Car finance ppi

[nathal]

hi, at present i am setting up finance with a finance company (accepts adverse credit), who went through the docs with me.

 

I need the finance to get the car and no other will offer it.

 

Going through the doc's the rep said just sign here, here and here.

 

but when i seen insurance was added, i asked ' is that ppi, he replied 'yes', i asked if i had to take it, he replied, 'yes' , its part and parcel of the agreement

 

the discussion was in a closed room, with two agents, as the car sales man didnt enter.

 

 

any comments on this topic or advise on ways to handle this.

 

Constructive critizism welcome

[dx100uk]

is there not a stat cooling off period in the ppi contract 14 days i think.

just cancel it with the insurance co.

 

dx100uk

[nathal]

thanks for the response, i believe if the insurace is cancelled within 14 days i get a rebate, ie maybe less than half.

 

Not 100% sure, anyone know for sure

[dx100uk]

rebate?

you should get it back 100% AFIAK.

you are cancelling the contract within 14days

cancelling! fullstop,

 

dx100uk

[nathal]

i forgot to mention, the finance is from a broker, who are using a finance company.

 

i have 14 days from the date the agreement was signed?, not from when it is set up ie paid out?

 

do i cancel with the broker or the finance company?

 

want to get everything ready for the the day the finance is approved.

 

Courtesy of reidnet

 

Single Premium Policy (these are the biggest rip off ones) These policies are

Paid for in full to the insurance company at the start of the policy. Most loan

Companies will finance the full cost of the policy by adding the cost onto your loan. What they do not tell you is that you will also be paying interest on that amount at the loan interest rate for the full term of the loan

this is what this policy is

[dx100uk]

14days from signing.

just to cover yourself

i would write to both of them.

 

when i had a sim issue

i look on my contract and it told me the name of the insurance Co. that the PPI is with.

you should receive a cert from them

if you have signed anyhow.

just phone and cancelthe PPi

if they ask silly questions

then just say you now have salary protection from elsewhere

you do nothave to tell them with whom nor be bullied into another [greater interest ] loan.

 

dx100uk

[nathal]

should be today or tomorrow that the finance is paid out, then can cancel the ppi.

the agreement didnt have two separate agreements, ie one for finance and one for ppi.

will keep you informed on how it goes

[nathal]

contacted finance company, and ppi will be cancelled