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barclays and ppi cancelation


ian kocher
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hi,

i tried to cancel my ppi with barclays earlier, it is a single premium policy, £25k loan with ppi added = £33k, ive been paying it for a year now and thanks to these forums and martin lewis`s website i found i could cancel it, since i recently got income insurance. i phoned barclays and asked to cancel my ppi and was told that i couldnt just canel it or get a refund deducted from my loan, they said that i had to go through a re-settlement and re-apply for a loan, but i wouldnt get the interest rate i have now, and then spent the next ten minutes trying to sell me more ppi on the new loan if its accepted. i told the guy on the phone if my interest rate changed i would go to another lender, so he said i should keep the same rate if he put an appeal in but id have to wait 24-48 hours for the bank to call back, with approval, is this right? what happens if they just put the loan through at higher rate of interest because i cancelled the ppi with them? do i have to accept? cant i just get the ppi removed from my current loan?

 

if anybody can give me any advice i would be greatfull

 

Ian K

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hi,

i tried to cancel my ppi with barclays earlier, it is a single premium policy, £25k loan with ppi added = £33k, ive been paying it for a year now and thanks to these forums and martin lewis`s website i found i could cancel it, since i recently got income insurance. i phoned barclays and asked to cancel my ppi and was told that i couldnt just canel it or get a refund deducted from my loan, they said that i had to go through a re-settlement and re-apply for a loan, but i wouldnt get the interest rate i have now, and then spent the next ten minutes trying to sell me more ppi on the new loan if its accepted. i told the guy on the phone if my interest rate changed i would go to another lender, so he said i should keep the same rate if he put an appeal in but id have to wait 24-48 hours for the bank to call back, with approval, is this right? what happens if they just put the loan through at higher rate of interest because i cancelled the ppi with them? do i have to accept? cant i just get the ppi removed from my current loan?

 

if anybody can give me any advice i would be greatfull

 

Ian K

 

Hello Ian,

 

Welcome and please read this

 

Consumers to benefit from PPI refunds agreement

 

They cannot make you take out a new loan, so don't fall for that one.

 

Standard ploy, can't make any more money out of the ppi, so we will make them take out a new loan at a higher interest rate to cut our losses.

 

Be firm with them, do any discussions via written correspondence, because if you ring them, they can indeed baffle you with words and figures,( and you could end up buying the kitchen sink). They can say anything they like, and then backtrack.

 

The banks are fickle and do not put faith in them that they will do the right thing by you. You need to be in the driving seat, not them.

 

If you feel that the ppi was mis=sold to you in the first place, start by cancelling it and then reclaiming it back.

 

Lots of info advice and support on the forum, have a read about.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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thanks for the advice hellhasnofury

 

yes i belive i was miss-sold the ppi, hell i didnt even want to have such a high loan in the first place, but they have very good pressure selling techniques, "if you have this amount, you can have it this at this cheap rate, but i need a yes from you in the next 20 seconds....... and then the if you dont take the protection and you die your family will be left the loan to pay, or if you dont take the ppi we`ll have to start again from the begining."

 

one of the things that anoys me is that i asked them to cancel my ppi because it was mis-sold and i have better insurance now, they said they couldnt and tried to mis-sell me a whole other loan again with ppi, and as a result my credit rating would of taken a hit because it was declined, on a loan i didnt ask for.

 

Ian K

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