Payment Protection Cancellation
When you file a claim for mis sold PPI one of the things you need to consider is payment protection cancellation. There are a number of issues which can arise so it is imperative to get expert advice on how to proceed. Of course you will want to get any money you have paid refunded but you want to make sure that the policy is cancelled and that all charges are removed from future payments on your loan.
Cancel PPI When You Submit Your Claim
When they have been mis-sold a policy, most people are only concerned with getting their money back, and rightfully so. The first thing to do is substantiate that the cover was mis sold and after that it is important to file a claim. When you file a claim for a PPI refund,
you should also request payment protection cancellation to br backdated to the
date the policy was incepted. This will mean, in effect, that the policy will be
cancelledfrom its start dated, you will get a full refund and it will be as
tough the cover was never in place.
Procedure for Filing Claims and Cancelling Cover
Correspondence should always be by letter and it is essential that you continue
to make monthly repayments until you have received a letter confirming
cancellation has taken place. As the cost of most PPI policies are incorporated
into loan repayments it is particular important that you continue to pay these
in full or you may be considered to be in default.
If your claim is rejected
Bear in mind that if the lender denies your claim you will still need to pursue payment protection cancellation because they will view it as a policy in force. Until you can prove that the insurance was mis sold you will need to continue paying on your loan. In any case, while you are appealing their denial with the Financial Ombudsman Service you should go about payment protection cancellation to make sure those charges are removed immediately.
Further Payments Increase PPI Refunds
PPI refunds are based on the amount you have paid to
date and every payment you make adds to the amount you could claim back.
If you are at a loss as to how to file a claim against your lender whilst
cancelling your PPI cover, contact the claims team at Belmont Thornton on
0207 471 2000.
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