Unable to cancel PPI insurance

jaceyvee

Any help on with this issue will be really appreciated.

I took out a loan with Black Horse back in 2007 and was sold PPI insurance as a means of safeguarding my payments. I was not given sight of the policy on the day of the loan and details of the cover was not given to me at the time. This was sent to me the day after my signing the agreement. I did not worry too much until recently when I discovered that I was unable to claim on the insurance because I had an on-going medical condition. I have since made a claim for misselling but this was 6 weeks ago so I am waiting to hear the outcome.
My agreement showed 62 months repayment for the loan and 62months repayment for the insurance as separate monthly values. Both show interest payable as a monthly percentage of the remaining balance, and figures for both of the amounts payable OVER THE Term of the agreement, once again as separate values. There are 14 payments still payable under the agreement so as I am unable to claim on the insurance I rang Black Horse to cancel the policy. I was told by their representative that I could do so but it would make no difference to my monthly repayments because the policy was already paid up.

I have since written 3 letters to the company asking
a) on which date the policy became fully was paid up and
b) why, since I am unable to claim on the insurance, I should be held responsible for the total interest calculated for the period of 62months.
I have received no response to those letters. I have spoken to 4 different customer support represenatives who have all confirmed that the policy is paid up. Each promised to get a manager to come back to me with a response to my letters. 6 weeks on and 3 letters - still no response.

Has anyone else had a similar situation with their insurance policy? I am thinking of writing to Black Horse and informing them that I wish to cancel and have reduced my payment by the amount of the insurance? Is this likely to cause me problems going forward?

Any advice would be welcome.

oscar52

Given what you say, it would appear that this policy was mis-sold.

As thay seem to have ignored you correspondence, I would wait the two weeks and complain to FOS. I would also be seeking a full refund rather than a small reduction in the payments that are left.

magpiecottage

Do you have proof of posting for the letters?

jaceyvee

I have copies of all letters, and proof of posting the first. I also have the names and times of telephone conversations with customer support. I will follow your advice and go for a full refund based on mis-selling. Thank you.

magpiecottage

jaceyvee wrote: »

I have copies of all letters, and proof of posting the first.

That is good enough. FOS will deem the complaint to have been received two working days after the first.

Eight weeks after that the deadline for getting a response into the post to you. Thus if you sent the letter six weeks ago last Monday (the day of your post) it will be deemed to have arrived six weeks ago today (Wednesday). They have until 2 November to get a reply into the post.

If you have not heard by 5 November download the FOS form and put it into the post with a copy of your original complaint and proof of posting.

Make clear that although you have proof of posting for the original complaint and have sent the two other letters you have received no response.