Expensive payment protection insurance with your loan? Often revocable
With many loans, payment protection insurance is sold along with them, often expensive and not always necessary. The good news: you can often revoke it, and with a faulty revocation notice this is still possible long after the contract was concluded.
Reach your next steps and the matching ready-made texts in just a few minutes, free of charge:
Declare a revocation →Your chances of getting your money back
What you should do now
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1. Check the documents
Look at the insurance policy and the revocation notice; is it complete and correct?
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2. Declare the revocation
Declare the revocation in writing to the insurer or bank and demand the premium refund.
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3. Note the linkage
Check whether the loan and insurance are linked and what consequences the revocation has.
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4. Use advice
The consumer advice center checks whether a revocation can succeed in your case.
Frequently asked questions
Can I still revoke payment protection insurance?
Often yes. There is a right of revocation for payment protection insurance; if the revocation notice was faulty or incomplete, the period may not begin to run, so a revocation is still possible long after conclusion. Have the notice checked, for example at the consumer advice center.
Do I get my premiums back?
With a valid revocation, the paid premiums are in principle refunded (on a pro-rata basis). If the insurance is linked to the loan, the revocation can also affect the loan contract. Declare the revocation in writing and demand repayment, with professional support if in doubt.
Take action now
We put together the ready-made texts and the right places to contact for you.
General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.