Do I cancel ppi or not?

holly_m

Hi,
I've put in a claim with a car dealership as I had ways and means of paying my small car loan off if I was made unemployed etc (enough savings to cover the loan and good benefits through work) but this was never checked by the salesman and he was also very pushy in selling me ppi. I now realise that I've been paying for a policy that wasn't suitable.

The ppi policy is still running with the loan company and I'm just wondering whether I should wait to hear back from the dealership about my complaint or just go ahead and cancel the policy asap.

I still have the loan outstanding but still have savings that would cover the loan if needed. I also own my house outright.

Thanks
Holly m

amersall

Wait for the outcome first, if you cancel this ppi now the loan will be reset and you could end up with a higher Apr and longer loan term.

Only cancel ppi on a credit card.

magpiecottage

holly_m wrote: »

Hi,
I've put in a claim with a car dealership as I had ways and means of paying my small car loan off if I was made unemployed etc (enough savings to cover the loan and good benefits through work)

If you lost your job then the benefits from work would stop. That is the point about PPI.

If you had enough savings to pay the loan off why did you not buy it outright rather than waste money on interest?

this was never checked by the salesman

It probably never occurred to him that you would seek finance if you had enough savings.

he was also very pushy in selling me ppi.

There is unlikely to be any evidence to support that assertion.

I now realise that I've been paying for a policy that wasn't suitable.

The ppi policy is still running with the loan company and I'm just wondering whether I should wait to hear back from the dealership about my complaint or just go ahead and cancel the policy asap.

I still have the loan outstanding but still have savings that would cover the loan if needed. I also own my house outright.

Why not pay off the loan now?

dunstonh

he was also very pushy in selling me ppi.

How pushy? Everyone has a different tolerance. I remember once talking about life assurance with a client and putting out what would happen if the husband died. No pushiness at all. Just pointing at the sequence of events. She was crying at the end. Disturbance is allowed and actually insufficient disturbance could actually be more of a complaint than too much.

If he was pushy beyond your tolerance then why didnt you complain at the time? Now it just looks like a verbal allegation which you cannot prove. Whereas straight after the event gives more strength to that complaint.

(enough savings to cover the loan and good benefits through work) but this was never checked by the salesman

Easy response to that one as mentioned above. Why take out a loan if you had savings to cover it?

I still have the loan outstanding but still have savings that would cover the loan if needed.

Why are you wasting so much money then by not paying it off?