Can i cancel ppi

SARAHJANE

:eek:A FRIEND HAS A LOAN WITH LTB WITH PPI .ITS A LOT OF MONEY EACH MONTH (100) . HE TRIED TO CANCEL IT A COUPLE OF MONTHS A GO COS WORK HAD GONE QUITE AND MONEY WAS LOW
SO HE THOUGHT TO SAVE MONEY AND FELT THAT HE DIDN,T REALLY NEED . PHONED BANK AND THEY SAID NO . IS THAT RIGHT ?

di3004

SARAHJANE wrote: »

:eek:A FRIEND HAS A LOAN WITH LTB WITH PPI .ITS A LOT OF MONEY EACH MONTH (100) . HE TRIED TO CANCEL IT A COUPLE OF MONTHS A GO COS WORK HAD GONE QUITE AND MONEY WAS LOW
SO HE THOUGHT TO SAVE MONEY AND FELT THAT HE DIDN,T REALLY NEED . PHONED BANK AND THEY SAID NO . IS THAT RIGHT ?

Hi and welcome

If your friend was mis sold the ppi for any reason then he can try to make a reclaim on the PPI.
Your friend also has the right to cancel the ppi at any time, but if the cooling period have already passed, this is normally about 30 days (check the policy details on the cancellation terms), they may suggest to take out a new loan without ppi to pay off the existing one, but if there is a reclaim he should go for it.

I would check for more details on the mis selling list, and see if any of it applies to him too here;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Give us a yell if any help is required from here, the best of luck.;)

marshallka

Hi, your friend should be able to cancel the PPI with no objections from the bank. I am not sure why they would say "no"?