Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
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Hi
I took out a loan for £22,000 from a high street bank on 12th Dec 07 (£9K new loan and they "refinanced" old loan of £13K) and the salesman added PPI without even asking me. In the past I ALWAYS refuse this and had I been asked I would have this time - even if the loan offer was cancelled.
I was stupid though and in a bit of a state on the day I arranged the loan and didn't look at the paperwork properly. HAve looked now and realised total amount to pay back is £39,000! £9000 for the PPI plus interest (insurance £6,777).
I am seeing the bank tomorrow to cancel the PPI and luckily I'm within the 30 day PPI cancellation window - but I am worried the bank will try to rearrange the loan with a much higher interest charge. (I can't pay back the loan as I've used it already).
Are there any regulations or code of conduct I can quote the bank at my meeting to try and prevent them from charging me massive interest? Am I going to be penalised because I can't pay the loan back? Any advice would be appreciated. Thanks
Sue
The simple answer is to say NO and to ask for the bank's complaints procedure and write to them about the way the advisor never asked you anything about the PPI including the exclusions of the policy. You should not be penalised because you cannot pay the loan back but the payments should be cheaper minus the PPI.
Whether you have PPI or not should not affect their decision to lend to you. In fact one of the reasons for reclaiming missold PPI is that people were led to believe that they would not get the loan without it. So they would be on a very dodgy wicket indeed if they tried that one. Your payments and loan conditions should not change, only the exorbitant PPI should be cancelled. IMHO.
Will I be able to cancel PPI (policy under 30 days old)
Thanks for the advice. I have read much material on this site and it's been a great help and I feel more confident and will report back on the result of meeting with the advisor.
Sue
PPI cancellation - Policy under 30 days old
without even asking me. In the past I ALWAYS refuse this and had I been asked I would have this time - even if the loan offer was cancelled.
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