cancel PPI on an existing loan

azc

Hi all,

About 3-4 years ago I took out a fair sized bank loan to run for 7 years. I called them a month or so ago to get a settlement figure to find out how I am doing, and was shocked to find that I had been paying Payment Protection Insurance as part of the loan!

I would never take out PPI ordinarily and so I want to cancel it, but they said there is nothing I/they can do about it.

However, I got a newsletter the other day from a different financial website saying that the fsa had made some changes and that I could cancel it and MAYBE get back what I have paid in. Ideally I would like to do so as I have never claimed on it.

Can anyone offer me any advice please as to how I should proceed?

Thanks in advance!

TMF

Yes you can try doing this. But from my understanding of it this can only be done on ppi sold after the FSA started regulating. Loans prior to the FSA regulation you cant cancel.

I maybe wrong...