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Phoned Northern Rock today to tell them that I want to cancel my PPI as I have it elsewhere. After the usual 101 quetions as to why I wanted to remove it they said they could but only after they cancel my loan and re-apply for it again!!! I said they could just issue a modifying agreement but they said they do not do that and it would have to be a new loan. I said ok do it and they said that if they did I would end up paying more than I am now!! I told them that was ridiculous and that how does removing something from your loan which makes it less make your monthly payment go up if nothing is changing?? I asked to speak to a manager. He explained that some loan companies bundle the ppi and loan under one credit agreement and some have two seperate agreements. He advised they bundle it and that is why a new loan needs to be taken out and they can't issue a modifying agreement!! This guy is obviously a bit dense as there type of loan is obviously the one that needs the modifying agreement!!! He explained that the payments go up because when you first start paying a loan off you pay the interest first then the balance and not combined so if they take me a new loan out then I will be loaded with interest all over again!! Surely this is not right and my current agreement should just carry on as normal but without the dreaded PPI!! I also said I would not pass a credit check and if that was the case how would they take me a new loan out? He said that if I failed the check they would dtill give it me? What is the point in doing the check then I asked to which he replied "We have to"!!!
He said they are entirely within the law which I do not believe at all. I have told them I will be writing a letter and complaining to the FSA but he didn't seem to care. What do I do??
Hello, Yes I have the same problem with N.Rock and my current loan, much the same problem as your having, I would also like to know if anyone has and advice regarding cancelling PPI.
I used to work for the Northern Rock and was one of the guys who used to sell PPI. Basically it's the biggest con since company pensions.
If you took your loan out through a branch I would write to:
Aidan Heslop (Operational Director, Branch Sales)
Northern Rock Plc
Nortern Rock House
Gosforth
Tyne and Wear
NE3 4PL
If you took it out over the phone or online you would best write to: either David Baker (Chief Operating Officer) or Adam Applegarth (Chief Executive) at the same address.
Basically this is Northern Rock's policy it is there to make it as difficult as possible for you to cancell your ppi because it is so profitable to them.
The only way to get through this one is to commence legal action claiming the policy was missold because they are at it all the time. Make sure it was mis sold first of all before going down this route. They will bombard you with their corporate drivel which you will not understand but when you challenge them they will eventually back down.
PLEASE NOTE THAT IF YOU KNOW ANYONE WHO HAS BEEN MIS-SOLD PPI BY NORTHERN ROCK PLEASE CONTACT ME BECAUSE I CAN PROVIDE SOME VERY STRONG EVIDENCE TO BACK YOU UP WITH REGARDS TO MIS-SELLING. IF WE GET ENOUGH PEOPLE ON BOARD I WILL BE PREPARED TO MAKE A STATEMENT TO THE OFT.
Nice one Bigkacker Im sure a lot of people will appreiate your help on this one.
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.
Thanks for the info bigkacker. I will get the letter wrote to them and hopefully get some sort of sane response. If they send a standard letter back i'll take the complaint to the fos.
I had never heard of this but apparently some companites do do it. I have cancelled PPI on a credit card and had no such trouble.
Just a quick question how would you stand getting a loan elsewhere? I would think this would be worth looking at as a last resort and also out of prunciple. Why stay with a provider that has tried to rip you off?
Credit Card PPI is a different ball game all together, Credit Card PPI is charged on a monthly basis and is basically a monthy renewable policy.
PPI on Loans is different, Most policies on loans are paid for up front and that is why they are harder to cancel etc. But dont give up trying.. you have a good chance of getting it back.
Have a look through the above link, It gives some ideas of the different PPI.
Good Luck
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.
I used to work for the Northern Rock and was one of the guys who used to sell PPI. Basically it's the biggest con since company pensions.
If you took your loan out through a branch I would write to:
Aidan Heslop (Operational Director, Branch Sales)
Northern Rock Plc
Nortern Rock House
Gosforth
Tyne and Wear
NE3 4PL
If you took it out over the phone or online you would best write to: either David Baker (Chief Operating Officer) or Adam Applegarth (Chief Executive) at the same address.
Basically this is Northern Rock's policy it is there to make it as difficult as possible for you to cancell your ppi because it is so profitable to them.
The only way to get through this one is to commence legal action claiming the policy was missold because they are at it all the time. Make sure it was mis sold first of all before going down this route. They will bombard you with their corporate drivel which you will not understand but when you challenge them they will eventually back down.
PLEASE NOTE THAT IF YOU KNOW ANYONE WHO HAS BEEN MIS-SOLD PPI BY NORTHERN ROCK PLEASE CONTACT ME BECAUSE I CAN PROVIDE SOME VERY STRONG EVIDENCE TO BACK YOU UP WITH REGARDS TO MIS-SELLING. IF WE GET ENOUGH PEOPLE ON BOARD I WILL BE PREPARED TO MAKE A STATEMENT TO THE OFT.
really interesting,thanks for the info, I'm in the process of trying to cancel at the moment and am having hassle.
I don't know if I have been mis-sold, however I don't remember much at all.
I have a Northern Rock Loan which I took out in August 2006 with PPI, I was not aware that the PPI only lasted 5 years, I rang to cancel the insurance which is fine but then I thought maybe I could reclaim the PPI so hung up, any advice please ?
I used to work for the Northern Rock and was one of the guys who used to sell PPI. Basically it's the biggest con since company pensions.
If you took your loan out through a branch I would write to:
Aidan Heslop (Operational Director, Branch Sales)
Northern Rock Plc
Nortern Rock House
Gosforth
Tyne and Wear
NE3 4PL
If you took it out over the phone or online you would best write to: either David Baker (Chief Operating Officer) or Adam Applegarth (Chief Executive) at the same address.
Basically this is Northern Rock's policy it is there to make it as difficult as possible for you to cancell your ppi because it is so profitable to them.
The only way to get through this one is to commence legal action claiming the policy was missold because they are at it all the time. Make sure it was mis sold first of all before going down this route. They will bombard you with their corporate drivel which you will not understand but when you challenge them they will eventually back down.
PLEASE NOTE THAT IF YOU KNOW ANYONE WHO HAS BEEN MIS-SOLD PPI BY NORTHERN ROCK PLEASE CONTACT ME BECAUSE I CAN PROVIDE SOME VERY STRONG EVIDENCE TO BACK YOU UP WITH REGARDS TO MIS-SELLING. IF WE GET ENOUGH PEOPLE ON BOARD I WILL BE PREPARED TO MAKE A STATEMENT TO THE OFT.
Northern Rock PPI (need help please)
today to tell them that I want to cancel my PPI as I have it elsewhere. After the usual 101 quetions as to why I wanted to remove it they said they could but only after they cancel my loan and re-apply for it again!!! I said they could just issue a modifying agreement but they said they do not do that and it would have to be a new loan. I said ok do it and they said that if they did I would end up paying more than I am now!! I told them that was ridiculous and that how does removing something from your loan which makes it less make your monthly payment go up if nothing is changing?? I asked to speak to a manager. He explained that some loan companies bundle the ppi and loan under one credit agreement and some have two seperate agreements. He advised they bundle it and that is why a new loan needs to be taken out and they can't issue a modifying agreement!! This guy is obviously a bit dense as there type of loan is obviously the one that needs the modifying agreement!!! He explained that the payments go up because when you first start paying a loan off you pay the interest
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(As Seen on TV) 
Re: Northern Rock PPI (need help please)
Originally Posted by bigkacker
