Trying to reclaim PPI

cakelover_2

Hi . I tried to reclaim my PPI on my bank loan about 2 and a half years ago. As I was just outside of my cooling off period I had to go through a complaints process where they evaluated my PPI. They eventually told me they could cancel my PPI but I would have to apply for a new loan but they could not guarantee my interest rate of 7.5%. I asked them if that meant essentially if my interest rate went up I could end up paying the same amount overall? They just said I had to reapply. In the end I left it and I have one and a half years left on my loan from a four year loan. Does anyone know if they can do this? As far as I am aware my interest rate on my loan was not dependant on me buying PPI! I have also just got a statement of my loan through and the interest they are charging me varies from between £25 and £38 a month, surely this should be the same every month as my interest rate is set, I pay the same direct debit amount monthly and when I took out the PPI it said monthly amount £20.46. Any help much appreciated.

di3004

Hi there

Bumping this up for you.

Hope someone comes along soon to give some advice on this, good luck.

amersall

cakelover wrote: »

Hi . I tried to reclaim my PPI on my bank loan about 2 and a half years ago. As I was just outside of my cooling off period I had to go through a complaints process where they evaluated my PPI. They eventually told me they could cancel my PPI but I would have to apply for a new loan but they could not guarantee my interest rate of 7.5%. I asked them if that meant essentially if my interest rate went up I could end up paying the same amount overall? They just said I had to reapply. In the end I left it and I have one and a half years left on my loan from a four year loan. Does anyone know if they can do this? As far as I am aware my interest rate on my loan was not dependant on me buying PPI! I have also just got a statement of my loan through and the interest they are charging me varies from between £25 and £38 a month, surely this should be the same every month as my interest rate is set, I pay the same direct debit amount monthly and when I took out the PPI it said monthly amount £20.46. Any help much appreciated.

Hi there, if you cancel ppi then the loan has to be redone, this means a new apr and term. If you have reasons for mis sell, look here.http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist
If any of the reasons apply to you write the bank a letter with your reasons for mis sell and you want ppi paid to date back with interest.Give them 8 weeks to reply and post on here to let us know.The interest rate on your loan would be the rate they give you at that time, i dont think that it is dependent on the ppi.Someone who knows why your interest varies each month may be able to help with this part.