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Hi there,

 

I wonder if anyone can assist me. I took out an unsecured loan with Northern Rock in 2006 and am now beginning to see just what a rip off the ppi cover is, alternate cover is so much cheaper.

 

I contacted them last week to be told that I would need to refinance the loan with them. I understood that this was a stand alone plan, so why the need for another full loan application? What happens if you now fail their credit checks and what about the apr which was reasonable at the same but may well be extortionate now?

 

Not quite sure how to proceed, any assitance would be appreciated.

 

C

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Re-financing the loan is the usual practice as the current agreement has the PPI on.

 

So they have to execute another agreement minus the ppi which is ok so long as they do it at the same APR.

 

As you already have an agreement with them its very unlikely that they will do another credit search as it will gain them nothing.

 

So when you go in there insist that this new agreement is the same APR and T&C's

 

Is your right as they agreed to the loan and you are only having the PPI removed which is a racket.

 

Regards

 

Pompeyfaith

If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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