Moving my HSBC Loan & PPI

Powellie

Dear Fellow users

I feel like I have nowhere to go with this one so hopefully you can help

I have an HSBC unsecured personal loan for a total of £33562.71 over 7 years (£21k principal loan + 6.9 Interest Rate per annum)

This includes £7204 PPI with HSBC.

My monthly repayments are £399.56.

I was made redundant at the beginning of this year and made a claim on the PPI which was granted and covered just over one months payment.

I now have a job again (£30k salary) and I would like to know what I could do to get these crippling monthly payments down apart from bolting it onto a mortgage.

I have been told that now I have claimed once on the PPI I cannot transfer it, cancel it or receive any rebate?

I know you will be saying...why take the PPI out with them? why just claim for one month? but I had no choices.

Hope you can help

Thanks

Powellie

Powellie

Can anyone suggest what I can do with my issue here?
Thanks
Powellie

Powellie

I have just had a call from HSBC Customer Services and they said that I can cancel my PPI with them at any branch but because I have made a claim I will not recieve any rebate. The PPI is through Norwich Union.

Does anyone think it's worth trying to get anything out of NU?

If I cancel my PPI I will save around £70 per month on my payments.

Why did I do it in the first place!