reclaiming off mortgage and home owner loan?

2ndtimelucky

hi ive had a hsbc mortgage with ppi running for about 7 years and another loan with nemo finance which has been running 2 years with ppi+critical illness built in to the same payment.

as these are still running can i just ask to cancel my ppi and ask for a refund for what i have paid over the years?

im probably reading wrong but all the advice seems to be for completed loans?

thanks in advance

dunstonh

as these are still running can i just ask to cancel my ppi and ask for a refund for what i have paid over the years?

No.

Like all monthly premium insurances, they have covered you whilst you have been paying. If you could complain and get the premiums back if you havent had a claim then insurance wouldnt work. The whole point is that the money is pooled and pays out for those that do claim.

im probably reading wrong but all the advice seems to be for completed loans?

Where they are mis-sold, yes. Where they are not mis-sold, no.

Consumerist

Only if the PPI was mis-sold can you reclaim the PPI premiums you have paid with interest and the PPI will thereby be cancelled if it is still in force.

There are some provisos where the PPI has been in force for more than six years. You should read the MSE PPI Reclaiming Guide for more information.