Cancelling PPI

R

Raging Bull

Registered User
Messages
417
hi

Im looking to cancel PPI which was missold to me. I have had a failed claim on the basis of an apparent prexisting medical condition which the insurer attempted to state was the same thing as a condition I subsequentlly claimed upon. The Ombudsman upheld the decision to deny the claim irrationally despite very strong medical evidence but its not worth taking to High Court to appeal.

I have now attempted to cancel the policy and gave my requisite 30 days notice. The Bank wont cancel it unless I pay them. The policy was financed by an interest free loan which purpose was to pay the premium. The bank paid the underwriter the premium after taking their healthy cut.

There is nothing in the actual insurance contract which says I have to pay the bank to cancel the insurance contract. It says the bank may returm premium to me at their discretion if I have not made a successful claim. All I have to do is give 30 days notice

Despite the contract being void for breach of mutuality of good faith to me the contract is ambigious and based on contra profentum would not stand up in court.

Has anyone ever heard of something similar to me the bank were stupid to pay the money in one lump sum and get it off my by monthly direct debt

to me this sound like cobblers and is exactly why teh Central Bank is on to them for mis-selling
Thanks
 
It was standard practice to add the PPI to the full loan amount at the start of the loan. So if you borrowed 10,000 and took PPI you were really borrowing say 11,000. So on paper the bank has paid for all the PPI up front.
 
if you got the ppi since aug 2007 the bank MUST split the loan from the insurance.Some Banks did split and some didn,t. Those that didn,t are in clear breach of the Consumer Code.If I understand you ,you tried to actually CLAIM on the ppi.. Trying to make a claim is NOT the same as a miss-sell, .
However i think you can proceed with a mis-sell claim as distinct from looking for a pay-out.
Don,t think the Central Bank are really onto the providers. I suggest its just the whiff of ppi mis-selling from UK ,has forced them into a pretence !!!
 
Hi just an update on this I sent in a small claims since teh bank failed in their provision of service whilst selling the policy. This is likely to go to district court via small claims route. My costs are capped at the 25 euro so its a good way in the back door !!
 
Thanks sahd.;
For your info , on the 2007 Review by Central Bank , it was found 22% were mis-sold.
In uk it is nearer 80% mis-sold ? Go figure !
 
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