max payout for a year may be less than the policy cost. It's possible to get similar cover separately at about a third of the cost. See the Cheap PPI guide for info. Cancel & switch expensive insurance If you've already got a bank loan with PPI, you should be allowed to cancel the policy. First, ask if you really need it. If so, getting a standalone policy and cancelling the existing one should save cash, as less will go on enormous commissions. Beware switching if you've a pre-existing condition Most new policies won't include pre-existing conditions you have when a policy's taken out. If this applies, don't change it. For ways to switch, see the Cheap PPI guide. I don't have full details, what can I do? I've forgotten who my loans / cards were with, how can I find out? Check your credit report. It lists any debts that were alive within the last six years, even if they're now closed. You've a right to see credit files for 2 from Equifax , Experian and Callcredit , but it's possible to do it for free - see the Free Credit Rating guide. I don't have my PPI account number or terms, how do I check if I had PPI? The easiest way to check is to contact your lender. Most will be able to tell you whether you've had PPI, either now or at some point in the past. For example Nationwide has an enquiry form you can