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Cancel Payment Protection Insurance

If you've recently received a monthly statement for your home loan, business loan, or credit card, and have noticed an odd surcharge or fee related to payment protection insurance, you may be enrolled for an unnecessary payment protection insurance (PPI) policy. Payment protection insurance is supposed to provide coverage for borrowers that are unable to make repayments due to unforeseen events like injuries, illnesses, or unemployment. However, less than 15% of PPI policyholders will have their claim honored, leaving the majority wondering why they were forced to spend hundreds or even thousands of dollars on the policy to begin with.

How to Cancel Payment Protection Insurance

Unfortunately, in some cases it is impossible to fully cancel payment protection insurance, as the loan insurance policy may actually be attached to the total amount of the loan upon signing. In other words, your lender may have already charged you for the policy in in the form of a one-time premium, which may cost as much as £2,000 for a single £10,000 personal loan. Since the policy is actually added onto the total loan amount, the lender not only earned a commission from mis-selling the PPI, they also increased the total amount of interest earned by raising the overall loan amount. Thus, in order to stop paying for the PPI policy, you would have to stop making payments on the loan, thereby defaulting and possibly damaging the credit score.

Don't Cancel Payment Protection Insurance - Reclaim It!

Since it may not be possible to cancel payment protection insurance without defaulting on the loan, your only option may be to reclaim it using the assistance of a professional PPI claim company. By contacting a specialist today you can recover not only the initial funds spent on the policy, but also the additional interest, and any bank penalty charges that were caused by the cost of the PPI policy. Luckily, even though a very small percentage of PPI policyholders have their claim honored by the insurance company, a large percentage of borrowers that dispute PPI are able to reclaim all of the PPI payments. In fact, more than 50,000 people reclaimed PPI payments last year alone, and most of them did so with the help of a PPI claim company.

What If It Is Possible to Cancel Payment Protection Insurance?

In some cases the lender will charge the borrower for loan protection insurance by adding a small monthly fee to their loan repayments. In this situation it may be possible to cancel payment protection insurance charges, however it would almost certainly be more beneficial to completely reclaim the money lost in the process. In other words, rather than simply canceling future payments for the PPI policy, consider seeking retribution for having to pay for a policy that you're either ineligible for, or uninformed of. Regardless of whether it is possible for you to cancel payment protection insurance, a free consultation with a PPI claims specialist will give you the information needed to receive compensation for being deceived and overcharged.

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