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dodeeboo
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Many months ago i cancelled my PPI with A/leicester because i could not affored to pay it any further. At that time my laon repayments were £411.23 loan and £38.38 PPI both over 60 months. Total payable £449.71
I assumed that the PPI would be cancelled and i would save this £38.38 per month.A/Leicester sent me a form to sign stating they agreed to cancel and a new laon amount would be payable.I sigened and returned the forms. Now my laon amount is £435.49 over 36 months saving me a massive £13.00 plus per month. When i inquired why this has happened and i am making so little saving each month they told me that this was standard practise to close the original loan and open a new loan with a new account number. The amount payable on the original loan is no longer valid and a new amount has been calculated. I asked why this was not explained to me in the letter sent and they informed me the letter was standard practise and there is nothing i can do. So infact i have not really saved anything and have lost all the PPI that i had paid the prior years. Please could any one explain to me if this is correct. Thank you
I assumed that the PPI would be cancelled and i would save this £38.38 per month.A/Leicester sent me a form to sign stating they agreed to cancel and a new laon amount would be payable.I sigened and returned the forms. Now my laon amount is £435.49 over 36 months saving me a massive £13.00 plus per month. When i inquired why this has happened and i am making so little saving each month they told me that this was standard practise to close the original loan and open a new loan with a new account number. The amount payable on the original loan is no longer valid and a new amount has been calculated. I asked why this was not explained to me in the letter sent and they informed me the letter was standard practise and there is nothing i can do. So infact i have not really saved anything and have lost all the PPI that i had paid the prior years. Please could any one explain to me if this is correct. Thank you
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Comments
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so you signed for a new loan?
oops!
sounds a bit dodgy though -Don't put it DOWN; put it AWAY"I would like more sisters, that the taking out of one, might not leave such stillness" Emily Dickinson
Janice 1964-2016
Thank you Honey Bear0 -
Many months ago i cancelled my PPI with A/leicester because i could not affored to pay it any further. At that time my laon repayments were £411.23 loan and £38.38 PPI both over 60 months. Total payable £449.71
I assumed that the PPI would be cancelled and i would save this £38.38 per month.A/Leicester sent me a form to sign stating they agreed to cancel and a new laon amount would be payable.I sigened and returned the forms. Now my laon amount is £435.49 over 36 months saving me a massive £13.00 plus per month. When i inquired why this has happened and i am making so little saving each month they told me that this was standard practise to close the original loan and open a new loan with a new account number. The amount payable on the original loan is no longer valid and a new amount has been calculated. I asked why this was not explained to me in the letter sent and they informed me the letter was standard practise and there is nothing i can do. So infact i have not really saved anything and have lost all the PPI that i had paid the prior years. Please could any one explain to me if this is correct. Thank you
Hi there
Some finance companies work this way unfortunately, but the new loan to what I have read on here on some posts, should be the same rate as the old loan.
So they possibly included the whole amount of PPI in with the calculations in order for you to have the new loan without the ppi.
I would try to reclaim on this now, but if I have this wrong hopefully someone can confirm this.
Check this link here to reclaim and follow the guidelines, you will find templates as well, but write your own reasons.
They have 8 weeks to respond in full.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
In the first response, if they don't resolve this to your satisfaction then write back to them to request them to reconsider your complaint.
In the final letter, they should give details of the financial ombudsman service (FOS) if eligible.
Post by recorded delivery, good luck.The one and only "Dizzy Di"
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