Ppi

Littleluc21

Hi guys

I have a loan with HBOS at the moment due to finish repaying in 2010 (Cannot wait!!!) but I want to stop paying the extortiante PPI!!!! Any one know if you can cancel this after taking out a loan??

Thanks

xxxx

angelavdavis

Yes, just send them a letter recorded delivery

Dear Sir/Madam

Ref: (loan account ref)

I am writing to request the cancellation for the associated PPI policy for the above loan with immediate effect.

I would appreciate confirmation in writing that this has been completed.

Many thanks

Yours faithfully


Might be worth reading this to see if you can reclaim any of it back.

Littleluc21

Can I really really cancel it and they won't say no????!!!!This has made me smiiiiiiiiiiillllllllleeeeeeee:j

xxx

Littleluc21

Also I took the loan out last April, is there a time limit on when you have to cancel PPI think its with Care Plan or something else but the loan is with HBOS and thats who they use for PPI

L xxx

MiniLaura

Hi

I'm also attempting to cancel my PPI on HBOS loan. I wrote to the insurance company who admins the loan - they told me that in order to cancel the PPI I would need to go into the branch I took loan out.

I had sent them letter thinking thats the way to do it but seems not. I'm going on saturday to speak to them so will let you know how I got on.

Littleluc21

Thanks for that. I took loan out over the phone so can't pop into the branch. Why do they make things so difficult??!! Goodluck though, can't wait to hear how you get on!!!

l xxxx

angelavdavis

Give it a try, I don't believe they can force you to keep the PPI. Do you not have a copy of the Terms and Conditions? They should have sent you one to sign if the transaction was done over the phone. Martin's article has more information about it.

Littleluc21

Will go home and hunt for it tonight. Thanks guys!!

L xxxx

MiniLaura

I got my insurance cancelled :j

Had to take out a new loan, as I had claimed on the insurance, but just paid off settllement figure and got new loan, ive got payment down by £60 a month, although loan is now over 5 years - was 3/4 left on original loan. i think. Also asked about making one off payments or overpayments on loan and no penalties for that - can just save up and thrown some spare cash at it every now and then. Had to be really firm about not getting insuance on next loan.

Its just a case of going in and speaking to them or talking to them on telephone about it. I hope you get somewhere.

(new loan is lower interest too :j down about 3%. Not paying till april so a chance to get some money saved up to shorten loan. )

I havent actually got any money back but hopefully saved myself some payments in the long term. Need to look into this a bit more. Happy im on a lower monthly repayment tho and can throw extra at it when ive got it!