Confused about A&L....

oscar52

About three weeks ago, I wrote to A&L to cancel the PPI on my loan. They told me to do this I would have to take out a NEW loan, for the full oustanding amount (including the front loaded PPI)

HOWEVER, according to Martins post (somewhere on here) regarding PPI A&L charge one months interest to cancel it.

Anyone got any ideas?

PS Loan was taken out January 2005

oscar52

bump....

... anyone got any ideas? should i call them and try again?

I have looked at their T&Cs on website - says I can cancel - makes no reference to a new loan, and says MAY give a refund.

girlsmum

Call them and ask them to show you where on their terms and conditions it states this.


i have no personal experience of this as i always refuse PPI

D&DD

Hi Oscar I did this last year and yes they do ask you to take out a new loan but its for the settlement figure with the PPI taken off so it does work out right they just do it in a confusing way We saved nearly four thousand pounds by doing this :T

D&DD

Our original loan was for £22k (I think!) so we paid for just over a year with ppi.When we asked to have it taken off they did a new loan and with what we'd paid off and the ppi which is frontloaded taken off the new loan was for sub £15k :T HTH

oscar52

Thats not what they have given me though.
Bit of a bummer you only just posted though - they close at 1pm:rotfl:

I did call them earlier though - bloke couldnt help as he didnt know about the insurance (bet he sells it though) but he is getting me a fuller breakdown of how the work it all out.

Just worked it out though, reckon i paying about £40 a month for this - over 36 months (term left) only comes to 1300 (there abouts - so not muc of a difference really