Can I cancel my PPI from now on?

[Sutty]

I currently have two loans with PPI. Having now discovered that stand-alone insurance is a whole lot cheaper I rang both companies to cancel my PPI. I was told that the only way to do this would be to take out another loan without PPI.

I'm not disputing the fact that I was stupid to take out the PPI so therefore am not trying to claim any previous payments back but would just like it cancelled from this point on and the loan term/ monthly repayment reduced.

Could anyone tell me if this is possible, worthwhile etc or is it more hassle than it's worth.

Thanks in advance everyone

[di0430]

Hi, at this present time our complaint regarding ppi in which we had a secured loan is being dealt with by the Ombudsman.

 

We had just missed the cooling off period, and cancelled anyway as we were advised that the way our loan was dealt with it was mis sold to us.

 

They had no problem cancelling it, but we are still paying for the full ppi in with our loan repayments, as this is added in together if you take out that loan company recommended ppi.

 

The total of approx £8-£10K is added in with the loan.

When we had the loan, we mentioned about getting the insurance elsewhere as it would be a cheaper option, but basically we were told that we must have it or borrow more to pay off the loan and insurance etc, which would work out a lot more !

 

There are many on these forums with the same problems or similar, and as I am no expert, I'm sure there will be some boards on here that will give you the answer and advice your looking for.

 

We had cancelled ours, and explained that we believe we were mis sold the ppi, and for them to resolve this as it is a lot of money, so as they did not resolve this and we were not happy with the way it was dealt with we sent in a complaint with the 'financial ombudsman service'.

I think you must give something like 28 days for the company you are complaining about a chance to deal with this, and if not dealt with and/or if your not happy with the outcome then you too can complain further to the 'FOS' as we did.

 

Our complaint has been with the FOS since Nov 2006, but were recently informed it will be dealt with asap.

Everyones complaint is dealt with various times, some has been resolved by the FOS within a month, ours is obviously still ongoing, and may depend if they need more info from both parties too.

 

Whatever you decide to do, good luck, 'I'm sure it will work out in the end, and hopefully you will come across your answer to your question very soon.

 

All the best.

Di xx:)

[Guest NATTIE]

sutty, they are talking rubbish, which companies are they by the way?

[Sutty]

One is with Hamilton Direct Bank and the other is Yorkshire Bank. The yorkshire bank one is my main concern as that is costing me £65 per month for the insurance. I was stupid/naive when I took out the loan and to be fair they sold it well. However I've become a bit more clued up and would like to cancel it now. Any ideas on the procedure to follow? I don't think I can go down the mis-sold policy road because it wasn't really. I just don't require the service any more. Any Ideas. Thanks for your help everyone.

[Guest NATTIE]

sorry for late response sutty, but i would write to the banks and state in writing that you want to cancel the ppi and require written confirmation that it is done. If they are unable to cancel it ask they they state why it cannot be done. As I said sorry for the late post.

[dx100uk]

i'll start some threads, bu i've just done exactly that with 3 credit card A/C so i'll let yo know

also going to do HFC tomorrow.

 

dx100uk