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As we are having financial difficulties at the moment, we were wondering if we could cancel the PPI we have with HFC and Barclays so as to reduce the payments on the loans, or is it only if they have been mis-sold.
As we are having financial difficulties at the moment, we were wondering if we could cancel the PPI we have with HFC and Barclays so as to reduce the payments on the loans, or is it only if they have been mis-sold.
Hello,
You can cancel your ppi at any time, but they wont like it, and you probably won't get that much refunded, but you can argue
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
which bank is it with..... It seems banks are realising some of there mistakes and PPI is one of them I would also ask for a copy of your consumer credit agreement, this will really help when claiming back PPI...
Do I have to state a reason for cancelling the PPI and is there a template letter that I can use?
Hello Shazza,
No you don't have to have a reason for cancelling the ppi. Apart from not wishing to pay it anymore
The letter has to say no more than,
Dear sir/madam,
Account no xxxxxxxxx
I am writing to inform you that I wish to cancel the payment protection insurance on Account no xxxxx as of todays date.
I require written confirmation from yourselves that the ppi has been cancelled.
Yours faithfully,
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
just been on the phone to HFC about the PPI, if I want to cancel I have to take out another loan to pay the original one off as the one we have is a fixed term loan. Which means instead of being £66 a month better off, we will only be £10. Is this right what they are telling me.
just been on the phone to HFC about the PPI, if I want to cancel I have to take out another loan to pay the original one off as the one we have is a fixed term loan. Which means instead of being £66 a month better off, we will only be £10. Is this right what they are telling me.
Absolute cobblers I think, do not agree to do this under any circumstances They are trying to recoup their losses by making you take out a loan at a higher interest rate. Write again to them again and insist that they cancel the ppi immeditately. Quote the statement from the fsa and threaten to report them if they do not.
Do not under an circumstances talk to them on the phone now, do all communication by letter, send recorded and keep all copies for your file. They can say what they want to you on the phone and cannot be held responsible, unless you record it. This is the start of your battle, stand strong, do not back down be instistant and you will let them know you will not back down.
Personally I would not believe a word they tell me
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Thank you ,thats what I thought. I did tell her that I would have to look into it further and that I would be looking at the FSA website. It was my local that I phoned so now I will get a letter off to the headoffice. Can you tell me which bit I need to quote please.
Thank you ,thats what I thought. I did tell her that I would have to look into it further and that I would be looking at the FSA website. It was my local that I phoned so now I will get a letter off to the headoffice. Can you tell me which bit I need to quote please.
There are a few interesting bits in this that you can put in your letter. It has come to your attention that the FSA has stated, that they will be monitoring the practice of company's behaviour in treating their customers fairly if they need to reissue the associated loan in order to cancel the PPI;
Have a bash, put it on the thread if you want someone to look at it before you send it.
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Received a phone call today from HFC collections dept regarding a missed payment. I explained that I had already spoken to my local branch yesterday, went through the PPI again. I told her that when we took it out we weren't told that interest would be put on it, just asked if we wanted it. She actually said that it wasn't explained to us properly then, so in I jumped with "so what you are saying is that we were mis-sold it"
She didn't actually agree with me but she did ask if I wanted her to lodge my complaint,which I did. Ten minutes later I got a call from the girl at my local branch (she had been contacted straight away by the collections dept)who insists that I can only cancel if I take out another loan without ppi over the remaining 4yrs at the same high interest rate for £10 less per month, basically starting over again. She also mentioned the rule of 78, I have to look that up as I know nothing of that, unless someone can help me here. Anyway, I have told her that I will be looking into it in more depth and putting it in writing.
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Cancelling PPI
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Originally Posted by Shazza50
They are trying to recoup their losses by making you take out a loan at a higher