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Took out a loan with halifax in 2004 to purchase car.I have been reading these PPI threads,but I can,t get my head around them.At this moment the amount we have to pay back each month is £322.00,we did agree to take out the PPI,,I think,but we are finding this amount each month is squeezing our finances.Below is the agreement of the loan from the Halifax.

 

cash loan=13.000

total charge for credit for cash loan=2,893.40

total amount you pay for cash loan=15,893.40

insurance loan(cash price for insurance)2,760.91

add total charge for credit for insurance loan=614.69

total amount you pay for insurance loan=3,375.60

you have to pay the loan and interest by 60 monthly instalments=321.15

we will divide your monthly payments between the cash loasn and the insurance loan in the same proportion as they bear to the loan

 

 

annual precentage rate=7.9%

monthly interest rate 0.63%

total loan=15,760.91

total charge for credit for total loan 3,508.09

total amount you pay=19,269.00

 

we will use the insurance loan to pay the provider of personal loan repayment cover.

 

 

Please can anyone help me on this,as I am not too geared up on this ,can we ask to cancel the PPI.without being penalised?,as we are finding it a bind each month to pay this amount.It is an unsecured loan

 

thanks maggie

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Hi all!

 

Maggie,I received your PM and would suggest that you do the following:

 

1.Contact the loan company by phone and request the cancellation of the PPI from now onwards.

 

2.Requrest that this is confirmed in writing together with the revised monthly instalment.

 

3.There should be no problem in doing this.However,if the loan company refuses this would be to your advantage.

 

4.When you receive the reply to your request to cancel the PPI contact me again so that we can go over the figures for the period of the loan that has lapsed.Also to double check the cancellation amount for you.

 

If you have any more questions,just ask.

 

Keep us posted.

 

All the best!

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maggie,don't worry!

 

The way forward is:

 

1.Cancel the insurance by phone.

2.In parallel,send a S.A.R - (Subject Access Request) - Subject Access Request under the Data Protection Act to The Halifax - address also can be found here.

3.S.A.R - (Subject Access Request)-template available in the library on this forum for you to use.Also,send this together with the statutory £10 fee(postal order),proof of id and address for both you and your husband.You must allow 40 days for reply.Send everything by recorded delivery post.

4.When you receive the reply to your S.A.R - (Subject Access Request) - it should have notes on it regarding the selling of the PPI etc.

5.In my case,I had proof from my S.A.R - (Subject Access Request) that the doubleglazing salesperson obtained acommission from selling me the plan and thus it was deemed that NO proper advice had been received from an insurance salesperson.

 

SO...

 

Case dismissed! - Nightmare4banks 1 v Finance Co 0

 

and hopefully your situation will be the same!

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hey!!!!! Nightmare4banks,

You may have hit on something here.I have already sent a DPA request,to the Halifax in July,but they only sent me statements as far back as October2004,and we took the loan out in March 2004.I haven,t been well recently,so I haven,t got around to informing them ,that they have not sent me the appropriate documents for the time I requested i,e; 6 yrs,sooooooooooo,if I post a reminder letter to them tomorrow for the remaining documents I am entitled to,all details of the above SHOULD! be listed.

Am I correct in this.?

 

Maggie

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AAAAAAAAnd,the only person who we dealt with for the loan,was the banks employee.No other person in any insurance capacity,(qualified or not)came in to the room we were taken into,to explain further,about the PPI.

 

Maggie

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maggie,

 

Contact The Halifax - Data Protection and explain (nicely) that you think that some of your SAR documents are missing.

 

 

Regarding the bank employee again all should be revealed regarding the PPI in your SAR.

 

Keep me posted.Also,do not hesitate to ask any questions if needed.

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ok Nightmare4banks,

I am either going to make today a real nightmare,or----I,m going to be singing from the rooftops.

I have just been going thru our documents,and the previous loan details I gave you,are for a second loan from Halifax.Take a deep breath as this might be a long story.

I have just come across another loan we took out with Halifax in 2001 .for a car.which after 3 yrs ,we traded in for a newer model i.e the loan details i posted earlier for 2004.

Here are the 1st loan details ,which we had paid for 3 yrs ,with PPI,;-

 

cash loan=13,000

total charge for credit for loan=3,037.40

total amount for cash loan=16,037.40

insurance loan(cash price for Insurance)=2,4440.70

total charge for credit for Insurance loan=570.10

total amount for Insurance loan=3,010.80

 

monthly payments 317.47

annual percentage=8.9%

monthly interest rate=0.176%

total loan=15,440.70

total charge for credit for total loan(the total charge for credit) 3,607.50

total amount you pay=19,048.20

 

signed by both of us and the manager of the branch.

 

My husband then decided in 2004,to trade in the car for that we bought with this loan,for a newer model,the loan details are posted in my first thread.

 

so we had made nearly 2 and a half yrs payment on this loan,before he took out another one,(posted on my 1st. thread),to pay off this one,and traded the car from this loan above ,as part exchange for the newer model from the loan in 2004.

Now,I am beginning to get more confused with all this,so I hope you can enlighten me as to wether or not we should have been re-imbursed from the PPI on this loan.

 

 

sorry if I have made or not made your day,as I am trying to make sense of this myself.

Men and their bl--dy cars.

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Hi,

Those are the details of the 1st loan ,which was unsecured,taken out on 22nd. november 2001,posted above your last thread to me.monthly payment £317.47

The final payment being =£19.048.20p.We had paid nearly 3 yrs off this one back,before my husband decided to purchase a new vehicle,so we took out the 2nd. loan below in March 2004,to clear the balance off the this one.

 

 

 

the second loan taken out in 2004 ,is all the details posted in my very 1st thread.

the final payment being £19,269.00

monthly payments £321.15.This is unsecured too.

 

sorry Nightmare4banks,your head must be spinning with my questions to you.

 

Maggie

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Ok Nightmare4banks,

telephoned our bank today to cancel the ppi on the 2004 loan,and they gave me a settlement figure of £8,977,and also told me that we would have to take out another loan to pay this amount off,but without the ppi.He then asked if we were told on applying for the loan in 2004,,that we had 30 days in which to cancel this Insurance and we should have been given a booklet explaining this.I told him that I could not remember if we were given any booklet,and he advised me to go to our branch,explain this to them,and they would advise us if we had been given any advice on the ppi.

 

I have today sent the letter asking for the remaining info from Halifax,that they did not send out to us from the DPA request.Hopefully,when i receive this info,it will shed some light on the ppi,s from both loans.I don,t want to take another loan out for the settlement figure,and be paying over so many years again.It will be neverending.

 

Maggie

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maggie,

 

Having read your last posts:

 

Please answer the following questions?

 

1.How many £321.15 monthly payments have you made so far towards this loan?

 

2.Was any reason given for having to take out a further loan to replace the existing loan?

 

 

Just to mention...

 

The new loan could potentially be beneficial to you provided that:

 

a.the term is the same amount of remaining months as the current loan.

 

b.the rate of interest is cheaper.

 

However,I need to know more about the "further £1,000" to be added in the event of cancelling the PPI.So,you will need to get the revised figures in writing and let me know what this figure is exactly defined as in the paperwork.

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Hi Nightmare4banks,

In answer to your questions=

 

1)we have made 29 payments of £321.15.The loan is over 60 months.

 

2)i don,t know why the £1000.00 must be added,but I followed a link to the motley fool website,and someone had posted on there that they were told exactly the same figure when they asked to cancel their ppi,but in the end ,somehow ,they didn,t have to pay it .

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