Are Barclays laughing at me?

chriiiiiiiis

Hello.

I took out a loan with Barclays in 2006.

They told me I could not take the loan out unless I would take out the PPI too.

I hadn't really thought much of it until recently... So I went into my local branch and talked to an adviser about cancelling/reclaiming the PPI. She said if I wanted to cancel it, I would have to take out a new loan without it.

She did a calculation on the computer without the PPI and it turned out that the monthly repayments would only reduce my £5 per month...because the interest rate was now higher!

I have read over the MSE guide to reclaiming, but just wondering if I stand any chance?

Thank you.

Oh, and I have been reading over my PPI documents and one of the points mentions that "I don't receive full sick pay from my employer".... When infact I do! I get full sick pay for six months....Does this make a difference to the payments that I make to them?

dannynixon

Yes definitely. You were told the only way to take out a loan was with PPI and this is wrong. PPI is an option, not a requirement. I suggest you get the wheels rolling...

chriiiiiiiis

I've prepared my letter and will be sending it tomorrow.

Is the Barclays Insurance Dublin address the correct address?

dannynixon

Take a look at Barclays website under the contact us section, the address it states should be the one you would send it to

chriiiiiiiis

Just reading over Martins article re claiming back PPI.

He says: "When you try to cancel your insurance without ending the loan, some lenders make you start a new agreement. They are allowed to do this as long as the new loan is on the same or better terms and does not detriment you in any way, for example it shouldn’t be more expensive or last longer."

Does this mean that if Barclays tell me that I have to take out a new loan in order to cancel the PPI on the existing loan, the interest rate should not increase?

moneypooh

pm sent - good luck!