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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 interest.

Cancelling payments

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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Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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