Should I cancel PPI now?

lozzielog

HELP! I am in the process of reclaiming PPI on 2 loans through a solicitor, should I cancel the PPI now or will this interfere with the claim. I have been told the claim could take up to 2 years. I don't really want to keep paying the PPI for the next two years knowing I don't really need it. Should I cancel it now?

di3004

lozzielog wrote: »

HELP! I am in the process of reclaiming PPI on 2 loans through a solicitor, should I cancel the PPI now or will this interfere with the claim. I have been told the claim could take up to 2 years. I don't really want to keep paying the PPI for the next two years knowing I don't really need it. Should I cancel it now?

Hi there

May I say you do not need a solicitor to reclaim back your PPI, okay its your choice hun but we can also help on here and its all free, you do not pay a penny.

Please check this out here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is examples of mis selling and a template you can use for this on the above link, they have 8 weeks to get back, and if still unsuccesful you can take to the financial ombudsman service which is also free of charge which can generally take from about 3, 6 or a year, but not 2 years.

Also please copy and paste your post on here:
http://forums.moneysavingexpert.com/showthread.html?t=862067&page=553

We can help guide you through this, the link just added is called the discussion/ppi reclaiming site and we do not pay a penny.

How long as this one been going through with the solicitor ?

And what year were the loans ?

Cheers.;)

Di.
x

lozzielog

Yeh, I know you can do it yourself but it seemed easy to let someone else do it for you. I have only just got the papers from the solicitor to sign and send back so really it hasn't started yet. One loan is 8 yrs old and the other 3 and a half.

di3004

lozzielog wrote: »

Yeh, I know you can do it yourself but it seemed easy to let someone else do it for you. I have only just got the papers from the solicitor to sign and send back so really it hasn't started yet. One loan is 8 yrs old and the other 3 and a half.

Thanks for confirming this hun and sorry I missed this post earlier.

I wish you luck then and to my knowledge you can cancel your ppi anytime but as its over the cooling period the payments are unlikely to be reduced by much, I was paying a loan something like £525 a month it was then reduced to about £514 a month, however if you win your case you will get back every penny plus interest.

If you would like to wait for someone else to confirm this to you hun, because I do not want you to bank on my answer here and I know these can vary where some loan companies insist that a new loan must be taken out to cancel the ppi, depending on whom you had taken the loans out with and their terms and conditions.;)

Good luck
Di.