Cancelling a Lloyds PPI

randomgal

I took out a 7 year £10,000 loan with Lloyds in 2004. At the time I working an agency job, so my income was erratic. I honestly can’t remember the sales tactic used to sell me the PPI; I must have thought it was a good idea at the time. I've got a stable job now with thrice the income, but a lot more debt than I had at the time. Having read Martins article on cancelling PPI, it seems with Lloyds I need to cancel original loan agreement. Does this mean that I’ll have to apply for a new loan with them?

Looking at the loan details, it says the original loan amount is £12,018.46 and the Current Loan Balance is £8,456.24. I’ve been paying £176 monthly towards this, so basically it seems I’ve mostly been paying off the PPI. I was told in January that the final resettlement figure would be £8032 which includes a discount of £817 insurance rebate and a charge of £87 for the early settlement fee.

So, my question is, what’s the best way to sort this out? Will I get refunded the £817 if I cancel the PPI and explain the change in circumstance or should I try claiming it all back?

jonesMUFCforever

Unless you can support a claim for mis-selling I do not see that you will get a full refund.

dogshome

I think the best chance of getting some,or all of your PPI premiums back, is to
go through the policy document and check that your circumstances exactly fitted the policy conditions on the day it was sold to you.
I am at present hammering Abbey for a PPI sold to my sons partner, who having declared that she had been with her then employer for only 8 months on the loan application, was then sold a policy on which she could not make any unemployment claims unless she had been with the same employer for 2 years

regularsaver1

dogshome - they may well say she there was other insurance for life cover ect