How to cancel PPI

Susan_Appleton

Hi, I have a PPI with HSBC which is costing me 134.50p per month, I have now been accepted by Payment Care and for exact cover I now will be paying 18.58p p m I can not belive the difference, Paying my loan will be so much easier thank -you all for the help.

di3004

Susan_Appleton wrote: »

Hi, I have a PPI with HSBC which is costing me 134.50p per month, I have now been accepted by Payment Care and for exact cover I now will be paying 18.58p p m I can not belive the difference, Paying my loan will be so much easier thank -you all for the help.

Hello and welcome.;)

So now you need to cancel the existing one?

Write to them and tell them that you no longer require the insurance on your loan or credit card etc as you have adequate cover for this.

They may however though, but not too certain, say for this you may have to take out a new loan to pay off the existing loan, the new loan will have no ppi, if they do this make sure the APR is that of equal to the existing rate or better.
Make sure on this, and if they mis sold you the PPI, you can then reclaim on the existing one after cancelling it.

More info on link below with guidelines etc.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck.