Failed to cancel PPI in 30 days: Help!

sum123

Hello there,

Weeks ago, I opened a bank account at HSBC, and I had no idea what that PPI was, so when I was told about it by the clerk, and heard that it's only less than a pound for every 100 spent, I thought it sounds reasonable, so I accepted it. What is worse is that I failed to cancel the policy in 30 days! The policy says that if 30 days pass and I do not cancel the policy, then it will be enforced for its period of time and I will have to pay the "premium".

What does this mean, folks? Will I have to pay about 20 pounds every month for this garbage? Is there no way I can avoid a year of waste of money, then??

I thank anyone taking the time to help and give advice and tips.

Tim_L

The tricks they try to pull to get you to take out this overpriced insurance are getting progressively sneakier. The free 30 day trial is now common and is becoming difficult to refuse since they often sneak something in so you make an application without knowing about it, or you have to specifically decline it without any obvious prompts.

I just got a card from Smile which asked you to send back something as "verification that it had arrived", which basically took the form of an agreement to take out Sentinel card insurance (different from PPI but from the same bag of knackers), free for 30 days then chargeable. And it added that of the money you pay 7% (yes, seven!) went to the insurer for the premium, and the rest (93%) to Sentinel for admin.

grumbler

sum123 wrote:

The policy says that if 30 days pass and I do not cancel the policy, then it will be enforced for its period of time and I will have to pay the "premium".

What does this mean, folks? Will I have to pay about 20 pounds every month for this garbage? Is there no way I can avoid a year of waste of money, then??

There is no any information on their website, but you must have it in the paperwork. Read it. I think you have to pay the first premium and then you can cancel policy at anytime.