Getting my money back on PPI

Granny272

Hello, I have just phoned my bank to find out when my loan was ending. eventually I find out the the repayments incuded the cost of PPI, which i dont need. At first the bank said to take this PPI off the loan I would have to take out another loan which they said I was not eligiable for.

I then said about reclaiming the PPI charges as I have seen this advertised about the misselling of PPI. This point the bank put me on hold and then after a lengthy wait they came back and said that they could take off the PPI on the current loan. They stated that if I took off the PPI now then I could not reclaim any more back payments. But I am struggling with money and I needed to reduce the cost of the loan repayments.

Can some one please tell me if this is the case and I have now reduce my chances of getting any of this money back?
thanks.

Premier_2

If you are reclaiming PPI payments on the basis it was originally mis-sold to you, obviously it will result, as well as the refund of the payments made, in the situation that you do not have PPI cover.

You are arguing that the PPI was mis-sold, so they are putting you into the position that you would have been had PPI not ever been added to the loan.

Just follow the guide and try to reclaim if you believe you were mis-sold.

But you can't reclaim now simply because money is tight and you are struggling financially. You have to prove it was mis-sold. If you were not mis-sold, then you can of course cancel the policy to reduce the amount of outgoings in the future, but you won't get any refund of premiums already paid in such circumstances.