Help On How To Cancel Ppi

chris2004

Hi
Can anybody help me about my ppi. I cancelled my ppi with Black Horse TSB i was paying 40.00 a month on top of my loan i just received a letter from them saying i will only be 25.00 better of and not the 40.00 that i thought ,i am a bit confused help
Thanks Chris.

scotsgirl_3

i posted this on the other thread

when you say it was £40 a month on top, was this an amount that showed monthly on your statement, or did you just divide the total costy the number of months?

if it's the latter, then i suspect the reason for this is that as far as I'm aware the PPi is not rebated evenly over the length of the loan. Basically because earlier on, the risk is higher as the balance is more - so whilst you don't see the calculations it is mmost likely that when the prices are worked out the PPI may actually cost, say £80 for month 1 and by the end of the agreement may actually only be costing around £10 per month

hope this makes some sense! I suppose its kind of like interest in the way a rebate is worked out - so if you, say, took out a loan over 48 months but paid back in full after 24, you would get a rebate, but it wouldn't be as much as half of the interest.

chris2004

Hi
Thanks for the reply on my loan agreement it says personal loan 187.00 to pay back monthly and then separtly payment protection plan which was 40.81 monthly so in all i was paying 228.81 per month. I cancelled the ppi and got a letter saying my payments would go down to 203.00 per month.I thought there would just take the ppi off and i would only be paying my personal loan which was 187.00. The loan was over 5 years and i have paid 1 year off.
chris

scotsgirl_3

this sounds like the sort of ppi where it is actually all added at the start - i suspect if you look at a statement you'll see that the starting balance was the amount of the loan plus the amount of the ppi - they should be able to give you a breakdown of how the rebate figure is calculated as well.

chris2004

Hi
Thanks for your help still a bit confused because i dont have a statement just a credit agreement which tells me what i am paying every month going to phone them up on monday.
Thanks chris.

scotsgirl_3

if you phone up on monday then ask for a statement - they can send them straight away

chris2004

Thanks this has put me of geting ppi with the banks when you look on this site you can get protection on you loan for 2.60 big difference.

mccafferyna26

Hi ,
I am having the same trouble as you, i have cancelled my pp with black horse and my payments havnt gone down either, would you let me know how you get on with as any advice would be greatly appreciated.
Thanks
Nina