Can I cancel/claim back PPI

[scottish007]

Morning all,

Am looking for some advice regarding PPI but will need to give you a quick history.

I borrowed £15000 from the bank and was told to take PPI out to ensure I got the loan I was looking for, over a period of 10 years. (think i'm into year 7 of repayments now).
I was paying £256 a month including £86 PPI per month.

Unfortunately I took ill 5 years into my loan and the PPI paid my loan repayments for a period of 5 months but I ended up losing my job through ill health.

During this illneess/unemployed period I ended up in financial difficulties and started missing some payments on other credit cards/loans. I did manage to regain employment quickly.

My new jobs pay is a lot less than my previous employment & i approached the bank asking them to cancel my PPI as i could no longer afford to keep up my repayments - they insisted I would have to do a new loan at a higher interest rate and it worked out at the same payments as i was currently on but I refused to do this. I struggled on and ended up being defaulted on this loan and it was passed to a Debt Collection Agency. I remorgaged and paid off a lot of my loans/credit cards but not this one as the DCA asked for a huge settlement figure.

I am still currently repaying £260 a month the the DCA for this loan, more than my original agreement as the DCA insisted I had to do - this still includes the PPI protection.

I have roughly paid around £21,500 back to this loan and still have a few more years to go, of which £7000+ has been to PPI.

I have been unable to to find my credit agreement and am wondering how I go about getting a copy - is it worth asking for a S.A.R - (Subject Access Request) & CA copy?

Also who do I approach, the bank or the DCA over this.

Any advice or help would be appreciated.


Thanks

[hellhasnofury]

Originally Posted by scottish007

Morning all,

Am looking for some advice regarding PPI but will need to give you a quick history.

I borrowed £15000 from the bank and was told to take PPI out to ensure I got the loan I was looking for, over a period of 10 years. (think i'm into year 7 of repayments now).
I was paying £256 a month including £86 PPI per month.

Unfortunately I took ill 5 years into my loan and the PPI paid my loan repayments for a period of 5 months but I ended up losing my job through ill health.

During this illneess/unemployed period I ended up in financial difficulties and started missing some payments on other credit cards/loans. I did manage to regain employment quickly.

My new jobs pay is a lot less than my previous employment & i approached the bank asking them to cancel my PPI as i could no longer afford to keep up my repayments - they insisted I would have to do a new loan at a higher interest rate and it worked out at the same payments as i was currently on but I refused to do this. I struggled on and ended up being defaulted on this loan and it was passed to a Debt Collection Agency. I remorgaged and paid off a lot of my loans/credit cards but not this one as the DCA asked for a huge settlement figure.

I am still currently repaying £260 a month the the DCA for this loan, more than my original agreement as the DCA insisted I had to do - this still includes the PPI protection.

I have roughly paid around £21,500 back to this loan and still have a few more years to go, of which £7000+ has been to PPI.

I have been unable to to find my credit agreement and am wondering how I go about getting a copy - is it worth asking for a S.A.R - (Subject Access Request) & CA copy?

Also who do I approach, the bank or the DCA over this.

Any advice or help would be appreciated.


Thanks

Hello and welcome

Please read around the ppi forum to get information regarding ppi and the process of reclaiming it back.

IMHO your claim would be complicated by the fact that you did benefit from the insurance and they will state this..But I would certainly have a go. There may be other issues at stake.

To send a S.A.R - (Subject Access Request) it costs you £10 and the price of recorded delivery, you send it to whoever owns the debt. Are the DCA acting on the orignal lenders behalf or was it sold to them. You will find the SAR template letter on the main page under bank template letters, amend it to your details and add on payment protection insurance, so they know you want info on this

For the copy of your credit agreement it cost £1 plus recorded delivery you will find the letter in the general debt forum under creditor and debtor template letters, you need letter N.

If you need help just shout,