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Took out a lloydstsb loan 15 months ago. I queried the PPI but was told I could cancel at any time so accepted it. I'm taking a pay cut in January so have tried to cancel the LPI but i'm not happy with proceedings. I've been given conflicting information and being told it has to be recalculated in ways i'm not happy with. Roughly speaking the monthly payment is £400. £300 cash loan + £100 ppi. I thought cancelling the ppi would make the monthly payment £300 a month but apparently not. What they're saying is a larger % of the £400 monthly payment is going towards the ppi rather than the loan so if i cancel the loan is recalculated to £343 a month! I suppose a bit like decreasing term Life Assurance but I find nothing abou that in my agreement. Looking at my agreement it says: "1.4 If you choose to purchase the LPI, we will pay any LPI loan directly to the insurer to cover the price of the premium. If you decide to cancel the LPI policy the LPI loan will be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan."
Now, my interpretation of that is there's no recalculations, no rebates, no reference to any other information to which i've seen or been told about. I'm arguing that if it's not in the agreement or referred to in the agreement then it's not valid! Is it worth me pursuing this?! All I want to do is knock the LPI off!!
Took out a lloydstsb loan 15 months ago. I queried the ppi but was told I could cancel at any time so accepted it. I'm taking a pay cut in January so have tried to cancel the LPI but i'm not happy with proceedings. I've been given conflicting information and being told it has to be recalculated in ways i'm not happy with. Roughly speaking the monthly payment is £400. £300 cash loan + £100 ppi. I thought cancelling the ppi would make the monthly payment £300 a month but apparently not. What they're saying is a larger % of the £400 monthly payment is going towards the ppi rather than the loan so if i cancel the loan is recalculated to £343 a month! ( Iam sure the fos, OFT would have something to say about this) I suppose a bit like decreasing term Life Assurance but I find nothing abou that in my agreement. Looking at my agreement it says: "1.4 If you choose to purchase the LPI, we will pay any LPI loan directly to the insurer to cover the price of the premium. If you decide to cancel the LPI policy the LPI loan will be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan."(so much for the paper it was printed on)
Now, my interpretation of that is there's no recalculations, no rebates, no reference to any other information to which i've seen or been told about. I'm arguing that if it's not in the agreement or referred to in the agreement then it's not valid! Is it worth me pursuing this?! All I want to do is knock the LPI off!!
Yes a load of something nasty spouted here.
I had the same trouble with RBS same sort of explanation your monthly payments will reduce but not by the amount you expect.
After the involvement of the ICO and FOS I eventually got my PPI money back and my payments were reduced to the loan figure only without any bull about PPI, interest etc etc. The banks are spouting a lot of waffle to baffle you.
Do not accept what they tell you. Complain to the FOS, OFT, FSA, BBA (the BBA are an organisation for the banks but it is worth a stamp).
After the FOS got involved I got my PPI back over £10k and my payments on the loan were further reduced to reflect loan only with no PPI or PPI interest.
If the LPI/ PPI is cancelled you should also be elligible for a pro rata refund (it will probably not be what you expect as the banks tend to reap in the interest on the PPI first and then only rebate a proportion of the PPI itself) They as you can see in the media everyday are quite a greedy bunch of individuals and still claiming massive bonuses after being bailed out by the tax payer.
Keep at them
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.
Cancelling LLoydsTSB LPI?
loan 15 months ago. I queried the PPI but was told I could cancel at any time so accepted it. I'm taking a pay cut in January so have tried to cancel the LPI but i'm not happy with proceedings. I've been given conflicting information and being told it has to be recalculated in ways i'm not happy with. Roughly speaking the monthly payment is £400. £300 cash loan + £100 ppi. I thought cancelling the ppi would make the monthly payment £300 a month but apparently not. What they're saying is a larger % of the £400 monthly payment is going towards the ppi rather than the loan so if i cancel the loan is recalculated to £343 a month! I suppose a bit like decreasing term Life Assurance
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Originally Posted by Ann_Oyed
