RIP of PPI

Dopey_Smudge

Hi everyone

Does anyone know how to re-claim PPI from HSBC Bank Plc? I've been shafted by the Bank regarding PPI cover. I've paid over £6,000 (on a £15,000loan made on behalf of an Ex-boyfrend, who's now disappeared off the face and of the Earth, 4 years ago, well before I knew about this site), so far, and was told (after 1 year) that I couldn't cancel the PPI because at least 30 days had elapsed because of BANK policy (even thou a local friend of mine, from an independent insurance company, could do the same for 90% less than the Bank!!)

I've since been forced to join a Debt Management Agency because I couldn't afford the loan and the PPI, can't get a loan for 6 years and have a 0 credit rating (can't even rent a flamming new TV!!) My new husband and I earn enough to get a decent mortgage, but CAN'T because of this! We live in Jersey, in the Channel Islands, and can't get a IVA because in Jersey, if you have a local loan, they're not covered by UK law!

I'm at my wits end, wish everyone in the UK luck in finding the answer, but would like some constructive advice if ANYONE HAS ANY!!!!

Kind regards

Dopey Smudge

Astaroth

Just because you can get something cheaper elsewhere doesnt give you an automatic right to cancel/ get a refund - clearly you should check out other companies prices before signing on the dotted line.

You only have a legal right to cancel an insurance policy within 14 days of taking it out, after that it comes down to the policy Terms and Conditions which you signed up to.

If you cannot simply cancel it, which in some cases you cant, you should be able to take out a new loan to replace the existing one without PPI. The "problem" is that the premiums for PPI are often front loaded and therefore even if you can cancel or replace the loan you only get a relatively small amount of reduction in monthly payments.