Thread: Clydesdale PPI

Originally Posted by tracyab1972

Hi can anyone help please?

I am going to help my friend reclaim missold PPI from the Clydesdale Bank. I have told her to write to the bank to cancel the PPI, which she has done and they have wrote back asking her to go in to her branch as they will have to recalculate and restart the loan. Im sure I have read on this site that when cancelling PPI the banks should not be doing this. I have cancelled by PPI and this did not happen to me...or does it depend on each individual bank.

Hello,

Most banks will cancel ppi and re-calcutate the loan without you having to go into the branch. Perhaps your friend could give them a ring

Your friend should not have to take out a new loan whatsoever, they should just recalculate the loan. Once they cancel the ppi, the unpaid portion and interest should be deducted from the balance, reducing it, this should in turn reduce the monthly payments or the length of term.

Your friend should not sign any new agreement and if they insist, she must inform them that she/he will be reporting the matter to the Financial Services authority as they are failing to treat their customers fairly.

Once the ppi is cancelled are you going to reclaim back what the have paid

This may be very little depending on the lenght of time the loan as been running as the vast majority is paid at the start of the loan.