Barclays not helping

angelabichon

My claim via Barclays has stalled - they say that if my PPI is cancelled this will cancel my loan agreement and therefore I need to apply for a new loan without PPi - they are insinuating that they will not give me another loan so I have no option but to continue and not claim the PPI back. Can they do this? Any help or advice would be appreciated.

Niggly_2

angelabichon wrote: »

My claim via Barclays has stalled - they say that if my PPI is cancelled this will cancel my loan agreement and therefore I need to apply for a new loan without PPi - they are insinuating that they will not give me another loan so I have no option but to continue and not claim the PPI back. Can they do this? Any help or advice would be appreciated.

Love to see the letter in writing. If you have one then post it up. If you havent please ask for this decision in writing so you can forward it to the FOS. From what you have given so far this is incorrect and a request for it in writing will soon see them move. If you do have a letter I will quote chapter and verse the FOS guidelines for you to send back to them so they get a move on.

N

dunstonh

they are insinuating that they will not give me another loan

Does it say that?

di3004

angelabichon wrote: »

My claim via Barclays has stalled - they say that if my PPI is cancelled this will cancel my loan agreement and therefore I need to apply for a new loan without PPi - they are insinuating that they will not give me another loan so I have no option but to continue and not claim the PPI back. Can they do this? Any help or advice would be appreciated.

Many wait for it to be resolved before cancelling, because if the cooling period have passed, mostly 30 days from when you first take out the policy, the monthly repayments will not reduce by much, but if you succeed in reclaiming they must then remove the ppi and lower your repayments.
However, you do have the right to cancel at anytime.

http://www.barclays.co.uk/ContactUs/Howtocomplain/P1242558122337

Details of how to make a reclaim as directly on their website, remember to keep copies as well, good luck.

Niggly_2

di3004 wrote: »

Many wait for it to be resolved before cancelling, because if the cooling period have passed, mostly 30 days from when you first take out the policy, the monthly repayments will not reduce by much, but if you succeed in reclaiming they must then remove the ppi and lower your repayments.
However, you do have the right to cancel at anytime.

http://www.barclays.co.uk/ContactUs/Howtocomplain/P1242558122337

Details of how to make a reclaim as directly on their website, remember to keep copies as well, good luck.

Thanks Di:o still giddy over me mates win today:D

di3004

Niggly wrote: »

Thanks Di:o still giddy over me mates win today:D

LOL not a problem Niggly and wow what a win, I would be the same :D;);):beer:

amersall

angelabichon wrote: »

My claim via Barclays has stalled - they say that if my PPI is cancelled this will cancel my loan agreement and therefore I need to apply for a new loan without PPi - they are insinuating that they will not give me another loan so I have no option but to continue and not claim the PPI back. Can they do this? Any help or advice would be appreciated.

This is correct,if you cancel the ppi the loan has to be redone without the ppi,this will in effect be a new loan,the rebate you get for cancelling the ppi will be small.
Wait for the result of your mis sell claim.
If you win,the whole ppi is taken off your loan and the ppi paid to date with interest is given back to you and the loan continues as it is and your payment goes down by the ppi monthly amount.

angelabichon

Yes I have it in writing.

It says " it is a condition of your loan agreement that should the associated PPI be cancelled, your loan agreement will also be cancelled. Therefore if we are unable to enter a new loan agreement with you to pay the full debts that remains outstanding, a termination notice for the balance that remains will be issued. This means that you will be legally obliged to make full and immediate payment.

If we do not hear from you within 10 days we will not be able to restructure your loan and your complain for PPi will be finalised and the outcome relayed to you by mail"

Any help regarding Financial Ombudsman would be great. Thanks again.

amersall

angelabichon wrote: »

Yes I have it in writing.

It says " it is a condition of your loan agreement that should the associated PPI be cancelled, your loan agreement will also be cancelled. Therefore if we are unable to enter a new loan agreement with you to pay the full debts that remains outstanding, a termination notice for the balance that remains will be issued. This means that you will be legally obliged to make full and immediate payment.

If we do not hear from you within 10 days we will not be able to restructure your loan and your complain for PPi will be finalised and the outcome relayed to you by mail"

Any help regarding Financial Ombudsman would be great. Thanks again.

You dont need to go to FOS at this stage,is this a claim for mis sell of ppi or to cancel the ppi?.
I am sure you can tell them you dont want to cancel and to proceed with the mis sell claim.
I dont think they can stop you doing this.