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My OH has recently decided to pay off his Halifax Loan early. He borrowed the money 2 years ago to pay for a new car and was paying it back over 7 years.
When he was going through the documentation he received with the loan approval letter, he noticed that an insurance loan had been added on to his loan amount and bumped the repayment up by an astonishing amount of £1681 on a loan which was only £6000, with a further £736 for interest on this insurance loan. The terms of the insurance state that after 30days has passed, no payments will be refunded if you choose to cancel the insurance. I take this to mean if the loan is paid of early, in this case 5 years early, there would be no refund on the insurance paid.
I find this appalling and having read the PPI reclaiming information, I believe that he is entitled to reclaim this money as he does not recall anyone mentioning the insurance when he applied for the loan.
Can anyone advise on this and let me know the best way to proceed. He is totally lost with all this and asked me to help because I have already claimed money back from one of my credit cards because of unfair bank charges.
In his file for the Loan, all I have is pre contract information for the loan and insurance loan, also a FAQ about the insurance which is where is says what it covers and that it can be cancelled but he would lose the entire premium paid and a 'demands and needs' statement which is basicly their reasoning for adding the loan protection onto his loan and amounts to nothing more than that he is taking out a loan and works full time!!
The loan insurance cancellation wording is very confusing and took me 3 times to read it before I understood it. My OH is slightly dyslexic and has trouble with large amounts of text or anything which isn't written fairly simply, he often gets me to read things for him and when I showed him the page with the cancellation details on it, he thought it meant he would get the money back.
You need letter N send it recorded delivery with a £1 payment. You can check on the royal mail website when they received it
There are statutory timelimits by when they comply to this request. 12 working days + 2 postage (breach of the cca 1974) then a following 30days (criminal offence)
I would also send a SAR which costs £10, they have to by law under the Data Protection Act supply you will all information they hold one you.
If you look in the PPI stickies you will find the template letter for it. again send everything recorded delivery so you know they receive it. They have 40days to comply with this request.
Good luck and keep us posted:grin:
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, I'll send off for a copy of the credit agreement. Why do I need to send off a SAR? When I did one for my bank charges, it was to get my statements and work out my charges but I don't need to do that for this loan as the amount was added when the loan was taken out and we already have the amount.
Thanks, I'll send off for a copy of the credit agreement. Why do I need to send off a S.A.R - (Subject access request)? When I did one for my bank charges, it was to get my statements and work out my charges but I don't need to do that for this loan as the amount was added when the loan was taken out and we already have the amount.
Sorry Bryony,
I mis-read your first post, I thought that your oh had paid off the loan. the SAR would have highlighted any rebate of upaid PPI and interest into the balance of the loan.
I must write 100 times, read post slower, read posts slower, read post slower
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
Thats ok, he is paying it off early, probably next week or the week after. We only discovered the cancellation policy on the insurance (which he didn't even realise he had until he looked at the paperwork!) at the weekend while I was looking to see if there was any penalty for paying off early.
Does anyone know the correct address for the CCA to be sent to, I am concerned that if I send it to the wrong address, they would be able to wriggle out of the 12 day (+2) deadline.
My OH v Halifax PPI?
Loan early. He borrowed the money 2 years ago to pay for a new car and was paying it back over 7 years.
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Originally Posted by bryony84
