Another Barclays Question

EvaCustard

Hi everyone,

I have a question, not really regarding the mis-selling of PPI but of trying to cancel it.

I have a Barclays loan with PPI on it - I understand that as it was dealt with online it's almost impossible to claim there was any mis-selling.

Anyway having had my loan for about 18mths I tried to cancel the PPI, this would have been August 2009. I had a conversation with Barclayloan who told me that the only way I could cancel it would be to apply for a new loan to pay the old one off and therefore cancel the PPI. New loan would have no PPI. Following divorce etc, my credit health wasn't the best and unsuprisingly I wasn't accepted for a new loan. The guy also told me that if I cancelled the PPI on the loan or complained my Barclays account would be cancelled and I'd have a "black mark" against me for the future.

Now, I'm no idiot but I did accept what he said and carried on paying my loan. I've now remarried and am clearing other debts etc and the issue of the PPI came up again in conversation with some friends, which is why I am looking at it again.

I have a rough idea of the date of the conversation with Barclayloan as I made some notes on the back of the statment I received back in 2009, I have mentioned this to Barclays, I am unsure if records of calls are held for this long.

I wonder if those in the know, here on MSE could tell me what do you think my chances are of them cancelling the PPI and backdating the cancellation to 2009?

Thanks in advance.

magpiecottage

If what you say is correct then it seems you had a single premium PPI policy and the premium was added to the loan.

Did they explain that this meant paying interest on the premium for the entire length of the loan or what the overall cost of the cover would eventually be?

If not then you have a valid complaint.

EvaCustard

Thanks so much for your reply.

No, the chap I spoke to in 2009 didn't mention anything like that at all.

[Deleted User]

EvaCustard wrote: »

I wonder if those in the know, here on MSE could tell me what do you think my chances are of them cancelling the PPI and backdating the cancellation to 2009?

Forget all about the 2009 attempt to cancel the PPI and put in a mis-selling complaint on the whole policy!

Do this on the basis that this was''Front loaded" PPI, added to the loan and paid back as a single premium to attract the maximum amount of interest.

Effectively a loan on a loan with interest.

If they did not explain that this meant paying interest on the premium for the entire length of the loan or what the overall cost of the cover would eventually be you have a very strong complaint'

Go here and follow the simple steps:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Do be sure not to request the loan agreement, as you'll be refused since the loan is paid off.

EvaCustard

Moneyineptitude wrote: »

Forget all about the 2009 attempt to cancel the PPI and put in a mis-selling complaint on the whole policy!

Do this on the basis that this was''Front loaded" PPI, added to the loan and paid back as a single premium to attract the maximum amount of interest.

Effectively a loan on a loan with interest.

If they did not explain that this meant paying interest on the premium for the entire length of the loan or what the overall cost of the cover would eventually be you have a very strong complaint'

Go here and follow the simple steps:


Do be sure not to request the loan agreement, as you'll be refused since the loan is paid off.

Thank you.

EvaCustard

Hi everyone,

Small update on this, I got a call from Barclays on Friday evening, unfortunatly I wasn't able to speak to the guy, I was literally just driving off the ferry in Holyhead!

He said it wasn't anything to worry about just wanted to discuss my complaint re PPI and would write to me instead.

Now when I got hom I'd had a letter from them asking for more information and asking for it within 7 days. The letter also said without the info, they'd make a decision with the information they had.

I'd been away for over a week so missed their deadline

Is it usual for Barclays to phone to discuss if a claim isn't being upheld?

I know it's a bit of a "how long is a piece of string" type question, I just wondered if it was the norm?

Thanks

[Deleted User]

It's not unusual..

EvaCustard

Moneyineptitude wrote: »

It's not unusual..

Cheers Tom Jones :rotfl:

[Deleted User]

EvaCustard wrote: »

Cheers Tom Jones :rotfl:

I did think of those lyrics as I posted;)

EvaCustard

Old thread but I needed to update.

Barclays rejected my PPI claim - unfotunatly I wasn't in a position back then to deal with it further as my mother was really ill and I was over and back to Ireland all the time.

Anyway, again recently I rang to cancel the PPI - this time there were no if's or but's and Barclays sent me a new loan agreement to sign. However.... there are 19mths left to pay on the loan and they have worked out my new monthly payment based on the loan without PPI to be more than I am paying now!!!

How on earth can that be? It looks like, they are charging me interest on interest??!!

Anyway, I rang them and complained and they have re-opened my PPI claim. I've written to them today regarding this but I'm still not sure where I stand.

I understand whats been said above about it being front loaded PPI etc but really my issue is that I tried to cancel it back in 2009 and was told I couldn't as I couldn't have a new loan but now that isn't an issue, they've just given me a new loan agreement.

I hope this makes sense and any advice would be appreciated.

-taff

Make a complaint....never mind, just read again, you already have.
It was single premium on a loan that was unsuitable due to the length of the loan and that it wouldnt cover you for more than 5 years [ how long is your loan for? It sounds as if it's for 8 or more?]

If you haven't signed the new agreement, don't, and make sure that for the moment, until your complaint is sorted, that you will be paying the original amount.

You are lucky they are looking into it again, because if they've already given you a full and final response, you had 6 months fromt hat date to go to the Ombudsman. If Barclays reject it again, DO NOT let more than 6 months pass, otherwise your complaint will never be sorted.