Cancel PPI?

Sean71

I have been meaning to claim against my PPI for a while now, but due to not being able to find the time/putting it off I haven't gotten round to it. I have just moved house and obviously taken a new mortgage. Am I okay to cancel the Direct Debit, effectively cancelling the PPI and claim against it later, when I find the time?

-taff

what is it covering?

dzug1

You need to positively cancel it - just cancelling the DD can lead to problems which you don't want the hassle of resolving

Sean71

It's covering my Mortgage payments if I lose my income. It was taken out when I bought my previous house, 18 years ago. Now that I've moved and taken out a different Mortgage I'm not sure if it covers me for the new Mortgage? Anyway, my situation is different now and I want to cancel it. I just need to know that I will still be able to claim against been mis-sold it in, hopefully, a few months when I find the time to sit down and do it.

dzug1

The question you need to ask yourself is was it missold? Not every policy was.

-taff

You cn complain about it but I doubt you'll be successful.

dunstonh

It's covering my Mortgage payments if I lose my income

MPPI has the lowest success rates of any type of PPI. WHat is your reason for complaint?

Sean71

As far as I can recall, I was put under the impression that I had to have it when I took the Mortgage out.

dunstonh

Sean71 wrote: »

As far as I can recall, I was put under the impression that I had to have it when I took the Mortgage out.

In which case, you supply your evidence backing up your allegation and you should win your case. Without evidence you would expect to lose your complaint as its weak as hell and not even really a valid complaint reason.

Sean71

Yeah, well I guess that's up to me eh? Nothing ventured, nothing gained. Financial Institutions have been taking the public for a ride/stealing our money for as long as they've existed. I kind of figured IFA's would be on the side of the general public though............

dunstonh

Yeah, well I guess that's up to me eh? Nothing ventured, nothing gained.

Depends on whether you are trying to commit fraud or not.

Financial Institutions have been taking the public for a ride/stealing our money for as long as they've existed.

Doesnt mean people should try and commit fraud though.

I kind of figured IFA's would be on the side of the general public though............

I'm on the side of truth. If you were mis-sold then complain and give your reasons. If you were not then you shouldnt complain.

Your current reason is damned weak though. Without evidence and no other failing identified it would be an easy rejection on their part.