cancelling PPI new policy

[sarahjaneD]

hello

i have brought a car from welcome finance withing the last 10 days and now looking at what the PPI is going to cost , i have had second thoughts on the insurance.

As it is currently less than 14 days since the agreement was signed , is it just a straight forward case of cancelling the policy within the cooling off period ?

i have unfortunately had to deal with these sort of places in the past and sort of knew what to expect from them , so from the original figure quoted of 108 per week , we bartered with the price of the car part ex and warranties , gap etc and i got the price down to 86 per week , however this was the WITH PPI.

if i now cancel the PPI , (if indeed i can) can they renegotiate to whole contract and cost as , as i say the price of the (new) car came down 1k and i got the full 2200 part ex i wanted on my car instead of having to refinance 1000 still owing on my px as they originally wanted and i suppose they could say that this deal was done on the provision i took out the PPI and if i want to cancel it , the original price of the car and 1200 instead of 2200 for the part ex would then count?

hope that this makes sense and that somebody can help.

thankyou

[reidnet]

Hi.
If it is stated in their Terms & Conditions that you have a 14 day cooling off period to cancel the PPI, then you should not have any great problem if you cancel the policy, after all they expect you to stick to the terms and Conditions so there is no excuse for them not to.

If you telephone them to cancel the policy make sure you note the persons full name that you talk to, even better if you have the abillity to record the telephone call then I would. I would also follow up any cancellation by way of a confirmation letter. You need to cover your back so to speak when dealing with these companies.

If they get all protectiveabout cancelling the Insurance, I would tell them that you have also since discovered that you can obtain PPI with the same level of cover from and Independant Insurrer for a tenth, yes a tenth of the cost that they will charge you. This should shut them up hopefully..lol

As for the agreement that was made over trade in etc , I am not sure what they will argue about that, but the main argument is that you agreed all that as you would do when buying a car from any dealer.

I am sure that others may be in a better position to answer specific questions regarding Welcome..

I hope the above has been of some use..

I have also posted some Info on differebt Types and Conditions of PPI here.. http://www.consumeractiongroup.co.uk...claimants.html

Good luck, and if you need any help Just shout..

Ian

[sarahjaneD]

thanks for your reply.

the only agreement that i have at the moment relates only to the whole finance agreemnt, with PPI included in totals with interest etc so do not know if 14 days is part of their terms and conditions, rather i assumed that you had a 14 day cooling off period as you do with any finance agreement and that as the PPI was paid via finance , that i could cancel it within 14 days.(or would i need to cancel the whole finance agreement?)

im sure that he did mention something about 30 days when talking about the PPI so will more than likely receive the PPI documents around 31 days ( or am i just being cynical ).

i have been reading a fair bit on here about caiming back missold ppi's but cant find anything relating to cancelling it straight away , so i suppose my main priority is finding out if their is such a standard cooling off period with insurance policies as there is with finance agreements or whether it would only apply if actually stated in any terms and conditions.

thanks again

[reidnet]

Hi,
as you do not have all the documents relating to the PPI, you could phone them and ask what the cooling off period is on their PPI policies.

I have heard of some being 7 Days 14Days but most are 30 Days, If you have any doubts I would call them. Normally when the PPI policy is supplied it normally states on the policy that you have so many days from receipt of the policy to cancel. Knowing Welcome and the way the seem to opperate I would call them soon.

I had a look over their website but no terms and conditions can be accesed from the main website.

[sarahjaneD]

for anyone who finds themselves in the same situation i managed to find out that it is 14 days or 30 if life cover is included in the ppi.

had a call from welcome saying "no problem" however they want me to go down and re-sign without the ppi on the policy, so some serious hard sell heading my way, depending on what actually happens when i go down there i might need to come back for some more advice , but hope that the 14 / 30 day cooling off period might help someone else.

not sure about posting links on here but can be found on fsa website.

[reidnet]

Hi Sarah,
When you go in to sign new documents, dont let them Bully you into changing your mind, Stick to your Guns. If you do sign new agreement make sure and have a good read of it and check all figures, Interest rates etc.

Good Luck

Ian

[mazamarie]

ARGOS PPI

I have held an argos card for over 12 months now, when I took the card I declined PPi. Now they have and started to add the PPI premiums to my Argos card account and are charging interest on them.

Card Protection Plan (CPP) is the company who they run their PPI through send you a letter which I "threw away without reading as I did'nt want the CPP".

When I phoned ARGOS card services I was told that basically I was required to let CPP know that I did not want their PPI otherwise it was started automatically, which it has.

I owed nothing at all on my ARGOS card and now there have been two payments made with charges and I have a ballance of £37.00 to pay.

Has anyone any Idea about this one - has it come up before.
Surely this is extortion.

maza

[reidnet]

Hi,
Well what can I say..Looks like ARGOs jumping on the bandwagon.. I would write to them cancelling the PPI and demand a refund of the premiums they have taken.

