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Sorry but i am really new to all of this, but have a query if anyone can help. Have a loan with alliance and leicester that finishes Aug 2008, Have been paying around £100 PPI since i took this loan out in 2003, have recently become wise to the fact that i am being stung and called them to have the ppi took off the loan agreement, alliance and leicester have said that they cannot do anything about it and that i will have to keep on paying this ppi, is there anything i can do to stop paying it and how do i go about it.????
Hi,
You will need to find out some further Information relating to your PPI Policy. There are various types of PPI Policy and you really need to know what type you have.
The most common is what they call a single premium policy, these normally only cover up to 5 years. What they do with these is take the cost of the policy and whack it onto to your total loan, of course they do fail to tell you that you will also be paying interest on this amount.
The way this is often shown is your actual loan £5000 PPI £2000.. Total Loan £7000 etc.
Some PPI policies are charged on a month by month basis and there is no reason why these cannot be cancelled.
I would Suggest that if you do not have all the documents relating to your loan I would submit a SAR under the Data Protection Act and request copies, that way you will have a better idea of what you are fighting for.
Good Luck
If you have any queries just ask
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
PPI Question
since i took this loan out in 2003, have recently become wise to the fact that i am being stung and called them to have the ppi took off the loan agreement, alliance and leicester have said that they cannot do anything about it and that i will have to keep on paying this ppi, is there anything i can do to stop paying it and how do i go about it.????
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(As Seen on TV) 