Cancelling PPI

Michelle01

I'm about to start a claim for mis-sold PPI but of course I don't want to continue paying the premium as it's a useless product for me and a waste of money. If I cancel the insurance now will it affect my case or should I just continue paying the premium until my case is considered? Any advice much appreciated.

pompeyfaith

Whether you cancel it now or leave it for them to cancel does not make any difference as it is missold either way.

But are you aware of the Judicial review that was heard at the high court and is waiting a judgement your bank may put a hold on your claim because of this.

We all know that is wrong but try telling that to the banks.

Michelle01

Thank you for your reply pompeyfaith. I am very new to this and have very little legal knowledge. I'm not aware of the judicial review, could you explain, or point me in the right direction to find info on the website? Many Thanks

Premier_2

This board is for reclaiming bank and credit card charges.

There is another board specifically relating to reclaiming PPI and other insurance which you can find here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

I would suggest you take a look there as there is a load of good info available
(including information on the judicial review)

DontWorryBeHappy

Michelle01 wrote: »

I'm about to start a claim for mis-sold PPI but of course I don't want to continue paying the premium as it's a useless product for me and a waste of money. If I cancel the insurance now will it affect my case or should I just continue paying the premium until my case is considered? Any advice much appreciated.

This is a very good question. Does anybody have a direct answer? Can PPI be cancelled at any time, without penalty, or is it subject to the same terms as cancelling the principal loan, in other words you might receive a rebate for the loan associated with the PPI but can not just say I do not want to be covered from this date forward and therefore I do not expect to be charged any more?

amersall

If this is a cc then you should cancel the ppi, as there is no penalty for doing this, it just is not put on your cc each month. If it is a loan, then do not cancel ppi as the loan will be reset without ppi (in effect a new loan, you will get a very small rebate of ppi on the initial loan) and you may find a increase in the term and apr, so it is best to wait for the mis sell win with a loan.