loansguard with rbs

wilf55

rang to cancel today and she as in the bank lady said yes...will fax it through to loansguard today the next payment might go out but will stop after that

is it as simple as that and can i claim back money paid into it already

worth a try dont quite understand the claiming back bit

loan approx 1 year into 3 yr loan for 3000

thanks

Astaroth

It is very simple to cancel PPI when it is an add on to the loan as it means that all the premiums they have got is almost pure profit (obviously a bit has to go towards the admin/ legal reporting aspect)

You can only claim back the premiums for the PPI already paid if you can prove that the PPI was missold at the time... if you have simply changed your mind then you cant claim back the premiums in the same way that you cannot get a refund on your home insurance just because you didnt need to make a claim this year.

wilf55

with re to the above

can i enforce that now i have notified them that if they do take out a further payment that i get it reimbursed as the bank were planning on sending fax to loansguard today

thanks

Astaroth

I would cross that bridge if it occurs... is there a notice period in your T&Cs to say how much time you must give them to cancel?

Xbigman

wilf55 wrote:

with re to the above

can i enforce that now i have notified them that if they do take out a further payment that i get it reimbursed as the bank were planning on sending fax to loansguard today

thanks

If you are paying this as a separate DD then just cancel it. You might owe a part payment but I always think its better to sort it out and pay them the right amount later, rather than have to get them to give you money back.
Regards


X

hobo123

Hi as far as I am aware there is some sort of notice required and it obviously depends when your payment is due in relation to when you phoned to cancel loanguard. The loanguard and loan are taken as one payment so is not possible to cancel the loanguard through DD.