Payment Protection Insurance Cancellation
If you have been mis-sold payment protection insurance (PPI)
then your primary concern when making a claim is probably to claim back the
money you have paid into the policy. It is important, though, to also request
your policy be cancelled. If you are a victim of mis-selling, you should always
request payment protection insurance cancellation from the policy's inception
and that your lender give you a full return of premiums paid plus statutory
It is is important, when cancelling payment protection insurance, not to cancel
your direct debit payments as these are usually tied in with your loan
repayments and you risk falling into default if you stop making your monthly
repayments. Instead you should wait for your lender to issue a refund and to
restructure your monthly repayments. When Payment Protection Insurance
cancellation is processed you will usual find your monthly repayments or
repayment period are reduced.
How much of a refund could you receive?
Your Payment Protection Insurance Cancellation refund will depend on the type of
policy you have and how much you have paid in. The amount you receive as part of
a cancellation is usually the same as you can expect to receive from a
PPI claim -
that is a full refund plus interest at 8%. You can roughly calculate your
expected refund using a Payment Protection Refund Calculator online.
If you would like help making your claim, call our team on 0207 471 2000.
Remember you may have been mis-sold cover on a mortgage, loan or credit card and
there is no limit to how many claims you could make. You can even make a claim
if your loan or credit card has already been paid off.
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