Cunning Loan Insurance Cost Cuts Article Discussion Area

oliviameg

I am in the same boat with HSBC only if I cancel my PPI I have to take out a loan with them (at 11.9%) without PPI and on which I will end up owing more than in the first place. Did you get any answers - as to are they allowed to do this?

clydeman wrote: »

The Table showing lenders who will allow you to cancel existing PPI seems to be a bit misleading. I tried to cancel PPI on my Northern Rock Loan but they said I would have to take out another loan but at a higher APR (up from 5.9% to 11.9%) :mad: meaning that I would only be £4pm better off but with no PPI.

The article mentions changes to Regulations but didn't seem to apply in my case.

Any ideas

Thanks

snowjo_2

MSE_Archna wrote: »

This thread is specifically to discuss the content of the

Cunning Loan Insurance Cost Cuts Article

To discuss or ask a question about the article: click reply

Hi

can anybody help
Wrote to Halifax Insurance to give them 30 days notice as it said in my cancellation rights, and they have replied saying i have to take out another loan with out insurance. But it clearlys says i can cancel and theres no mention of having to take out a new loan anyway. spoke to the branch and they said it is at the insurances discretion as to whether they will cancel it or not.

What do i do now, write again or go to the FSA

owls123

My wife bought a car on finance in march 2006 and was sold ppi insurance,
she was only working part time at the time in the same job and hours as now and she used her wage slips to get the finance with the same number of hours she works as now which as always been 13.5 but no more than 15 hours a week, she went on sick in feb 2007 and looks to be going to be off another 3 months and dosnt get sick pay- now the ppi as refused her claim stating she dosnt work enough hours-
surely this means that the garage/finance company new at the time she didnt work enough hours to claim off the ppi if needed so it classes as mis-sold ???
help
mark and june

peenut

hi, i too have a loan with the halifax £8,350 since 2004, i was told by the person selling me the loan that i had to have ppi, ive complained to the bank who are investigating it! Im so angry because i remember asking her about three times do i have to have this insurance and she kept telling me yes! I can not prove this and the bank manager insists that her staff would never do this as they have nothing to gain by it, but they make more money for the bank and make the branch look good.
I'll let you know how far i get with this, if they don't sort it i'm going to the onbudsman!

mammyjones

desperate_and_frightened wrote: »

Hello this is the first time I have been on any sites like this.

I feel i have learnt a lot from reading all the comments but i have a serious problem that i do not know which way to turn.

I took out a loan in July with First Plus which has the insurance etc added, i was told on the phone all the advantages, ie after 5 years if i had not claimed i would receive back a certain amount of money, which i could pay off some of the loan or use it as i wished.

last month, we had to take out a further loan (for a new roof) in doing this they asked for a consolidation figure from First Loan (it is a secured loan) and to my horror found the figure since July when I took this loan out had increased £13,000 on top of loan (£55,000) making it now £68,000.

My question is should I cancel the insurance protection scheme and cut my losses or do I continue paying this for 5 years, get back some money and then look again at insurances.

I could also try and get various other loans to pay off the whole amount now £68,000 this though i would have to do through 3 various loans as most companies only offer £25,000 loans.

Please help I do not know what way to turn and i cannot keep going on with sleepless nights.


Thankyou for any replies





Mortgage £85,000
Secured loan £25,000
Secured loan (as above) 55,000 (+13,000)
Secured loan £8,000
MBNA credit card 0% £5450 going down!

:eek: :eek: :eek:

I know exactly how you feel only we have been taken for £18,000 for one years cover, as we cancelled because we were told we were not entitled to cashback due to paying 2 months payments together. I have spoken to someone at first plus today who told me my cashback was not affected as we are good payers! This is no good to me i have cancelled my insurance and i am having to pay back £18,000 plus interest at 10.2%. Also unable to remortgage due to this as we now have ended up with negative equity.

mooremay

oliviameg wrote: »

I am in the same boat with HSBC only if I cancel my PPI I have to take out a loan with them (at 11.9%) without PPI and on which I will end up owing more than in the first place. Did you get any answers - as to are they allowed to do this?

Same prob to with Northern Rock tried to cancel ppi say need to start new loan before can cancel . wrote to complaints dept will keep you update on progress.

luckyday

can anyone answer my question
I am claiming at the moment on ppi insurance as this is included in my loan payment
do I still have to pay insurance while claiming

puffball

Hi guys,

Just wanted to say that we were missolda P.P.I last November - told bank that we knew my partner would be having operations on both knees before Xmas and wanted to ensure that we could waive payment on loans for a couple of months to help - partner works on 13 week average and only gets Statutory Sick pay so we knew we would be struggling for at least 6-8 weeks whilst he recovered - I was unemployed at the time but found work by December.

Long story short - tried to claim but found that because we knew partners was going to be incapacitated - had no leg to stand on! sorry! Anyway, complained profusely and got refunded difference in june amounting to £300ish. However, our problems escalated from November until now and struggling to cope - Bank offered to compensate and we calculated we were now £4,000 worst off due to partner having 6-8 weeks to recouporate. They offered £1005 - which is basically 3 weeks average pay for partner.

Ombudsman have sent forms to fill in but VERY worried if we do this bank will shut down account etc.

Any advice???

Lucy_Diamond

Hi

Just wanted to get some advice really... seems like a few of you are going through the same thing.

I just got a loan with HSBC and tried to cancel the PPI within the 30 days. The have said they are going to have to close this loan, and apply for a new one. Which there is a chance of rejection. Meaning I will have to keep my current loan and pay through the nose.

Are they allowed to do this? Is there anything I can do to just cancel the PPI? I don't want to have a rejection on my credit rating.

Any words of wisdom would be much appreciated.

I've got a meeting to see them tomorrow morning and would love to be fully clued up.

Thanks in advance for any help!

PasseySam

Hi,

I work in the scientific field where working on fixed term contracts is the norm, and my understanding is the income protection and loan protection policies do not cover people on fixed term contracts unless your contract has been renewed and you have worked at your eompoyers for more than a set amount of time. I am looking to take out some form of insurance to cover the brief period between contracts that I am likely to experience fromthis type of work, and wondered if anyone can advise or knows of any type of policy that would cover me?

I have only worked at my current employer since January and my contract is for one year only, but because of the nature of the work and the qualifications required to do it , it is unlikely that I will not be able to find a job, there just might be a gap between contracts!

I did not take out PPI with my mortgage or loans as I thought I could sort it out with an independent company but nowit seems I'm not eligible.

Any thoughts/advice welcome....