Trying to claim back PPI from Virgin Money

onedayiwill

I posted this in my Debt Diary on DFW but think this is possibly a better place to post for responses.

I am trying to get to grips with my finances and get out of debt. I have a loan with Virgin Money on which I have PPI which I want to cancel.

So I called them up and spoke to some woman on the phone who just kept repeating the same lines. So I want to follow it up with a letter. This is my first try (based on snippets from this site and others) ... could I get some input?

Dear Sirs,

Loan Account No XXXXXX - Payment Protection Insurance

As my circumstances have changed, I no longer require this insurance. I spoke with a member of the Insurance Team on Monday 5th March regarding the cancellation of this insurance policy I was informed that:

“All it would mean is that you are not covered. The premium was front loaded and therefore no refund will be given as this is a change in the terms of the contract.”

I was also told:

“The premium is front loaded because as time goes on you are less likely to need cover”.

The employment and financial status of a person can change at any time and had I been aware that I would not be able to cancel this cover in future I would not have taken out this policy. This policy was therefore missold.

The cost of the Policy was £1405.78 plus £288.74 Interest making £1694.52

I request a refund of the policy fee plus any interest paid on the fee.

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.

All correspondence should be sent to: -
xxxxxxxxxxxxxxx
xxxxxxxxxxxx
xxxxxxxxxx,
xxxxxxxxxx

Yours faithfully,


Thanks for any help or advice!

regularsaver1

How were you mis-sold?

this is the same for all ppi policies

you can cancel, either by them cancelling it straight or by you having to take a a new loan without ppi to repay old one, but no refund , thats right

tom188

TBH from your letter I cant see how it was mis sold. You can cancel but unless you were not covered by the insurance when you took it out (eg you were not working or depending on the cover self employed) then you were not mis sold, and therefore would not be eligible for a refund.

The employment and financial status of a person can change at any time and had I been aware that I would not be able to cancel this cover in future I would not have taken out this policy. This policy was therefore missold.

You are able to cancel but as youve already paid for it this would seem self defeating.