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I took out a loan and was told I had to take the PPI in order to get the loan. I do not want or need the PPI, can I cancel this and get back what I have paid?
I have taken out a loan and they told me that I had to take the PPI in order to be approved for the loan. I told them I would take it and I was subsequently accepted for the loan. It is for £2,000. However, I don't want or need the PPI as I am advised that it is largely useless and probably won't cover me in the event that I can't make the repayments. Can I cancel this or claim back any that I have paid even though I have accepted the loan and the PPI. Would it be considered fraud as I accepted the PPI with no intentions of keeping the policy? I have not been given the money yet, I am still waiting on it and don't want to jeopardise the loan because I need it.
Mis-sold PPI is a "hot potato" at present, as it appears that many people have been mis-sold policies that they did not need. You can pursue the company that recommended the PPI to you through the Financial Services Ombudsman and would be entitled not only to cancel the PPI policy but to recover all the PPI premiums you have paid and interest. I can ask one of our legal counsellors to call you to go through your case in detail. The service is confidential, there are no costs associated with the call and there is no obligation of any kind. Please reply to this email if you want to use this service.
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