PPI on Car Purchase

rdclarke

In Sept 2007 I purchased a new car from a Toyota garage under a scheme whereby I paid a monthly figure for 36mths after that I could either pay off the rest of the loan, buy a new car or hadn the keys back. With this I was persuaded to take out a PPI which on top of my payments cost me extra £30 per month. I have never made a claim even when I could have in late 2007 and early 2008 I was off work through illness for a total of 12wks but as I still got paid from work I never claimed. I have today rung up Toyota Fianance to cancel my PPI they have told me I can't unless I pay the policy of £330. When I took out this policy I was told that I could cancel it at anytime without penalty this is not the case as you can see.

What optios do I have:
1) Can I cancel it without any penalty?
2) If I cannot cancel it can I claim for back in 2007 & 2008 when I was off work if I cna get proof from my employer.
3) Can I move my loan to someone else on similar terms and not take out a PPI, what Toyota are telling me if I pay off the car loan then I will get a refund on the PPI and only pay one months penalty.

Regards

rdclarke