Cancelling un-needed DD - Help please

Tabby_Kitten_2

[FONT=&quot]I want to cancel the payment protection that I have with my Tesco CC and a flexiloan that I have with HSBC but have no idea what to put in the letter, can anyone help? Is it just as simple as ‘I would like to cancel this’? I’d be really grateful if someone had a template[/FONT]

RAS

Hi

Do not know but would you be eligible to reclaim the PPI payments that you have already made?

Tabby_Kitten_2

RAS wrote: »

Hi

Do not know but would you be eligible to reclaim the PPI payments that you have already made?

I wasn't sure about that either, need to read up on it.

CLAPTON

With a CC its often simply a telephone call so I'ld try that first.

With the loan its probably more difficult I would still suggest you phone first and see what they say. However be very careful with loans..sometimes they try to pursuade you they need to give you new loan and close the old one. The new one being at a much higher rate of interest.

Whether you can claim back the premiums you have already paid depends upon whether you have grounds for believing it was missold to you.

angelavdavis

Take heed of Clapton's advice. I would contact your bank also via telephone and let them know that you wish to cancel the dds

Ref a letter to the loan lender, here is a suggestion which should go recorded delivery:

Dear xxxxxx

Ref: <<<Your loan details>>>

With reference to the above loan agreement and associated payment protection insurance, I would like to cancel the associated payment protection policy with immediate effect as this policy is no longer required.

I confirm that I have also informed my bank of the cancellation to this direct debit payment and look forward to receiving your confirmation that my request has been actioned.

Yours faithfully

MiniLaura

When talking about this, I'm assuming you pay a seperate premium for the PPI? and this would be the direct debit you are cancelling?

I'm looking to cancel my PPI but its a lump sum with loan so no idea how it will work - ive claimed on PPI but now its invalid with new job, and want rest of premium off my loan if possible.

I cancellled my DD that I paid loan and PPI with - got chased for full amount and charges so still no better off!

dsljfreeman

i second angelavdavies post, keep it short and sweet, i normally say i'd like to cancel and could they confirm in writing that the action has been taken. I prefer to write letters than make phonecalls as I'm a sucker for a sweet talker, I find it hard to say no

xx