Ppi Halifax Insurance

[snowjo]

After a lot of messing around trying to cancel my PPI on 2 loans i have with the Hailfax, i have finally had a letter from them this morning saying that they will cancel the policy.This was after about 6 weeks of them insisting i had to take out a new loan without PPI for them both, along with another £1000.00 on top of the original loan or loans (as they cannot just give you the same amount because they wouldn't be making any money swapping loan for loan "as quoted in my branch").

I am trying to sort out my finances as things are tight, and noticed on this site that you could cancel your PPI at any time.

My question is i took one loan out in Jan 05 and one in May 05 (why oh why i don't know) both have PPI to the tune of around £7,000.00 in total when paid up. Should i have 2 lots of PPI anyway with the same company, and also i went self employed in July 05 which they knew about as i opened a business account with Bank of Scotland which is part of the Halifax and recommended by the branch manager at that time.

 

Please help

 

Hope someone understands me.

 

 

[reidnet]

Hi,

I have posted some notes here that may help you make some sense of the PPI Racket as we call it..

 

http://www.consumeractiongroup.co.uk/forum/ppi/61081-ppi-some-notes-claimants.html

 

Having 2 Loans both with PPI is fairly common, Each PPI policy will only cover Payments on the Loan that they are attached to.

 

Re the self employment, You would have to check the Terms and Conditions of each PPI policy to see if they did cover for self Employed, some policies do but most dont.

 

If they have cancelled the PPI without you having to take out a new agreement they could do 2 things here, they will kore than likely take the PPI off and pay any refund into your loan accounts, they can then either Reduce your monthly payments, or keep the monthly payments the same and reduce the Term of the loan.

 

Have they told you How much of a refund they will be giving you for the cancelled policies?. I think you will be shocked at how little the refund will be.

 

Another option you have of course , If the PPI policies were mis-sold to you eg, No PPI no Loan then you can try to recover the full policy costs plus interest.

 

Good Luck

 

and if you need any help Just Shout..

 

Ian

[snowjo]

Hi everyone

 

Spoke to someone this morning regarding the cancellation of my PPI and what my new payments should be.The very nice lady informed me that ist hasn't been cancelled and they had sent out the wrong letter, again saying that i could only cancel by taking out a new loan with out PPI. What can i do now?

The Halifax insurance tell me they can't cancel PPI to go to the branch, and the branch tell me they can only re-issue a new loan without PPI but at a higher rate than original.

 

In a real mess and confused:confused:

Plaes help

 

Snowjo

[itsmeandonlyme]

Hi everyone

 

Spoke to someone this morning regarding the cancellation of my PPI and what my new payments should be.The very nice lady informed me that ist hasn't been cancelled and they had sent out the wrong letter, again saying that i could only cancel by taking out a new loan with out PPI. What can i do now?

The Halifax insurance tell me they can't cancel PPI to go to the branch, and the branch tell me they can only re-issue a new loan without PPI but at a higher rate than original.

 

In a real mess and confused:confused:

Plaes help

 

Snowjo

 

 

Hello,

What does it say in you cancellation paragraph ? when does the cover end or /and when can you cancel it(if you can)?

 

 

have you got the copy of the agreement?

 

 

regards,

 

Maria

[reidnet]

Oh here we go again, The only way to cancel PPI is to refinance the old loan with PPI and take out a new loan at a higher rate without PPI.. What a load of ^^%$& Pardon my french..lol These companies really take the P over PPI.

 

PPI can be cancelled at any time, the original CCA can be ammended without the need to take out a new loan.. They are simply trying to get you to go away.

 

I originally had that sort of response from one of the High Street Banks, but in the end I got the Full PPI cost and interest refunded (as a Gesture of Goodwill, as they were scared to stand up in court), without changing the original loan agreement. So it can be done but they do not like doing it.

 

As Maria says if you have the terms and conditions of your agreement and PPI have a good look through it and see what it states regarding cancelling the policy.

 

Good Luck

 

Ian

[itsmeandonlyme]

Thank you Ian,))))))))))

 

Kind regards,

 

 

Maria

[snowjo]

Thanks Guys for the advice

 

I have read the policy again and it clearly states, if wishing to cancel the policy within 30 days providing there hasn't been a claim i will be refunded in full. If after 30 days write to Halifax insurance giving them 30 days notice.

 

I have done this and i have had 2 letters stating that hailfax insurance don't cancel policies its the branchs job.

The branch can't do it either only if replacing with a new loan at a higher interest rate than original one and a £1000.00 on top.

Then another letter from Halifax insurance saying the PPI has been cancelled for one of the loans and to get in touch with the branch who will arrange the new payments.

The branch refer me back to Halifax insurance.

 

Pillar post Post pillar

 

Is there a stronger letter that i can send to them to get them to take me seriously.

 

Cheers Jo:confused:

[itsmeandonlyme]

Hello,

I think its pointless to disscuss anything with the branch. i believe the customer service there is so poor..write back to them refusing to take a new loan and advise them that you are going to contact Trading standards, OFT, FOS, complaining about there selling procedure...and do so.

 

You are not obligated to take a new loan if you do not want to. Check your T&C,PPI cancellation policy..i am more than sure it doesn't say there you have to take a new loan to have your PPI removed...

Ask them to advise you in writing how much is rebated to your account( after PPI removed) and decide if you want to claim it back.

 

 

Regards,

[snowjo]

Morning

I am going to write to them this morning

thanks

 

Will let you know how i get on

[snowjo]

Hi Guys

 

OK so last week i wrote to the Halifax informing them again that i want my insurance cancelling and gave them 7 days to respond, failing that i said i would do as ITSMEANDONLYME advice to report them to the OFT, FOS and trading standards. Guess what ???? heard absolutely nothing from them.

 

Do i do exactly that and not write any more to them or how else shall i go about it

 

 

Help

 

Snowjo

[snowjo]

Hi everyone,

 

I have quite a few things going on at the moment, sorry its been so long. AFTER WRITING TO THEM ONE LAST TIME,Received another letter from the halifax insurance stating to go into the branch and have the loan rekeyed if there are any problems to get the branch to ring this number so they can go through with them how to rekey.

Just got back now and what a waste of time and money that was.

They said i would have to take a new loan, showed them the letter and the perdson on the end of the phone stated that they have sent me this letter, because they thought that the branch maybe able to explain it better time that yu have to have a new loan, new term,new interest rate.

 

Patronizing B########S

SPRINGS TO MIND.

 

 

just wanted to get that off my chest

 

 

Also can you tell me where i can get a copy of my insurance t & c as they wont send me any. have requested them twice and they have sent them for bank of scotland insurance but mine is with the Halifax any suggestions as think i was mis sold now and just trying to confirm this..

 

Snowjo

[BaldyBaldwin]

Anything Happening??