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I would like some advice please - I have a loan with ltsb, and have been reading about the PPI mis-sold articles etc, but not sure what I need to do - my monthly loan payment is £457.48p, and I have rang them today about the PPI (which I took out at the time) - but not sure if they would have allowed me the loan if I had refused the PPI (as I like to be protected, just in case) - and the PPI is included in the loan repayments and it is £103.73p.
Can I cancel the PPI on this and purchase it elsewhere?? and can a reclaim the previous PPI from the start of the loan??
My monthly payments without the PPI would then only be £352.75. What do I need to do?
If they cancel the PPI from now on then your payments would not reduce by the amount you would expect as they claim the PPI costs more at the start than the end therefore the refund would not be a straight split!
Hopefully this will help start you off:-
You need to identify the reasons you feel you were mis-sold (e.g you were self employed, you already had a medical condition, you were unemployed, they insisted you had to take it out etc etc) see this thread for a list of reasons
You will also need to have all of the information to start with so if you don't already have all the statments, settlement Breakdown and contracts etc then send the following SAR with a postal order for £10 to make the request (they must provide this information within 40 days) Also make sure you send the letter recorded delivery and keep the proof they received it.
Once you have all the info you can then send off the mis-selling letter template, these letters can be found in the first post of this thread (scroll down the post til you found the heading "Template Letter 1"
Hope that helps start you off! I would also suggest you have a read around the PPI forum particularly in the stickies at the top as there is alot of helpful information to assist you along the way and keep us updated
hi all,
my friend took a loan from Halifax with PPI after a couple of months she decided to cancel as she got a cheap one but haliofax refused to cancel it and advise her tha if they will cancel it they have to cancel the loan as well and apply another one but they can not give the same rate and her monthly payment might be higher than previous any help and advise is very much appreciated. thank you .
Can I cancel the PPI on this and purchase it elsewhere?? and can a reclaim the previous PPI from the start of the loan??
yes you can write and demand the cancellation of the PPI but as sparklez says you will probably not get the reduction of
and the PPI is included in the loan repayments and it is £103.73p
£103.73.
I have similar problem with RBS and they sent a letter stating it was due to the risk at the start of the Loan. ( However I myself think it is down to the Banks getting the PPI money repayments first and then the loan money).
One you have cancelled you can proceed to claim back on mis-sold grounds, single premium payment, self employed, retired, part time worker, pre existing medical conditions etc.
please check out the links and other threads to get a handle on how to proceed with your claim.
The Competition Commissioner has today ruled not officially as I see but news articles that the PPI is unfair due to the lack of Competition from other suppliers of Insurance...again see the links...
The best advice I can give is:
Take your time
Research fully
double check your facts
Check out the CAG threads on similar claims (It could save you time)
Do not be put off by the banks letters to you.
PPI has most definately been mis-sold BIG TIME.
Good luck with your reclaim.
Any problems just post someone will respond, but the thread is getting much busier now and PPI is a new territory to tame.
I really appreciate everyone's help, its good to know that we have a site where people are relaly helpful with the situations we find ourselves in etc.
CONFUSED...how it works (PPI)
, and have been reading about the PPI
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