Need your advice please?

jonesMUFCforever

I would agree. The bank would imply that it was a condition of the loan but could not force you to take it out.
You need to contact the bank and ask for it to be refunded. You will not get it all back and some banks will insist on closing the old loan down and re-opening a new one.
There is no guarantee that if they do this that they will offer you the same rate.

spurs501_2

ejones999 wrote: »

I would agree. The bank would imply that it was a condition of the loan but could not force you to take it out.
You need to contact the bank and ask for it to be refunded. You will not get it all back and some banks will insist on closing the old loan down and re-opening a new one.
There is no guarantee that if they do this that they will offer you the same rate.

Thanks once again for your interest (excuse the pun!!)

So, just to clarify, I can definately cancel the payment protection insurance?
I may get some of the money back? The bank may close the loan and start a fresh one with a higher interest rate?

jonesMUFCforever

Yes yes and yes!

spurs501_2

Just to let you all know I've cancelled the ppi on this loan, making my monthly payments now £431.00 per month as opposed to £538.00!!

I tried to reclaim the ppi I had already paid (over £1000.00!) but had no joy from natwest. They sent me what looked liked a fairly standard letter saying when I took out the loan I was offered a 30 day period to change my mind (which is all true of course) so in their opinion I had no further case.

Should I accept this decision or is there a better "tactic" to reclaim the ppi I've already paid?..........

jonesMUFCforever

spurs501 wrote: »

Just to let you all know I've cancelled the ppi on this loan, making my monthly payments now £431.00 per month as opposed to £538.00!!

I tried to reclaim the ppi I had already paid (over £1000.00!) but had no joy from natwest. They sent me what looked liked a fairly standard letter saying when I took out the loan I was offered a 30 day period to change my mind (which is all true of course) so in their opinion I had no further case.

Should I accept this decision or is there a better "tactic" to reclaim the ppi I've already paid?..........

You could try the template letters from this site - see top left of home page.