Payment Protection on a Loan - NEED HELP!!

**Dawn**_2

Hi

1st time i've asked for some help from you guys out there so here goes

Changed banks in Feb 07 and also took out a loan of £13,700 to pay off loan in our previous bank (hubby been a student for 2 years!) anyway we took out this loan in Feb with payment protection at 7% APR and now would like to cancel the the payment protection. I've contacted the bank to do this and have been told that I would have to take out another loan (settlement figure of £14,000 today) so I can have a loan without payment protection but the APR would be 13.9%.

My question is how do I go about cancelling this p.p. without it costing me more money!! can it be done?

HELP

yzzy

Hi dawn....

The same has happend to me and I have been fighting it alone for years... finally woke up to this site and read a few posts.

Barclays mis-sold me my loan telling me I had to have PPI or would more than likely not get the loan and have a bad credit score for applying.

So I applied with PPI.

When I lost my teaching job due to unexpected pregnancy the insurance apparently "doesn't cover your particular circumstance"

I went crazy! I demanded they cancel my PPI.... Cant do that without taking out another loan... couldnt get another loan as had no income!

I have been trying since August 2004 to get my money back and today have finally written a letter telling them I consider they have been taking money from me for PPI since 2001 by deception and without consent since 2004.

have the letter in my hand ready to post!

I want my money back... plain and simple.

Write to your bank using the template on the original post (adapt it) and tell them plain and simple that you just want to stop the PPI and they have no right to demand you take out another loan.

grrrr banks!!!:mad:

ArchieB_2

How do they justify the increase in APR? Has your credit rating gone throught the floor??

There may be very little you can do I am afraid, other than getting a settlement figure, going to another lender and getting a cheaper loan rate elsewhere.

If yzzy was sold the PPI product using those tactics then it was missold, but you would need to prove this (ie name of sales person, was the converstaion recorded?). In terms of the pregnancy, this would never be covered unless you have complications. Getting pregnant does not lose you your job, it isn't an illness, and it is under your control - you can't expect insurance to cover you.

**Dawn**_2

Hi

Just had a call from the bank - They are going to cancel the PPI!! Really made up and just saved myself - £3000!!

Easier than I expeceted!!