Loan Protection

eddie_1

Six months ago i went into my local high street branch to cancel my loan protection on two loans as i didn't really need it. I was told by the assistant in the bank that this had gone through. Much to my own fault i never checked this but when i was checking to see how long i had left on said loans, said loans still had protection on them. I went into the bank today and they told me about a 30 day clause after taking out the protection meaning i could only cancel within 30 days. This was not what i was told six months ago! Surely i should be able to decide whether the protection is needed as circumstances change. Any idea's on a way ahead/future actions?:

crawley_girl

Write to them and complain. Say that you were told the PPI had been cancelled but you now realise this is not the case. Say that they gave you false information. Write and complain and then write and complain some more! It only took me about 4 letters to get it removed from my loan.

:heartpuls CG :heartpuls

eddie_1

cheers crawley_girl. good to hear someone has had some joy with this

Astaroth

Generally it depends on how "built in" the PPI is. With some lenders it is a bolt on to the loan with others they have it as a intrinsic part of the loan which cannot be removed from it (they have other loans which do not have PPI on it).

Depending on which it is dictates how easy it is to cancel it... in this case it seems to be irrelevant seeing as they have not followed your instruction - this is assuming that your request to cancel it was within the 30 day cooling off period.