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PPi Claim from Norton Finance - Please help?
smellycat2
Posts: 12 Forumite
in Loans
Please can someone advise me?
I recently wrote to Norton Finance when I realised that I had bought a single premium PPI Policy from them for £13000 when I took out a secure loan. The PPI is with Barclays Insurance.
I stated (as I still believe) that I was not made aware that this policy was optional and that I was not aware that this policy had been added to the loan and that, despite this only providing cover for 5 years, I would be paying for it (+ interest) for the full length of the term.
They replied stating that the Customer Service Rep had followed a script and that this and the paperwork that I signed made it perfectly clear that it was an optional PPI and that it was a single premium that I would be paying for the term of the loan + interest. It also stated that I had an initial cooling off period to read the paperwork and cancel.
I honestly don't remember being told any of this and I would have definitely refused the PPI had I been told / realised that I would be paying a total of £35+ for PPI that would last for 5 years.
Please will someone advise what my next move should be? I just want to cancel this insurance which would save a huge £130 a month (I can't believe I am so stupid - I was desperate and very emotional at the time).
I have 14 days to reply to their letter.
Many thanks.
I recently wrote to Norton Finance when I realised that I had bought a single premium PPI Policy from them for £13000 when I took out a secure loan. The PPI is with Barclays Insurance.
I stated (as I still believe) that I was not made aware that this policy was optional and that I was not aware that this policy had been added to the loan and that, despite this only providing cover for 5 years, I would be paying for it (+ interest) for the full length of the term.
They replied stating that the Customer Service Rep had followed a script and that this and the paperwork that I signed made it perfectly clear that it was an optional PPI and that it was a single premium that I would be paying for the term of the loan + interest. It also stated that I had an initial cooling off period to read the paperwork and cancel.
I honestly don't remember being told any of this and I would have definitely refused the PPI had I been told / realised that I would be paying a total of £35+ for PPI that would last for 5 years.
Please will someone advise what my next move should be? I just want to cancel this insurance which would save a huge £130 a month (I can't believe I am so stupid - I was desperate and very emotional at the time).
I have 14 days to reply to their letter.
Many thanks.
0
Comments
-
Who did Norton Arrange the loan itself through?I am a former Broker, former IFA and former compliance officer, for my sins.
However, I have since seen the light.0 -
Hi Petermb
The loan itself is through First Plus (again, i know...)
They had nothing to do with the insurance though, the PPI is from Barclays and the whole thing was dealt with through Norton Finance.
Many thanks.0 -
First plus is a branch of Barclays0
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