PPI!!!!!! what are my rights????
edited 30 November -1 at 1:00AM in Loans
5 replies 915 views
Took out a loan in feb 2006 for £20,000. Don't really understand money so took out ppi as the company made it sound like we really needed it because of the loan amount. Got cheque and monthly repayment figures (£681). Had annual review with bank in dec 2006 and they offered loan of just under £20,000 but with a much lower monthly repayment, so we took out their loan and proceeded to pay off original loan. BIG MISTAKE. Paid off about 95% of what we thought we owed and then asked for a final settlement figure, expecting it to about £500. Got final figure back which was over £8000!!!! Every time i phone the company, they say can't give me any information over the phone and i have to put every request in writing. Wrote to them on 16 jan. Letter was received at their end on 17 jan. (know this as sent special delivery and can track online) Phoned company again on fri 26 jan to ask how progress was coming on about our request to cancel our ppi as we no longer required this policy, and was told they couldn't discuss with me over phone and i should get a letter this week. STILL WAITING FOR THIS! Before i eventually get this letter can anyone help/advise me on wheter we are in our rights to cancel this bloody ppi. If i think back to our application for this loan i don't remember any one actually breaking down the costs. If I'd known that the ppi was going to cost us £10'500 i really don't think we'd have taken it out. HEEEEELLLLPPPPP!!!!!!!!!!!!!!!!
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