HFC PPI cancellation problem

daroon

Hi all,

We are currently trying to recliam our PPI payments from HFC bank and have just received 2 letters, the firsts was expected which was a "You knew what you were signing so tough luck" letter, so we will now escalate to the next step using the template letter on this site. The second letter, however was concerning the cancellation of the PPI payment on the loan itself, HFC have said that the PPI cannot be cancelled, instead we have to visit our local branch and take out another loan without PPI to pay off this loan!! Can they do this? Have we got the right to cancel the PPI without taking out another loan? If anyone can help we would be most appreciative.

Thnak you in advance

dannynixon

I don't think so because you have signed up for a loan with PPI. This is a contract. I think you will only be able to carry on down the route of it being mis-sold.

I think you should fight your case and say it has been mis-sold to you. Someone else may come along very soon and give their tuppence

budwyza

I asked Barclays to cancell my PPi four years into a 5 year loan, initialy they said no, then they changed their minds and said I could but my loan interest would be increased from 10.9 to 24.9.

Kavanne

budwyza wrote: »

I asked Barclays to cancell my PPi four years into a 5 year loan, initialy they said no, then they changed their minds and said I could but my loan interest would be increased from 10.9 to 24.9.

Hi i HAVE replied to one of your posts previously but you've ignored it.

4 yrs ago you probably took out a loan for £5k+... now you only have £2k left. In order to remove the PPI they would be processing a new loan application and because you are borrowing much less than you originally did, the APR is much higher.

The less you borrow, the higher the APR.