Thread: can't cancel ppi without new loan pls help

Hi all,

I hope someone can help as i'm not really to sure on what I need to do! I have a loan with Yorkshire Bank which was taken out in nov 05 and I feel I was mis sold the ppi as i've reallised as I only work part time i'm not covered should anything happen. I recently wrote to Yorkshire Bank to cancel the cover and they sent me a new loan agreement out saying that to cancel the policy I would need to take out a new loan but I don't want to do this.

Is there anyway I can cancel the ppi and also claim back the money due to it being missold?

Tell them you do not have to take out a new loan they must cancel the PPI on your request refund the rebate of the PPI to offset what is still owed on the loan and reduce you premiums accordingly.

If you have a copy of your original Consumer Credit Agreement it should show the details of the PPI and the monthly PPI payments.

If you do not have a copy of your CCA then you can request one from them by submitting a Subject access request with a statutory fee of £10.00.

Template letters here...Data Protection Act 1998 - Subject access request


and here...Full SAR for ppi

and you should ask for this information in particular:


A true copy of your Consumer Credit Agreement with the terms and conditions that were applicable at the time you took the loan.

Copies of all statements applicable to the loan.

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

Copies of all recorded telephone calls or transcripts of the recordings.

A copy of the needs and wants/ customer duty of care questionnaire... here is an example.

http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

Copies of any notes made by Yorkshire Bank staff in their dealings with you.

Tell them any failure to comply will result in a very serious formal complaint to the Financial Ombudsman Service with copies to the Financial Services Authority and the Office of Fair Trading.

Make sure though you still have PPI cover for any outstanding amount on your loan. You can do a google on Money Saving Expert and get reasonable quotes on the insurance links on that site.

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I have got a copy of the orginal agreement but i'm not sure what I need to work out, I had a loan with Yorkshire Bank which had the PPI on and then I increased the loan for a larger amount, so the old loan with the ppi was closed and then the new one started so do I just use the figures from the new loan?

You will need to check out your statements on the old loan to ensure you obtained a rebate on the PPI when you refinanced to the new loan. If you received a rebate but there is now PPI on the new loan then what you should be doing is finding a cheaper PPI alternative there are many available and moneysavingexpert Martin Lewis has links if you google his site.

Once you are happy you have cover (I am assuming here your employer does not give adequate cover??) then cancel the PPI on the new loan and reclaim all the monthly PPI payments made on both loans including the interest and add on 8% statutory interest from the dates the loans started until you accept a refund settlement.

If in doubt give the fos a call links to the FOS and much more in here...

links

hope this clarifies things PPI is a complicated business especially trying to get your money back but keep at it

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Originally Posted by lindseyb

hi all, I have sent a SAR request including all the above points but i'm a bit confussed as to the response I have recieved back. They have sent me some information but have said I must provide all the account numbers etc before they will issue any more info.

What they have sent me isn't really a lot! From what they've seent it doesn't look like any of the PPI was refunded when the new loan was taken out but they haven't provided any statements but it has got on the new agreeement "loan to repay existing debts" so I think this was the balance from the old loan?? How can I find out more info as I really want to cancel the ppi? Any help would be grateful i feel a bit like i'm over my head!!!!!

Yet another ploy by a bank that allegedly wants to keep hold of money gained from mis-selling ppi.


Firstly how did you repay the loan payments on the loans?

The loans were with Yorkshire Bank I assume you paid them by direct debit?

It appears you have had a loan and then refinanced at a later date to a new loan.

The first had PPI but the second one didn't?

am I right so far?

My point here is if you were paying yorkshire bank loans from another yorkshire account then the account details could be traced through the account you paid the loans from.

You can send them a letter of non compliance if you feel you have not been provided with all the information you are entitled to as a data subject.

Data Protection Act - Non-Compliance - Template Letters


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Originally Posted by lindseyb

hi all, I have sent a sar request including all the above points but i'm a bit confussed as to the response I have recieved back. They have sent me some information but have said I must provide all the account numbers etc before they will issue any more info.

What they have sent me isn't really a lot! From what they've seent it doesn't look like any of the PPI was refunded when the new loan was taken out but they haven't provided any statements but it has got on the new agreeement "loan to repay existing debts" so I think this was the balance from the old loan?? How can I find out more info as I really want to cancel the ppi? Any help would be grateful i feel a bit like i'm over my head!!!!!

Ok now you have the account numbers, write back and state as per your letter requesting account numbers here they are now supply the data as requested in my original SAR.

Incidentally if you were paying the refinanced loans from a Yorkshire current account they should be aware of where the direct debits were being paid and which account numbers they were being paid into.

No because they have requested the other account numbers you will not have to pay. It is a £10 fee for all the data they hold on you as a data subject and will cover 1 account or 20 accounts.

This will hopefully assist you.

