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Hi,
A friend of mine went into Lloyds this morning to get PPI removed off a loan she already has. All she wanted to do was cancel the PPI as from today.
The bank told her that the only way possible was to take out a reloan for the outstanding amount on the loan which we believe is wrong.
They then threw a load of figures at her which meant that the payments on the new loan would be more per month than she is currently paying, even with the PPI removed.
Is it right that she has to have a reloan as all she wants to do is reduce the monthly payment by the amount of PPI she is paying.
Thanks guys
Hi,
A friend of mine went into Lloyds this morning to get PPI removed off a loan she already has. All she wanted to do was cancel the PPI as from today.
The bank told her that the only way possible was to take out a reloan for the outstanding amount on the loan which we believe is wrong.
They then threw a load of figures at her which meant that the payments on the new loan would be more per month than she is currently paying, even with the PPI removed.
Is it right that she has to have a reloan as all she wants to do is reduce the monthly payment by the amount of PPI she is paying.
Thanks guys
Hello HK,
Your friend has the right to cancel her ppi, and not have to take out a new loan. Their is guidence in the stickies from the FSA regarding this.
Personally I would do it in writing, telling them to cancel the ppi, and adjust the repayments accordingly. Showing a breadown of their calculations Send everything recorded delivery and keep copies of everything.
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
Thanks Hell, I've just read the link but it only seems to refer to front loaded PPI. Am I being thick??
Not at all, you need to find out it it was a single premium that was front loaded????? Does your friend have a copy of the credit agreement. I would consider most ppi on loans to be front loaded
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
I'm afraid she doesn't, I'll get a CCA request typed up for her today. All she wanted to do was cancel it but after the hassle they gave her she wants to reclaim it all now as she gets full sick pay from work anyway
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Sorry I do not think that there is a template letter for cancelling PPI. Just write a simple letter stating that from the date of the letter, you wish to cancel the ppi. and while they reconfigure the loan, you hope that they will take into consideration the FSA guidence on treating customers fairly. Something like that. You can always ring the FSA for guidence on the matter
When you say your friend does not have a single loaded policy, how do you know. They can still be front loaded and paid for monthly What does it say on their credit agreement.:idea:
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
Thanks Hell, I've e-mailed the Ombudsman just to get them to put in writing that I can cancel PPI without a reloan so if they reply I can send it to the bank with a snotty letter. We're also doing a DPA request with a view to reclaiming the whole lot.
Thanks Hell, I've e-mailed the Ombudsman just to get them to put in writing that I can cancel PPI without a reloan so if they reply I can send it to the bank with a snotty letter. We're also doing a Data Protection Act request with a view to reclaiming the whole lot.
Victory over Lloyds PPI claim £2606 click! Barclaycard lazygoing - £580 + £398 contractual int at 17.7 % click! (Received partial payment £110 21/11/06) The GF's battle against RBS click! stayed awaiting the end of the world
Amazing. She went back to the bank today and they still insisted she sign a new contract.
Over 2 years she would only be £30 better off!!
Luckily she refused to sign and said we'd take it to the Ombudsman.
Amazing. She went back to the bank today and they still insisted she sign a new contract.
Over 2 years she would only be £30 better off!!
Luckily she refused to sign and said we'd take it to the Ombudsman.
Good for her . bet they didn't know what hit them. Consumer revolt, how shocking
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
We've sent off a CCA request now as they gave her a print off of the account when she went in the other day.
We've also sent a letter to customer services demanding that the PPI is cancelled from the date she first complained and we want a pro rata refund. Also put that she doesn't want to deal with her own branch due to being fobbed off and she doesn't want to sign a new contract.
I'm guessing the PPI is front loaded hence the fact she'll only be £30 better off. Is this something the Ombudsman would be interested in??
Update. No response to the request for a refund but the Credit Agreement has arrived today. There's a questionairre that they filled in when she went for the loan with loads of questions about her suitability for PPI which I guess covers most things except that half the boxes aren't ticked. Also, even though the loan was Jan 06, the form is dated 05. Obviously a mistake but is it still valid?
Lloyds PPI and a reloan.
this morning to get PPI
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Originally Posted by HONESTKNOB
. bet they didn't know what hit them. Consumer revolt, how shocking