cancelling ppi

gizfizz

hi does anyone have a template letter for cancelling ppi on a loan within the 30-day cooling off period? oh got roped into signing up for it :rolleyes: and we need to cancel it before next friday! thank you :A

SuSu1871

You could try just phoning to cancel it.

I did this with LloydsTSB (just outside of the 30 day cooling off period). They cancelled the PPI, but kept the monthly payments the same. It brought the loan repayment period down by 18 months.

Good luck

SuSu1871

oscar52

Just a simple letter will do it.

Dear Sir or Madam

After reveiwing the documentation sent with my loan I feel that the insurance sold with the loan superfluous to my requirements. Therefore, please can you arrange for this to be cancelled and that any assocaited premiums and interest, if added to the loan amount are removed.

Yours Faithfully

southernscouser

Have you phoned and asked to have it removed. If so see below. If not perhaps that could be your first port of call or you can alter/ammend this letter.


Bank's name & address



Re: account 999999999999999999999





COMPLAINT



Dear Sir or Madam,



I took out the above loan for £x,000 on dd/mm/yy. When I took it out, I signed up for Payment Protection Insurance. I phoned up on dd/mm/yy to ask to cancel it and was told that this is impossible. I am writing to complain.



Put in any of the following which apply:



[When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]



[I am self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick. My situation was known to the person who sold me the loan, however he/she did not point out that the insurance was virtually useless to me so I think that I have been mis-sold the insurance.]



[When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]



[I wish to cancel the PPI because since taking out the loan, my employment situation has changed. I am now self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick.]



[I wish to cancel the PPI because I now have sufficient alternative insurance cover from my employer and other sources.]



[I wish to cancel the PPI because I am in financial difficulties and cannot afford it. I enclose a Statement of Affairs which shows this.]



I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. [And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.]



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.



Yours faithfully,

gizfizz

ooh i didnt expect a reply so quickly this late in the evening! I'll get OH to try phoning them first I thought it had to be in writing but a phone calls worth a try, I'm useless at writing letters. £2000 for an £8500 loan over 4 years what a bloody rip off .
Thank you for your replies! :beer: