading through whether this has been misold or not is difficult. I am self employed and was told on the phone that it would cover me if I was out of work and ceased trading for a certain period. However I wasnt told on the phone that I would have to of involuntary ceased trading. Basically made to stop working.
Problem here is, its in the paperwork they sent me of the terms and conditions, but I dont recall it being said to me on the phone.
Is this being missold? And can I get the £200+ back I paid for PPI?

Hi there

Its quite possible you have a reclaim and your able to cancel your ppi anytime as well, but if you decide to put in a reclaim on the ppi, maybe it would be best to wait until its resolved and they've paid it out to you first.

Basically you get back all you paid in ppi, plus interest.
And they must put you back in the position as if you did not take out ppi.

I would check the checklist of mis selling reasons in case any of them apply to you as well.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist

And if eligible to make reclaim you complete the reclaiming questionnaire this replaced the reclaiming template letter and recently issued by the financial ombudsman service (FOS) for this purpose.

You complete and send to whoever was responsible for setting up and arranging your policy.
Keep copies as well, in case you need you need to refer to it at some point.
They have 8 weeks but may ask for more time, which is fine, just as long as you know where you are.
You will find this questionnaire here......
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

If you require further help, feel free to post on the PPI reclaiming thread here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

BuilderBob_2

So are you saying I should cancel the insurance first then go for what has already been paid in the past 2nd?

di3004

Hi there

You can cancel anytime, do so in writing.

If the cooling period have passed, which is normally that of 30 days, they may suggest a new loan without ppi to pay off the existing loan with ppi, but not all work like that.

For instance if you cancelled within the cooling period, what you paid of ppi would have been automatically refunded and the loan adjusted without the ppi.
I would check out your policy details and check on how they work, because as stated not all work in the same way.

BuilderBob_2

di3004 wrote: »

Hi there

You can cancel anytime, do so in writing.

If the cooling period have passed, which is normally that of 30 days, they may suggest a new loan without ppi to pay off the existing loan with ppi, but not all work like that.

For instance if you cancelled within the cooling period, what you paid of ppi would have been automatically refunded and the loan adjusted without the ppi.
I would check out your policy details and check on how they work, because as stated not all work in the same way.

sounds like its gonna cost me money??

di3004

Hi there

In what way do you mean, cost you money?

Sorry if I've mis read, do you mean in keeping the ppi going or the reclaiming?
Cheers.

BuilderBob_2

di3004 wrote: »

Hi there

In what way do you mean, cost you money?

Sorry if I've mis read, do you mean in keeping the ppi going or the reclaiming?
Cheers.

Just when I heard the term, taking out another loan without PPI to pay off the one with PPI it sounded like it was gonna cost me money somewhere instead of being totally free.
Im sure its just me being paranoid, but I think these kinda things can make you that way.

di3004

BuilderBob wrote: »

Just when I heard the term, taking out another loan without PPI to pay off the one with PPI it sounded like it was gonna cost me money somewhere instead of being totally free.
Im sure its just me being paranoid, but I think these kinda things can make you that way.

Hi

I would check the conditions with your bank first, if it was a new loan, the rate should be equal to the existing one or better, but its defo worth checking all details first.
As they all work differently.;)

amersall

BuilderBob wrote: »

Just when I heard the term, taking out another loan without PPI to pay off the one with PPI it sounded like it was gonna cost me money somewhere instead of being totally free.
Im sure its just me being paranoid, but I think these kinda things can make you that way.

Hi there, if you cancel the insurance now they will set you a new loan up, you will have a different loan term and apr, if you win mis sell the loan is reset to original loan term and apr without ppi. Do as di says and put your claim in for mis sell and see what happens with that before you make a decision to cancel this insurance.

zppp

BuilderBob wrote: »

Basically made to stop working.

Which is under the same terms for anyone who is employed who have to be made redundant. Resignation or dismissal are not counted.

BuilderBob_2

amersall wrote: »

Hi there, if you cancel the insurance now they will set you a new loan up, you will have a different loan term and apr, if you win mis sell the loan is reset to original loan term and apr without ppi. Do as di says and put your claim in for mis sell and see what happens with that before you make a decision to cancel this insurance.

Ok ill do that first, thanks. I DO NOT like the idea of a new apr or term. Its hard enough to pay this each month (for the next 5 years!)
Strange that the terms and conditions dont mention anything about a new loan coming into play. Just says you can cancel at anytime giving 30 days notice and must be in writing.