Loan PPI

bayley84

Hey, i have a loan with halifax and welcome finance. both have PPI and was wondering can i cancel this and find cheaper else where? i spoke to welcome and they didnt seem to wanna discuss the matter saying that it wouldnt be worth my while to cancel it??
cheers!

marshallka

bayley84 wrote: »

Hey, i have a loan with halifax and welcome finance. both have PPI and was wondering can i cancel this and find cheaper else where? i spoke to welcome and they didnt seem to wanna discuss the matter saying that it wouldnt be worth my while to cancel it??
cheers!

Hi Bayley, you can always cancel a PPI policy and also you should have a fair refund on it too. You need to actually put this in writing and send it recorded delivery so you have a proof. It may mean redoing the loan again but again this should be done at the same rate and terms as before.

There is some information from the FSA here on fair refunds

http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/043.shtml


You would have to shop around for a better insurance but I am sure there is something better than the single premiums out there and glad that you are being sensible enough to get another one. You never know what is around the corner.