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PPI - A and L cancelling, claiming, payment breaks
I am so upset right now and is wondering if anyone can help me.
A year ago I took out a loan with alliance and leicester, (£5000, three years) i foolishly took out payment protection having not taken it and been turned down previously (thats a different story). I took out the payment protection, I tired to cancel it after the thrity day cooling off period. they said no I couldn't this would mean a whole new loan agreement at a different (higher) rate of interest, and would actually save me very little (not the £50.00 a month I though i was going to save without the payment protection), so I didnt bother.
In May this year I was diagnosed with M.E./Cronic fatigue syndrome. This meant time of work. I had 4 months off, great I though i'll get my PPI to pay. they did eventually but only after I returned to work did they pay, so i havnt really gained anything, as i still had to pay my loan whilst off sick. now im back at work, but only 8 hours a week, barely enough to cover my loan. My payment protection will only pay if im actually off, not if im back and working less than 16 hrs a week.
Fine i'll ask A and L, for a payment break, as i am now 4 months ahead with my repayment schedule. Oh no we cant do payment breaks! but im four months ahead with payments!! no replied the 12 year old on the phone, we still cant.
What the hell am I supposed to do. I am still living at home with my parents so am entiltiled to very little help government wise.
Help!! Please
A year ago I took out a loan with alliance and leicester, (£5000, three years) i foolishly took out payment protection having not taken it and been turned down previously (thats a different story). I took out the payment protection, I tired to cancel it after the thrity day cooling off period. they said no I couldn't this would mean a whole new loan agreement at a different (higher) rate of interest, and would actually save me very little (not the £50.00 a month I though i was going to save without the payment protection), so I didnt bother.
In May this year I was diagnosed with M.E./Cronic fatigue syndrome. This meant time of work. I had 4 months off, great I though i'll get my PPI to pay. they did eventually but only after I returned to work did they pay, so i havnt really gained anything, as i still had to pay my loan whilst off sick. now im back at work, but only 8 hours a week, barely enough to cover my loan. My payment protection will only pay if im actually off, not if im back and working less than 16 hrs a week.
Fine i'll ask A and L, for a payment break, as i am now 4 months ahead with my repayment schedule. Oh no we cant do payment breaks! but im four months ahead with payments!! no replied the 12 year old on the phone, we still cant.
What the hell am I supposed to do. I am still living at home with my parents so am entiltiled to very little help government wise.
Help!! Please
0
Comments
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you said that you borrowed £5000. Was the payment protection single premium? if so how much did it cost you?I am a former Broker, former IFA and former compliance officer, for my sins.
However, I have since seen the light.0 -
Seek advice from the CAB. Or write a letter to their head office explaining the situation and pointing out that you now only work eight a weeks, not the 16 that PPI covers. They may be braeking the law by making you pay PPI when clearly you are not eligable to claim it, tell them that you are seeking advice from the FSA (financial services authority)0
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Write to their H/O a letter pointing out that you now only work 8 hrs per week, which is below the minimum 16hrs required to claim the PPI. Inform them that you have contacted the FSA (financial services ombudsman) and are waiting their reply, explain in the letter it would be nice though to sort this out with involving outside sources. Dont forget to tell them the history for the letter.
All else fails contact the CAB0
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