Ppi

Mrsbowbow

HI
I have got an Loan which is still active for another 18 months, I was mis-sold the PPI in which I have decided to claim back as I was sold the GOLD protection which is really high payments, ( Person selling the loan at the time told me I need the gold protection even though I'm in a secure job with a good sickness package)
Will the Bank tell me I have to pay off my loan or can they cancel it if I reclaim ????, as I won't beable to afford paying the loan back in one lump sum.

di3004

Mrsbowbow wrote: »

HI
I have got an Loan which is still active for another 18 months, I was mis-sold the PPI in which I have decided to claim back as I was sold the GOLD protection which is really high payments, ( Person selling the loan at the time told me I need the gold protection even though I'm in a secure job with a good sickness package)
Will the Bank tell me I have to pay off my loan or can they cancel it if I reclaim ????, as I won't beable to afford paying the loan back in one lump sum.

Hi and welcome

Can you remember how this was sold to you, was it directly in the branch, over the phone by post etc?
If over the phone you could request for a copy of the phone recordings or the written telephone transcripts, however it may have to be requested for by forms of a Subject access Request (SAR).
If you want to request a SAR which is optional but "may" help you on your reclaim there is a letter template below, tweak to your requirements if you want to, and enclose £10 cheque or postal order, they have 40 calendar days to comply.
https://forums.moneysavingexpert.com/discussion/1475553

It does not mean you will have to pay back all your loan if you ask them to cancel the ppi, but what may happen is if your successful and if any arrears (missed payments), they will award the refund towards the account, anything remaining plus interest should then be awarded to you, or they may even want to refund towards the account anyway even if no missed payment - arrears.
And of course then the PPI would therefore be cancelled and your monthly repayments should reduce by them deducting the ppi from the account.

So have you actually made a start on the reclaiming?

More details to follow on how to reclaim here otherwise.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck.

amersall

Do as Di says, and also do not cancel the ppi, they will redo another loan with longer term and higher apr. Wait for the mis sell result as you will be better off, as di said if you have arrears then these will be taken off a win of mis sell.

Mrsbowbow

Thank you for Advice guys, I have just this week sent off a letter which I got the template off internet, so it's probably amongst the 1000s of others awaiting a reply.

I have no arrears, so hopefully they will just carry on the loan but cancel the PPI.

amersall

Good luck x.
If you win mis sell, then your ppi total is taken off the loan and the monthly payment goes down by the ppi amount.