Cancelling PPI. Im scared!

I_was_a_fool

Have just written to loans.co.uk cancelling my First Plus loan PPI insurance, (I know, I know ) stating I was missold it & that I expect the full premium back. Im worried now that they offer me a miserly sum & I cave in and accept it. I also dont know once I get it, whether to put it to the first plus loan or to my dmp? I expect First Plus will apply a penalty & that will be another fight...

Im paying interest on the premium for 25 years for only 5 years of cover. I know I have been rubbish with money but that has got to be the dumbest thing I have ever signed :eek:

I_was_a_fool

Bumpity bump. Actually Im really cross about this now, the policy we have was completely mis-sold to us, utterly useless, they blatently lied to us on the phone & I have decided I want every penny back!!

madmalteaser

Good! Use that anger, it'll make you more determined and less likely to back down in the long run. If I need to ring one of the CC companies about something and am afraid of caving in, I tend to get myself all good and worked up first, it means I end up standing solidly in my corner and won't back down til I get what I came for. Good luck! Let us know how you go.

I_was_a_fool

Quick update on this guys. Got letter today, Im getting it all back, every penny plus all the interest we have paid on it so far!!:j :j :j

Premium is being deducted from loan without penalty. Interest will go to other debts. Woohoo!

taxi73

Well done...that's great:j :j :j

moozie_2

:T :T :T :T :T

Way to go you! Hope you use it sensibly

I_was_a_fool

Thanks all! Thats £2000 to go to my other debts and several years off the secured loan! I cannot believe it!!