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I have sent the standard letter off reagrding the mis-sold PPI to Lloyds TSB.
I received a letter back today from my Manager saying he has sent it on the Complaints department.
One thing I would like help with is at the end of the letter, he says the original loan interest would have been based on the security as well as the insurance, and if I now cancel my PPI they may have to re-negotiate the interest rate.
Surely this would not be possible, as I wasn't told two different rates at the outset of the loan.
Any help appreciated, and a possible reply if there is a standard one.
They would have to recalculate the loan as though you had not taken the PPI, that seems to be the view of the Financial Ombudsman Service. They have recently had articles in Augusts edition of Ombudsman News and the back page had an interesting answer to a question which was around PPI misselling. Link is in the stickie on Ombudsman news for August on this forum
Question re cancellation of PPI
to Lloyds
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