Thread: Life Insurance

Hi Talcs

This sounds like irresponsible lending and the FSA and Banking Code regulate selling of products to avoid this and protect the customer's interests.

You don't say how you took out the loan; was it face-to-face in branch or over the telephone? You certainly won't have to repay the loan because you're cancelling the PPI.

Was the PPI added to the loan as a Single Premium and what interest rate is applied? In your Credit Agreement it will state whether this is the case. In the Terms & Conditions of the PPI element of the loan, you will be able to see whether there's a clause relating to cancellation.

If you don't have these documents then you can obtain them by sending a S.A.R - (Subject access request) to the bank with the £10 fee by first class signed for delivery requesting true copies as signed by you, together with a transcript of the sales conversation if this was done over the 'phone. Here's the SAR from the stickies section: Full S.A.R - (Subject access request) for ppi Please take the time to read the other stickies for important and useful information.

Once you have these documents and transcript you can set about reclaiming the PPI element plus the interest that will have been added to it.

Alternatively, you could send a letter to the bank stating that you believe you have been mis-sold PPI as it was forced upon you as a condition of taking out the loan which contravenes FSA guidelines and the Banking Code. Say that you are not prepared to accept this and request cancellation of the PPI and return of the whole amount plus the interest applied. This is the usual starting point for many claimants and lenders always seem to fob them off with something like 'You chose it so you can lump it', then the claimant does through the SAR process and starts to get somewhere. Hey ho!



Shout if you need any more help ...