Advice on Cancelling PPI.

wilt44

I wonder if somebody could help me. I have a secured loan for £15,000.I am currently paying £35 each month for PPI. I have read the agreement and there is nothing in there with regards to cancelling PPI. Should I just write to them and say I want to cancel it or should I go down the mis-sold route. I did tick the box to say that I wanted it and signed but they said that I would need this with the loan amount being so high. I have never received any other terms and conditions just the agreement.

regularsaver1

find out the cancellation procedure first

Rafter

Depending on how long you have had your loan you may not get much premium back.

Secured loans are notorious for having poor refund policies and for adding the PPI up front to the loan so your payments don't start eating into the loan for ages.

You don't seem to have a case for misselling either unless you were led to believe it was somehow compulsory. It is for your benefit not the loan companies.

R.

wilt44

I am not really bothered about getting the premium back. I am more concerned about paying the monthly premium when i am already covered under a personal policy.

wilt44

I have checked the small print with the agreement for the loan and it doesnt state anything with regards to cancelling the ppi. It just says total amount loaned and the total amount for insurance and therefore what the overall cost will be and monthly payment. Should I just write a letter to them to say what is there policy on cancelling PPI. The only problem is that I think they will come back and say that i ticked the box and therefore can't cancel it.

py6km

I would just call them and find out what your options are if possible