How d i cancel my ppi on a loan taken out 2 months ago

[rl123]

Hi all,

 

I took out a loan end of novemeber and now wish to cancel my ppi i took out with AA loans, i have missed the 30 day grace, and wondered what i should do cancel it. the 1st payment is due 1 feb 08.

 

many thanks in advance

[Filthy Monkey]

I'd suggest contacting the AA loans dept. and telling them that you wish to cancel the PPI. The new rules work in your favour, so you shouldn't lose too much money.

 

Why are you cancelling? Was it mis-sold, or do you just not want it anymore?

[rl123]

well i was desperete for the loan, and they were really pushing the ppi so in the end i aggreed to take it out. but i dont really need it and the payments are higher then i was orginally hoping for. do you know if they reduce the payments as soon as i cancel or will it take a while ?

[Filthy Monkey]

It should be cancelled straight away and your payments should be reduced to take this into account. However, if they mis-sold it to you by not fully explaining the benefits or by insisting that you take the PPI as a condition of the loan, you can insist that they remove the PPI and any associated charges from the loan altogether. I would call and discuss it with them first. If they cancel it staright away and there is little or no financial penalty then you have nothing to worry about, but if they try to hit you with additional charges or front-load some of the PPI cost, there are other ways to deal with that.

[bartymuv]

hi rl123,

 

if you see my post 'can i cancel ppi' you may get some idea of what to expect from AA finance as thats who my loan was with.

 

i asked them to cancel my ppi on the 22nd october and they took 2 more payments out before capitulating.

 

if you need any info on whom to write to, just post on here, or read through my posts, as im sure i gave some names and addresses.

 

good luck,

 

bartymuv.