Cancelling Payment Protection Insurance
August 13th, 2008 | by admin |If you find a better deal with another company, you can, in fact, cancel your redundancy insurance policy. Typically, you'll be able to keep your loan as is, but what you do want to consider is whether you're part way through your PPI. If you are, then cancelling the policy will be a bit more complicated. The lender will have to do an appraisal of how much you have already paid off to that date, and if you've paid off more than you were covered, the excess will be part of your repayment refund. You will be given the opportunity to check over the calculations to verify they are accurate before you're cancellation has been 100% completed.