PPI Refund

markwilliams82

Just curious, I have been told by my employees that my job is safe and they are really happy with the work and attitude i put in so I'm thinking about cancelling the ppi on my Nationwide loan.

I'm just curious as to whether it can be done, and also what would happen to the payments i have already made to the insurance? will it get refunded into my bank or can it be refunded towards the outstanding balance....well that's if they money is refunded at all.

Hope someone on here has some experience or knowledge of this.

Astaroth

You will not get a refund for period already covered.... just like at the end of the year with your car insurance you dont get your premiums back just because you havent made a claim.

Some PPI products are simply bolt ons to a base loan product and therefore simple to cancel. Others are built into the loan itself and therefore cannot be cancelled but a new loan can be taken without PPI to replace the existing one.

Whilst I have never personally taken out PPI remember that it does also cover sickness and death in addition to unemployment and in these days even if your job is secure today doesnt mean it will be in 3 months time... if you were to find out later your job isnt secure you couldnt then go out and buy another PPI product as you would have reasonable knowledge of impending unemployment which normally will invalidate the unemployment cover in PPI