I doubt if the can legally just add PPI especially on the misleading and Underhand way that they did it and that they have no signed agreement from yourself. I would also advise them that you intend to take the matter up with the FSA.. That might make them see sense, especially as Last week GE got fined £610,000.00 by the FSA for mis-selling PPI and not treating their Customers fairly.

Ian

[mazamarie]

I have looked into their CPP in their website and found their addresss for complaints also I have added the link because they say that they have the 14 day cooling period, but I was not aware of that...this is the link to their PPI pdf, in case anyone else needs it...

http://www.argos.co.uk/wcsstore/argo...fs/pdf/CPP.pdf

So I take it that the next step is to get a Data Protection letter off to them? Otherwise which letter should I use? I'm confused and especially as I am just getting it together to claim bank charges from Abbey as well.

Cheers
mazza

[reidnet]

Hi,
I have just had a look through their policy.. This is not Payment Protection Insurance.. It is Purely Credit Card Protection Insurance.. Basically covers if your card is lost or stolen, or if it is fraudlently used.

Bloody cheek they have just adding it on, According to the policy you can cancel it at any time , but they have added there that no refund of premiums will be made ( you wanna bet card people..lol - you never heard of CAG..lol ).

If you are not happy with the Cover , CANCEL it straight away, that way you will not be paying anymore. Then start the fight to recover any premiums you have made.. The first step would be to ask them to send you a copy of the signed agreement, that should get them going.

Remember too, That a lot of home insurance policies will also cover you for the same thing, stolen credit cards etc. (But check your policy).

I remember Lloyds TSB had a similar thing some time ago, maybe they still do.

Ian

[mazamarie]

Thankyou redinet,

Yes my home insurance does cover cards both inside and outside the home and this is why the Card proteciton was unneccasary and why I ignored their letter.

I am getting it together to call them when I finish work & will post after I have spoken with them.

Also i feel I must apologise to you sarahjaneD for jumping in on your thread. I was mixed up I thought I had gone back to the previous page - sorry !!

mazza

[sarahjaneD]

no problem maz , good luck with argos.

i was totally surprised yesterday when i went down to welcome and they had all the new paperwork ready for me to resign minus the ppi , which for the first time the figures were given to me worked out at 66 a month for 48 months ! , no hard sell or nothing

maybe , if anybody does visit welcome in future to purchase a new car , knowing what sort of money they make on these policies , you could use this is as a heavy bargaining chip to get the price and payments down and then cancel within 30 days, as the original monthly figure quoted was 408 , then down to 379 with some bartering whereas the ppi was then included and now 312 with ppi taken off, if they think they can make the money from the ppi , they will lower the asking price of the car and up the p/x quite substantially if you have one and then the choice is yours with the ppi.

reidnet , this is just my opinion as i feel i have had quite a good result overall with welcome and apologies if this isn't quite the advise you want posted with regards to ppi so please delete if you feel that telling someone to get ppi and then cancel flies in the face of a lot of others on here who are having major problems cancelling / claiming back.

thankyou

[di0430]

This is interesting.
We had cleared our credit cards with a secured loan approx 3 yrs back, and come to think of it, insurance was added to that too !
We never asked for this and assumed it was automatic at the time, surely thats not right is it ??
Wonder if it's too late to claim on this, as of course when we cleared these we had to pay off the insurance too to what i can remember !!
Any advice/info will be gladly appreciated, and how to go about it. This was with Lloyds Tsb !!
(There is possibly a forum for this on here, but just been browsing at others too), (and have not had the chance to get through them all yet). Many thanks again.
Di

[reidnet]

Hi Di0430,
You are correct that the Insurance should not just be added on to your loan. Payment Protection Insurance should always be Optional.. well we all know that now but we never at the time.

It is certainly worth writing to them to make a complaint about this, I did with Lloyds and to be Honest I did not have a lot of problems gettin the matter resolved to my satisfaction.

You can have a look here ..

http://www.consumeractiongroup.co.uk...yds-2-ppi.html

http://www.consumeractiongroup.co.uk...s-tsb-ppi.html

http://www.consumeractiongroup.co.uk...pelim-etc.html

That may give you some idea.

Ian

[di0430]

Hi Ian,
Thanks for your reply, and your links, which are very helpful indeed.
I will certainly start the ball rolling now.
I have been a customer to Lloyds Tsb for more than 15 yrs, now platinum, and even though i cleared the balance of the credit mastercard and wrote to them afterwards to cancel further cards, i had another one sent through last week !!
I will not be tempted again and have torn it up in to shredded pieces lol.
Besides the rates for these are also tremendously high !

Your links are definately a great help-thanks again, i will keep you informed.
Di xx

[bandonbhoy]

Well done Ian

getting article in today's edition of Glasgow Herald and highlighting the CAG web site in relation to the PPI scandal. How do you stop a snow ball rolling downa hill side covered in huge amounts of snow?

Jim