PPI on Halifax Loan

bobtail_5

Hi,

I sent off for my original Halifax contract as I wanted to see if payment protection insurance had been added on.

My loan was for £5000, APR 8.7% and to be paid off over 62 months. I've had the loan since 2009 but still have about £3500 to pay off. Admittedly, I have fallen behind in the past with repayments but have been paying it each month for the past 6 months with no trouble.

I received the contract on Saturday and sure enough, PPI was added on for a total of £1102.80. They have also added interest onto the insurance so the total including this is £1446.54. I never asked for this and didn't even know I had it.

I'll be sending a letter to Halifax asking for this to be paid back. I just wanted to know from others who are in the know about PPI or who have had a similar experience, whether I would be within my rights to request a cash cheque instead of the money coming from off the remaining balance? If so, how would I word this sufficiently in my letter? I don't want to claim my money back through another company as then they'll end up taking a cut and I am hoping that I will be able to get it back through my own efforts. I don't mind of the money will end up being taken off the balance as it'll allow me to get it paid off more quickly, just my preferred method would be to have the cash back. I don't know where I stand with this, as obviously there is still money to be paid for the loan.

Thanks,

Dana

Tixy

I believe they are entitled to deduct any repayment from the balance still owing.
But try asking on the reclaim part of the forum - as the regular posters there will know -
Reclaim PPI & Other Insurance

opinions4u

Follow Tixy's advice above.

I never asked for this and didn't even know I had it

It never ceases to amaze me.

It's clearly documented on the agreement you signed.

A policy booklet confirming you had cover and a cooling off period was posted out to you.

In addition to whatever conversation did / didn't take place.

Yet you will win your case, although it will doubtless take a little time.

bobtail_5

Well, in my defence I was 18 when I took the loan out on my parents behalf as they were going bankrupt so I took it out to help them. I have been left to foot the bill and at the time I didn't get too involved with it. I literally just signed on the dotted line and did not read small print or go over the contract.