PPI!!!!!! what are my rights????

edited 30 November -1 at 1:00AM in Loans
5 replies 915 views
pompey_girl_2pompey_girl_2 Forumite
4 Posts
edited 30 November -1 at 1:00AM in Loans
Took out a loan in feb 2006 for £20,000. Don't really understand money so took out ppi as the company made it sound like we really needed it because of the loan amount. Got cheque and monthly repayment figures (£681). Had annual review with bank in dec 2006 and they offered loan of just under £20,000 but with a much lower monthly repayment, so we took out their loan and proceeded to pay off original loan. BIG MISTAKE. Paid off about 95% of what we thought we owed and then asked for a final settlement figure, expecting it to about £500. Got final figure back which was over £8000!!!! Every time i phone the company, they say can't give me any information over the phone and i have to put every request in writing. Wrote to them on 16 jan. Letter was received at their end on 17 jan. (know this as sent special delivery and can track online) Phoned company again on fri 26 jan to ask how progress was coming on about our request to cancel our ppi as we no longer required this policy, and was told they couldn't discuss with me over phone and i should get a letter this week. STILL WAITING FOR THIS! Before i eventually get this letter can anyone help/advise me on wheter we are in our rights to cancel this bloody ppi. If i think back to our application for this loan i don't remember any one actually breaking down the costs. If I'd known that the ppi was going to cost us £10'500 i really don't think we'd have taken it out. HEEEEELLLLPPPPP!!!!!!!!!!!!!!!!

Replies

  • what was the discussion around ppi at the time?

    can you discuss it in a branch?

    did you sign an agreement and have an agreement copy at home which states all the figures for the ppi and loan over the term?

    your cancellation rights should appear in the agreement and the IDD would show details of how to complain if need be

    you usually have 30 days cancellation period - when did you initially put the request in to cancel?
  • Thanks. Only just started the proccess of trying to cancel our ppi after seeing programme on tv couple of weeks ago. Bit naive when it comes to money which is why in this mess. Yes, all the figures are on agreement, and yes I know, we should have read and tried to understand it at the time, but we didn't. I'm hoping that we can cancel most of it and just have to pay some of it. Even though, this will put us very overdrawn as we have just started to be in credit on payday. Thanks again.
  • Be quick as sounds as though you may be over the 30 days - why are you telephoning. most say you should write

    and consider what you would do if you did lose job ect ect - and if you would like some cover, get some elsewhere

    some loan companies require you to do a new loan without ppi, so find out their procedures
  • It sounds as though this is a lump sum sale from outset hence the 8K balance. These are rarely ever a good idea and many such policies have been shown to be mis-sold. We regularly fight for mis-selling and get the amount wiped out. If they wont give you information make it a formal complaint
  • hazzie123hazzie123 Forumite
    2.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    ✭✭✭✭
    Is there a page on here what has a letter saying what you should write when trying to get a PPI cancelled? I`ve been looking for days but cant find one.
    Debt Free Date:10/09/2007 :j :money:
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