Cancelling PPI

Secret1234

Hi there

I'm planning on cancelling the PPI on my HSBC loan, i'm obviously going to have to do it in writing but i'm not sure how to word it. I'm useless at letter writing and i was just wondering if anyone had a similar template i could pinch or just some guidance would be lovely.

Thanks xx

medman

Dear Sir

I am writing with regard to the Payment Protection Insurance policy that was included in the loan agreement reference number ********** dated ***.

At the time the loan was granted very little information was provided regarding the terms and conditions of this policy, it was simply included automatically in the loan paperwork.

I have since reviewed the level of cover and discovered that the policy provides no protection for a person in my particular circumstances. I conclude, therefore, that it was mis-sold.

I require the policy to be terminated forthwith. In view of the fact that I have never benefited from any level of protection form this policy I further require that all premiums paid to date are returned to me. If you feel that you are unable to comply I will pursue the matter through the offices of the Financial Ombudsman.

Thanking you in anticipation of your prompt action.

Yours Faithfully.

Secret1234

Blimey, that was quick and is an excellent letter

Thank you so much xx

medman

Stick it to 'em Jen!!

in_debt_again_but_dealing_with_it

Sorry to jump on the band wagon but I've just gone into a DMP with CCCS and one of my debts is a loan with PPI, as I'm now a student (mature!!) will never use it, was given the impression over the phone during loan application that it was necessary, just in so many words not specificaly would I still be eligible to try and cancel?

medman

Hi Sandra

That sounds like classic mis-selling, I see no reason why you couldn't at least send the letter and see what happens. Many lenders give the impression that it is essential. I never accept it, but they do press you about all the benefits and you have to be quite firm to resist. According to the weekend papers this is under the microscope at the moment by OFT and FSA. GE Capital have already been fined £610,000. And there is more to come.

I would write and ask the question.

Hope this helps

MM

Secret1234

I'll send off the letter and let everyone know how i got on, its a bit scary but its worth a shot, could save myself a fortune !!

Birkonian

Hi.

When you cancel your PPI, you will find that banks and Credit card companies have different rules about cancellation. In my case, I found that Capital One were able to cancel it immediately but MBNA insisted on 30 days notice and charged me an extra month. I took out the PPI when I woked full time but when I became redundant and switched to temporary contract work, I was not covered whilst unemployed.

DontDoDebtKids

I managed to get back all of my PPI plus interest payments from Egg on a loan I settled with them a short while ago and they didn't kick up even the slightest fuss, so go for it!