Cancelling MPPI

MISTYEYES_2

I have a 2nd mortgage with MPPI through First National (now GE Money)which was added to the original loan, I now realise I do not need this cover but have been advised that it can only be cancelled if I pay off the loan, which after only having it for 3 years I am not in a position to do. Are they able to apply such a condition considering as I understand MPPI is not complusory. Reading the small print the policy is only valid for 5 years, am I entitle to a refund if I cancel? Got a horrible feeling I am stuck with it, but any help or tips would be great:o

POSSETTE

could try calling them and saying you have cover elsewhere and that you can send in proof if ness? that may make them think its still covered...otherwise im at a loss...

Astaroth

For some products it is simply not possible to "strip out" the PPI as it is an inbuilt part of the product - they typically would have a second product without MPPI built in.

The norm for repaying it is to take out another loan/ mortgage to replace it with either with the same lender or another one... depending on how the PPI is calculated/ deals available/ fees & penalties it may not actually be financially adventagious to do it