Newbie on Loans Formum - PPI Question

owessomuch

Hi all,

I'm normally hanging out in the DFW forum but thought I would ask the loan experts on this one.

I have a loan with HSBC and Capital One which both have PPI on which I hate paying knowing I can get it cheaper elsewhere :mad:

Can anyone tell me if the have managed to cancel their PPI with any of these companies and if so what is the process?

Hope someone can help, this would really help reduce my debts

Astaroth

Cant comment for these 2 companies in particular.

Most PPI's can be cancelled simply by phoning or writing to the company. There are some cases where the PPI not an optional extra to the product and therefore a replacement loan is needed but these are the minority.

The "problem" is for all those that dont want to simply cancel but want a refund of all premiums already paid and go down an argument of being "miss sold".

defender_of_the_weak

Yes you should be able to cancel the PPI and replace elsewhere. How did you get sold it in the first place.

owessomuch

Thanks to both of you.

When I took out the loan I was so worried about my debts and so glad to be allowed a loan for so much that I didn't even shop around and the APR on this is 8.9% :eek:

Beacuse I live with my parents I agreed to the PPI in case anything happened to me I didn't want them to be left with a huge bill!

I've just been onto the phone and spoken to the most unhelpful person at HSBC :mad: She more or less said 'NO' I then had to ask her why. She said I signed the terms and conditions and agreed to pay it for the full loan term.

My other option was to take out a further loan which they can't be sure I'll be accepted for without PPI. My credit score is not good so I know I would not get the loan. I'm so angry and confussed.

Can anyone help?