cancelling ppi

shellmik169

we sorted a loan in august and no payment has gone out yet, after seeing how much we were being charged by hsbc for ppi we have tried to cancel it today, the bank said cos the 30 day cooling period has gone it is going to cost us £500+ to get out of it and it has not even had a payment out of our bank yet, so it not even in use yet. has anyone got any advice.
thnx.

k1mmie

I have had a loan with PPI since October 2006 and I too would be interested in knowing how and if you can cancel PPI. It has added another £4000 to the loan.