Financial Service

How to Cancel your PPI Policy Effectively

If you have been sold or mis-sold PPI policy, and now you want to cancel it, contacting your bank is the first thing to do. Actually, the fact is that PPI was mis-sold to millions of customers across the UK, and most of these people never knew they were being sold PPI along with the other financial product they were signing up for or they never actually wanted one but were forced to buy under pressure. The banks and their representatives left nothing to chance to ensure that more and more customers fall in their trap of buying PPI, which gives them hard cash and which gives agents their hefty incentives.

The PPI policy is actually a good financial tool, but the agents did not actually sold them in a proper way, but used different ways to sell it anyways. The consumers were never told about terms and conditions of PPI and never were they told about its coverage and benefits. Thus, when people wanted to use it during their difficult times, never actually got its benefits. Many of them even realised that the PPI was never meant for them or that they are not eligible for it, and were still sold PPI.

Here is a short guide to help you cancel your PPI policy in case you are still paying for it –

  • Depending on the type of PPI policy and its terms and conditions, it should be easy for you to cancel your policy. Most lenders will allow people to cancel their policy within 14 to 30 days from the start of the policy. You should check with the lender to find out the beyond how much time you are entitled to cancel it.
  • If you pay monthly premium on the PPI policy, you can cancel the policy at any time. You will also not incur any cancellation charges of any sort.
  • In case you paid a single lump sum, you will need to know the rules of the lenders carefully. While you will get a fairly calculated refund, you will also be charged certain amount on it.

This guide would help you get rid of the PPI policy that you never actually wanted or have it on you by default as mis-sold along with other financial product. If you are mis-sold, do not leave the chance to claim back PPI.

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