For legal issues relating to Data Protection check this link...Lots of very useful info in understandable terms.
Data Protection | OUT-LAW.COM

it includes the following and much much more
Negotiating with the Data Subject (This should be important to Banks)

At this stage, it is advisable to negotiate with the data subject. The location information the data subject will have already given will give a clue as to what it is the data subject really wants to have information about. The benefit of the Data Protection Act 1998 is that it allows data controllers to negotiate with data subjects to get the data subject to specify the exact information he or she wishes to receive.

The data controller is entitled to ask for a fee of £10 and two further pieces of information. Firstly, the data controller must satisfy himself that the person making the request is, in fact, the data subject. The use of a Subject access request form is advised, since the greatest breach of a data controller's security is for the data controller to satisfy a Subject access request made by a person impersonating the data subject. The use of the form goes towards proving that the data controller has adequate identification and verification procedures in place. Secondly, the data controller is entitled to ask the data subject for further information to enable the data controller to locate the information which that person seeks.

When the last of these three pieces of information has been obtained, the forty day period starts to run. It is advisable to put procedures in place to ensure that the receipt of the request and the further information is correctly dated so that an organisation knows how long it has to satisfy the subject access request.

However, if the data subject is adamant that he or she wishes to receive a copy of everything the data controller holds on him or her, then there is very little the data controller can do about this, and a completely exhaustive search of the computerised and manually held data in the organisation will be required. (nice to know what you see in the Act is what you get)


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Originally Posted by lindseyb

Thanks will re-send the letter with account numbers. what am I looking for when this info comes? Should the PPI have been refunded for each loan when it was re-financed and then started again?

What should have happened is you take out a loan with PPI attached. The PPI is attached however that happened is the case for reclaiming that it was mis-sold.

Loan 1 is refinanced by loan 2 so you get a rebate on paying off loan 1 early and the rebate is on the loan figure and also the PPI figure but the rebate is pro rata so you do not get the best deal (The banks win on this refinance) WHY ? because ...

Loan 2 is taken out probably for more than loan 1 and yes more than likely with PPI added which will no doubt be for more than loan 1 and to allow you to make the increased payments you reduce the monthly payments by taking the loan over a longer period thereby paying more interest to the bank not only on the loan amount but also the PPI premiums...You struggle to keep up payment because circumstances change and the next thing you know you are onto...

Loan 3 and so it goes on until you are in debt to the max with PPI on each loan struggling to keep up with the payments. The banks keep you on the hook for as long as they can but the PPI added onto the loans is the issue as you can get cheaper insurance elsewhere and the banks know this. Now the Competition Commissioners Office are aware and have banned the addition of PPI to any loan at the point of the agreement.

Final result of the Competition Commission inquiry
http://www.competition-commission.org.uk/rep_pub/reports/2009/542ppi.htm

it is all in here.

keep posting

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Originally Posted by lindseyb

Hi all,

I filled the questionnaire in and sent it back recorded deliv before the 10 days, I then got another questionnarie so I phoned up to say I'd filled this in and already sent it back and told the unhelpful person on the phone the date they recieved it, or was at least signed for.

I then got another letter to say they HAD now got my questionnaire and I would have a reply within 3 weeks but it will be 3 weeks tomorrow and still nothing, do you think I should write another letter, is this a ploy to waste more time? Is there anything else I can do other than write another letter? Can I report them to the financial obmudsman for example?

hello lindseyb,

firstly is this also tied into this one?

mis sold PPI form closed account
lindseyb

If so I can merge the threads to make them easier to follow, it also helps other caggers to follow and advise.

You can submit a report to the Financial Ombudsman Service if they do not respond within 8 calendar weeks or give you a final response saying NO within the 8 weeks.

Originally Posted by lindseyb

No it is mine but they are 2 seperate loans with PPI and the situations are slightly different. 1 of the loans has kept being re-financed with new ppi's being added ect and the other one is a loan which has been paid and closed for a number of years.

Oki now that that's clear you have two threads still

Good luck on both of them

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Originally Posted by lindseyb

I've had a response back from the bank which is rather poor, they have concluded that the sales person who did the loan at the time was regarded as a competent to sell the PPI and that I signed the documentation, agreeing to the ppi and I was issued with documents explaining the ppi, but they have said that because they have no verbal evidence that at the time, that i was advised of the terms of the refund of the ppi in the event of early cancellation they are going to offer a payment of £432.66 which is the amount remaining of the rest of the loan. So they have sent out a new loan document as this amount will be taken off the remaining loan re-payments!

Now I feel this is a cope out and they have admitted guilt on 1 thing but then are saying stuff you on the other!!!! I'm not happy to accept this but not sure what to send back to them? They have put that this is their final response on the matter so do I write saying i'm not happy to the bank then contact the fos? PLs help

You should complain to the FOS send them copies of the letters and it will take a while but you will I am sure get a better result if you do this. The FOS contacts are in the stickies at the top of this forum.

As you say it appears to be a cop out. If you go to the FOS it will cost the bank £500 as a fee for the FOS to deal with the complaint as a starter.

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