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I have taken a new loan on the 12 May 08 with payment protection insurance (took PPI because I got the feeling acceptance of the loan depended on it, even though they say it didn't!)
The loan was approx £15k (over 4 years) and the PPI portion is £2500 + £750 interest. It clearly states that I can cancel within 30 days and get a 100% rebate.
What is likely to happen when I cancel this? (apart from a phone call with a sales pitch!). Will the loan be redone (I already have received and spent the loan funds). Or will they pay me the PPI portion back in cash and leave the loan as-is?
Re: Taken new loan last week with PPI, please help
HI you should have at least 14 days in which to cancel and as it is optional !!!!!!! there should be no problem at all. get your agreement and have a little read about cancellation... call company immediately and cancel it.. seek out alternative pricing on web if you really feel you need it I bet you can get it at a fraction of the cost....good luck....
Re: Taken new loan last week with PPI, please help
Mr X,
For what reason do you wish to cancel the PPI? Do you beleive it was missold to you, should anything happen to you, and your unable to pay the loan would any thing prevent you from claiming against the PPI?
Thanks
- Hobbie
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Re: Taken new loan last week with PPI, please help
Originally Posted by Hobbie
Mr X,
For what reason do you wish to cancel the PPI? Do you beleive it was missold to you, should anything happen to you, and your unable to pay the loan would any thing prevent you from claiming against the PPI?
Hi,
I do not want the PPI, both myself and my wife are in professional jobs where demand outstrips supply so very very unlikely one of us would be out of work for any length of time. Also, one of our salaries could, short term, sustain the houshold.
This is not in question, the question is, how will the 100% rebate be handled?
Re: Taken new loan last week with PPI, please help
They will probably handle the rebate by deducting it from the loan Amount, this will reduce your monthly payments. This will reduce your actual loan figure from over £17.5k to the original £15k that you required.
If they give you any sales pitch regarding the PPI, simple answer is to tell them that you can get Independant PPI cover for around one tenth of what they had charged.
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Taken new loan last week with PPI, please help
because I got the feeling acceptance of the loan depended on it, even though they say it didn't!)
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Originally Posted by Hobbie
(As Seen on TV) 