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sorry to be a bit thick guys but ive read that single premium policies are not compulsory but we have 2 barclay loans with them on, i have tried to cancel them but they wont let us with out taking out a new loan, i have sent a letter asking to reclaim but im still waiting on their reply not sure what course of action to take really should i just take out the new loan? or wait and see what their response is? thanks in advance
7. Thinking of a Full & Final Settlement?Read Here
my views are my own...seek legal advice if ness
NEVER EVER - act on a private message asking you to visit another website, make contact 'off list' or by telephone
- alert the siteteam IMMEDIATELY by hitting the black warning triangle on any message - Particularly if this results in a request to pay a fee to help you.
rather than hittting to be my friend - hit the star
As dx states you can cancel in which case you should get a rebate and then you can claim all the payments you have made including the interest and also ask for the 8% statutory interest on top.
Do not agree to another loan they can adjust the existing loan/s.
If they refuse to cancel send a SAR asking for all the documentation..
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.
have a good read through all of the stickies as dx suggests and also tap into a few threads to see how other caggers are fighting back.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
7. Thinking of a Full & Final Settlement?Read Here
my views are my own...seek legal advice if ness
NEVER EVER - act on a private message asking you to visit another website, make contact 'off list' or by telephone
- alert the siteteam IMMEDIATELY by hitting the black warning triangle on any message - Particularly if this results in a request to pay a fee to help you.
rather than hittting to be my friend - hit the star
Alanalana - Can you please confirm that if you do cancel the PPI then the APR must stay the same as when you took the loan out?
I would agree with this no new loan so apr remains the same unless of course they want to reduce it
you are not changing agreement, so they cannot change it.
Agree with dx again.
Best to make life as difficult for them as they have been doing to you.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
keep in touch mangle would be good to compare the replys we get i have again tried to cancel the agreements but they keep saying ive got to take out a new loan im expecting a reply about refunding the PPI so will keep posting on this.
curiously in cancelling our insurance in the loan, we are being sent out new papers to sign as the loan monthly payment is being reduced. the apr is remaining the same as is the term but she said in effect you are taking out a new loan so we have to sign a new agreement (we also will not have to pay for 3 months - Halifax do this as std wth their new loans) is this right ?
a sort of fire-fighting role here. Hate HFC & their past compulsory PPI ethos
Posts
25,089
Re: single premium ppi?
my feelings are they're upto something sneaky...
i'm SURE i've read here that no lender can MAKE you take out a new loan because you have cancelled the PPI attached to one.
its it someone regs.
but, i suppose that as long as the completion date, APR and repayments remain the same, then there are no issues, but in saying that, if nothing other than the monthly repayments are changing, then why is it necessary for them to do it?
dx
GETTING THREAT_O_TEXTS OR SPOOF BAILIFF CALL FROM M T COLLECT read here
7. Thinking of a Full & Final Settlement?Read Here
my views are my own...seek legal advice if ness
NEVER EVER - act on a private message asking you to visit another website, make contact 'off list' or by telephone
- alert the siteteam IMMEDIATELY by hitting the black warning triangle on any message - Particularly if this results in a request to pay a fee to help you.
rather than hittting to be my friend - hit the star
curiously in cancelling our insurance in the loan, we are being sent out new papers to sign as the loan monthly payment is being reduced. the apr is remaining the same as is the term but she said in effect you are taking out a new loan so we have to sign a new agreement (we also will not have to pay for 3 months - Halifax do this as std wth their new loans) is this right ?
as is the term(NO it is definately not right) This is the stick back to full term.
we also will not have to pay for 3 months. This is to take your eye off the ball (This is the carrot)
You do not have to take out a new loan. The old loan should remain but with the PPI element removed and the payments re-adjusted to reflect the removal of the PPI payments. Do not accept if they say the repayments will be reduced but not by the amount you would expect with the PPI removed. They may well use various arguments as in my fight but after the fos became involved the repayment figures on the loan were further reduced.
Now if you sign a new loan agreement with the same term ie over the same length of time you would be committing to pay the full period of the loan again it may be the same APR but if you have paid say, 20 months of a loan over 60 months then you are basically committing to paying for 60 months again which extends the loan, when in fact you have already paid 20 months of your loan off.
This is why you should not sign a new agreement the old one if adjusted to remove the PPI will in fact mean you will only have the remaining period of the loan to pay off and not a new extension to the lenth of the term ie back to to 60 months.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
ahh cheers dude, it could well be a document to modify the first agreement, but she was not clear on the phone, I will check everything and read the small print before the wife signs anything. Might well pop back in this thread to get some advice.
If it is a new loan and the old one is cancelled, the new loan is the same apr and loan term and nothing has changed, if the wife did sign it, it will not affect any mis-selling claims going through I assume ?
Alanalana - thank you for your response too, I understand what you mean, my wife's been paying back the loan for 4 years of a 7 year agreement and the loan payments minus the PPI only went down from £269 to £262. Woman said that only £211 was left to pay on the insurance over the course of the loan. (Insurance and interest totalled around £4,500) I though it was bit low and there is no rebate coming back either (although I am using the fact that my wife was not told there was a pro-rata rebate for cancelling the loan on a single premium PPI as an example of mis-selling)
Guess I will wait for the papers and Breakdown to come through in the post
just an update ive been sent new loan agreements but ive just ignored them and im still waiting on Barclays response to my initial complaint regarding PPI. they reckon they didnt recieve them so ive had to start again from scratch and just filled in their why do you think youve been missold questionnaire how convenient!!!!!
just an update ive been sent new loan agreements but ive just ignored them and im still waiting on Barclays response to my initial complaint regarding PPI. they reckon they didnt recieve them so ive had to start again from scratch and just filled in their why do you think youve been missold questionnaire how convenient!!!!!
I would send any future mail by recorded signed for delivery that way you can track through the Royal Mail online service. It costs a bit more but it cuts out the "WE DID NOT RECEIVE YOUR LETTER" as you will have proof of delivery.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
I have had the loan papers back from Halifax, its a revised credit agreement, same APR, same term left. However they are still saying it will not resume until 3 months after they receive the signed papers back. ( I know they will charge interest on the loan during this period but a 3 month payment holiday would come in handy)
does all this sound ok to you ? and I assume it will not affect my is-selling complaint for the PPI on this loan ?
incidentally they have issued a new account number and stated the current loan account number as old on the papers, is this normal?
no worries pompey seems like were facing the same issue anyway, i did wonder though if they know something is wrong with the agreements and are trying to sort this out by asking us to enter into new agreements, all for the sake of cancelling the PPI?
single premium ppi?
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Originally Posted by mangle101
i have again tried to cancel the agreements but they keep saying ive got to take out a new loan im expecting a reply about refunding the 
