Help Please- Cancellation Rights Re Ppi

[tiatia]

On a home improvement loan we were advised to take PPI. On the information left by salesman re the ppi it states

"This insurance may not be cancelled by either the insurers or you.

This is a summary of the cover provided. A certificate of insurance containing the full terms and conditions will be sent to you shortly after we pay out the loan, giving you the opportunity to ensure the cover meets your requirement."

True enough, after loan came through Terms and Conditions came. It states on it

"Cancellation of Cover
Neither you nor the insurers shall be entitled to cancell this certificate at any time"

Does this not mean that because the terms and conditions were sent out after the loan was in force that it was irrevelant what they said anyway as it could not be cancelled and basically our right to cancel was not there?

It was a single one off payment policy and it was First Nat. Interest on it at 20% apr.

Would appreciate any help as matter extremely important to us.

[needrevenge]

Originally Posted by tiatia

"Cancellation of Cover
Neither you nor the insurers shall be entitled to cancel this certificate at any time"

I am in no way a legal expert, but I would think this statement would breach the Unfair Terms in Consumer Contracts Regulations 1999.

Hopefully someone in the know will reply and comment.

Craig

[di0430]

Yes i agree with you CraigDiver.

I'm no expert either but i assumed that any insurance was optional !!

Yet we were forced to accept ours with a secured loan-as they informed us we would have to borrow more otherwise. (Even though the paperwork states optional).
'Once bitten' never again ! We live and learn lol !
The complaint is now being dealt with the financial ombudsman !!!!!!!!!!!!!!!
Cheers.

[tiatia]

Thanks for the replies. Luckily I kept all documentation. Although it was stated that it could not be cancelled on the info re the PPI it does say on credit agreement the insurance was optional.
It was not included in the amount of credit but in what was called the total loan facility.

One thing I noticed was that the PPI was stated as an amount on the credit agreement and yet when I got documentation later after everything had gone through they had put it up by 5p. Now I know its not much but did they have a legal right to up the price without consulting me?

If anyone could help it would be much appreciated.