Fao Ian, Help With Cancelling Ppi On Northern Rock Loan

[spurs_nut]

Hi,

I've noticed you have some experience with regards to northern rock and cancelling ppi.

I took out a loan a couple of weeks ago for 13000 and took out their bronze cover. I foolishly ticked the box, but after realising how much it's going to cost in the long run I want to cancel it. Now I've sent a letter off (below) because both times I have phoned, they have said that I have to re-apply for the loan as it's changing the terms and conditions of the loan.

this can't be right, surely?

I don't want to make another footprint on my credit file and they would probably decline me anyway.

Do you know what I should expect from their reply and where to go from there?

Any advice appreciated.

cheers

************************* ************************* *****

26/03/2007

Account 1111111111111111111


COMPLAINT




Dear Sir or Madam,

I took out the above loan for £13000 on 07/03/07. When I took it out, I signed up for Payment Protection Insurance. I phoned up on 14/03/07 to ask to cancel it and was told that the only way to do this was to RE-APPLY for the loan. I am writing to complain as nowhere in your terms and conditions does it state that the PPI has to be taken out as a condition of acceptance for the loan nor for the amount of interest that is payable for the term of the loan.

When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits and that I will have sufficient Life cover in the event of my death, but the agent that I spoke to was insistent that I should still take out this expensive insurance. That is why I decided to take out the bronze cover.

However, after considerable thought, I wish to use my right as stated in your terms and conditions, to cancel the PPI within the 30 days cooling off period because I have sufficient alternative insurance cover from my employer and other sources and I consider the policy to be extremely expensive and will leave me £23 worse off a month for something that I will not need. It states in the K.F.I sheet that I should be able to cancel the PPI contract at any time and if applicable receive a partial refund of the premium that I have paid. I would like to do this.

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.



Yours faithfully,


****** ********

[hellhasnofury]

Originally Posted by spurs_nut

Hi,

I've noticed you have some experience with regards to northern rock and cancelling ppi.

I took out a loan a couple of weeks ago for 13000 and took out their bronze cover. I foolishly ticked the box, but after realising how much it's going to cost in the long run I want to cancel it. Now I've sent a letter off (below) because both times I have phoned, they have said that I have to re-apply for the loan as it's changing the terms and conditions of the loan.

this can't be right, surely?

I don't want to make another footprint on my credit file and they would probably decline me anyway.

Do you know what I should expect from their reply and where to go from there?

Any advice appreciated.

cheers

************************* ************************* *****

26/03/2007

Account 1111111111111111111


COMPLAINT




Dear Sir or Madam,

I took out the above loan for £13000 on 07/03/07. When I took it out, I signed up for Payment Protection Insurance. I phoned up on 14/03/07 to ask to cancel it and was told that the only way to do this was to RE-APPLY for the loan. I am writing to complain as nowhere in your terms and conditions does it state that the PPI has to be taken out as a condition of acceptance for the loan nor for the amount of interest that is payable for the term of the loan.

When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits and that I will have sufficient Life cover in the event of my death, but the agent that I spoke to was insistent that I should still take out this expensive insurance. That is why I decided to take out the bronze cover.

However, after considerable thought, I wish to use my right as stated in your terms and conditions, to cancel the PPI within the 30 days cooling off period because I have sufficient alternative insurance cover from my employer and other sources and I consider the policy to be extremely expensive and will leave me £23 worse off a month for something that I will not need. It states in the K.F.I sheet that I should be able to cancel the PPI contract at any time and if applicable receive a partial refund of the premium that I have paid. I would like to do this.

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.



Yours faithfully,


****** ********

Hello,

Ian should be around soon to give your advice,

Your letter sound good to me

Go get them

[reidnet]

Hi,
If it cleary states that you have a 30 day cooling off period, Then I would suggest you get the letter out to them asap, As you have also pointed out to them in your letter that you did in fact try to cancel this policy after 7 days and they have refused, Then they have breached their own terms and conditions.

If they still refuse to cancel the PPI then I would get in touch with the FOS and issue a comlaint through them. The more that you have in writting the better, You could always submit a Subject Access Request to request a transcript , Audio recording of your original application.

Good Luck

Ian