PPI reclaim

shamonda13

Not sure if anyone can offer any advice.

I took out a loan with HSBC in 2006 and was told that I couldn't have the loan unless I took out payment protection, so went ahead.

I was trying to reduce my outgoings last year and asked the bank if they could cancel my PPI, but was told that they would have to cancel the current loan and start a new one which would have a higher APR as I was given a special offer at a lower rate when I initially took out the loan.

I was made redundant in Feb of this year, so currently claiming for unemployment, but what will happen once I've received it for 12 months? Will my payments be reduced? can I still make a claim for mis-sold PPI?

I probaly cant , but thought I'd see if anyone else knows. I've still got about another 5 years left of the loan.

melorablack

You can still claim that it was mis sold if you believe it was but any money you may be due will be reduced by what the insurance has paid out already - so you might not get anything back at all.