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I was told I couldn't cancel PPI
twoshedsjdn
Posts: 1 Newbie
I had a bank loan with Lloyds TSB and opted for PPI. I was NOT missold the insurance as it was explained to me properly and I decided It would be useful to have cover. Part way through the 5 year loan I decided my circumstances were better, phoned Lloyds and asked to cancel the PPI. They told me it was an integral part of the loan and I couldn't cancel it. Is/was this true, and can I claim back payments made after this date? (assuming I can prove that I made the request!)
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Comments
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Is/was this true, and can I claim back payments made after this date?
Yes it is true and no you cant. However, you can take out a new loan to repay the old one without taking PPI on the new one. Whether its better for you though is another thing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you couldnt cancel it, that is probably because it was a single premium and non-cancellable or offered nil rebate which is poor.
The FSA issued mis-selling guidelines in 2010. If they never disclosed the lack of cancellation at the time of the sale then that is mis-selling.
I'd say it stinks and you should be chasing a mis-selling complaint.0 -
I agree with Roonaldo.0
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