Santander Loan, we cancelled the PPI but got nowt back nor reduced payments

[Tehya Mai]

Hi all, I'm new here although I've lurked in the corner for quite a while.

 

I'm normally found on the disability board over on MSE but have ventured over here to ask a question or two, hope that's okay?

 

I'll try to keep it brief as possible.

 

I have a loan with Santander (was Abbey) the re-payment period is 8 years.

 

I've been paying it back for just over 2 years.

 

The re-payments were £140 a month (£100 for the loan and £40 was for PPI).

 

I had to give up my job last year to care full time for my hubby.

 

I was going to claim on the PPI but the bank sent out the wrong form at first then my husband took a turn for the worst and it got forgotten so I've been paying PPI for this extra time too.

 

now we're starting to struggle and because the PPI would have only paid out for 12 months but my husband's illness is permanent

I decided to just cancel the PPI altogether saving myself £40 a month or so I thought.

 

Today I received confirmation of the cancellation but the loan re-payments are now £120 which almost makes cancelling the PPI a waste of time.

 

I was also led to believe that I would receive a partial refund of the PPI I've already paid but they are now saying

(this was a young man on phone who sounded like he knew nothing of loans or about anything else for that matter)

that is not correct and will refund nothing.

 

I have been told I'll receive a phone call in the next 72 hours though.

 

Can anyone offer some advice on why the loan re-payments have gone up by £20 and will I be entitled to some of the PPI payments back?

 

Sorry for the lengthy post and thank you for getting this far, Tehya Mai PS: Sorry if I've put this post is in the wrong place.

[dx100uk]

evening welcome aboard..........

 

what a load of ole twaddle you've been told

 

 

you loan def should reduce by the amount you no longer cough out on PPI.

 

do it yourself. and forget asking 'their' permission.

 

now the PPI reclaim.

 

TBH: its much better to follow the many 'case studies' on the FOS website with regard to PPI

then to have me waffle on.

 

fill out the PPI complaint form

do a schedule of charges [£40 PCM +8% stat from each date paid to date of claim]

 

fire them off the santy

 

dx

[Tehya Mai]

Thanks for the help, it's much appreciated. I had not really considered trying to get the PPI back and would have been very happy with the partial refund that was mentioned by the worker on the Santander loan helpline. I will though go and look at link you've given. I'm unsure if the policy was mis-sold though so I have no proof. As for refusing to let them take the new rate of £120 a month I don't really have much choice as my bank account the DB comes out of is with Santander too. If I have not received a phone call back by tomorrow I'll call them myself again. Again thanks for help, Tehya Mai

[PGH7447]

Is the repayments were £140 and the PPI was £40 then the loan repayment is now £100, even a bank should be able to do those maths.

 

As for mis-sold - your word against theire so get the reclaim in, also add what the phone drone said and that you were unhappy with his service.

[ims21]

Aren't there two options for the bank?

 

A) to reduce the payments and leave the term of the loan as was originally advised

 

B) to leave the payments the same and reduce the term of the loan

 

ims

[BRIGADIER2JCS]

This is Santander getting them to understand the simplest

idea is damn near impossible:madgrin:

[Tehya Mai]

Thanks for all your comments, it looks likely that I'd have to claim a mis-sold policy if I'm ever going to see any of the payments I've made but being a full time carer I'm struggling to find the time to come and check back on this thread never mind take on a bank as big as Santander. Lots to think about. I'm going to ring them again tomorrow and I'll let you all know what they say. Thank everyone.

[BRIGADIER2JCS]

Hi, big yes, stupid without doubt, Imho you would be best keeping all communications in writing

from my experience Sanatander have very selective memory of phone conversations!!!

[dx100uk]

and no going to any reclaim fleecers either

 

we'll do it for you!!

 

dx