Cunning Loan Insurance Cost Cuts Article Discussion Area

missbossy

I have successfully reclaimed £1,700 back from Alliance and Leicester for the misselling of my PPI following a loan I took out for £10,000 4.5 years ago.

A&L have now written to me asking me to sign a new agreement for a new PPI for the duration of the loan which is due to finish in 5 months time. I already have protection in terms of employment as I get full pay for 6 months pending accident, sickness, injury etc. I therefore should NOT accept this new agreement should I?

Your thoughts please?

MSE_Archna wrote: »

This thread is specifically to discuss the content of the

Cunning Loan Insurance Cost Cuts Article

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S&J_2

I have had the same problem and I suspect we are not alone.

I've just read Martin's quide to claiming back mis-sold PPI. In it he states that they can cancel the loan and reissue one without PPI but that the new loan must "be on the same or better terms and does not detriment you in anyway, for example it shouldn't be more expensive or last longer".

I think it's time for another phone call!

S&J_2

mooremay wrote: »

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.

I have had the same problem and I suspect we are not alone.

I've just read Martin's quide to claiming back mis-sold PPI. In it he states that they can cancel the loan and reissue one without PPI but that the new loan must "be on the same or better terms and does not detriment you in anyway, for example it shouldn't be more expensive or last longer".

I think it's time for another phone call!

gerjack1

peenut wrote: »

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!

If you feel you have been missold an optional loan protection ie told to have protection only way of having loan then your next port of call is the FSA advise the bank that you are taking this action they may begin to listen

thewinddog

fedupwithcharges wrote: »

Im new to this forum and have read a fair few of the responses to the PPI issues. I am in the same boat. Im over half way through my loan with the Alliance & Leicester and recently tried to cancel my PPI (currently nearly £60.00 per month for 6o months, to be told that the insurance policy is a fixed term loan and they cannot cancel this agreement and that if I wish to cancel I have to have another loan with them, which will mean I only save a few pounds a month. I would also assume that the payment duration would be extended (it does not sate this in the letter). I thought I could cancel this as the agreeement clearly states the loan payments, seperately to the workings out for the ppi payments. Should I now challenge this?

hellllp!!! How has everyone else fared?

I've just received a lovely letter from Alliance & Leicester telling me exactly the same thing. However, I have had a look at the paperwork I got with the loan (a few years ago now, lucky I kept it!) and the insurance is through Prudential. Under "Cancellation" they state: "Thereafter if you cancel your policy before its normal expiry (ie after 30 days but before the loan is paid off), we may at our discretion, refund part of your single premium....Where insurance is cancelled after 30 days of the start date, an administration fee of £10 will be charged." Woohoo! I'm writing to the insurance company today and I suggest you do the same. I'm also thinking about making a complaint to the A&L complaints department on the grounds that they are giving out misleading information. Why let the banks have it all their own way?

heavyduty_2

Hi All

I am new to all all this.

Please cam some one help me....

I sent a letter to Dell, as i bought a lap top from them in 2004.
but they sent me email, asking me why i am telling them about the insurance been sold, after 4 years, i ma not sure what answer i should reply back to her with.

Some one Please help.
As i need to reply back to them by thursday evening

xbox

Ant insurance.....:mad:

Just received an increase letter from them

Cover £2000/month

Old premium, £40/month

New premium, £84.10/month

:eek:

JimmyTheWig

xbox wrote: »

Ant insurance.....:mad:

Just received an increase letter from them

Cover £2000/month

Old premium, £40/month

New premium, £84.10/month

:eek:

They've done something similar to me.
Gutting thing was I only took the policy out last month!

For £1600 cover I was quoted £40 a month. I have paid one month at this price and now they want £61. I've phoned them up and customer services are going to get back to me.

girltuesday_2

Ant have just more than doubled mine - from £9 pm to £20 pm. Ridiculous! It was cheap because I only needed unemployment cover, not sickness as that is covered through work, but now looking at their website they no longer seem to offer that option either!

casey65

Hi I have just been reading the PPI postings and am thinking about sorting mine out on my loan and my credit cards. The problem is I have had a loan for about 2 years and was sold a PPI back then and it was put on the loan amount. I am not sure wether I was mis sold it as such, as at the time I thought I should take out some protection but since reading the advice on this site am wondering wether it was a good thing or wether to get an independent cover.
As the PPI was stuck on the begining of my loan can I still reclaim it??