Reclaim payment protection?

Just paid off my unsecured personal loan online with the residual from my SSIA savings. When I took out the loan I opted for payment protection which came to quite a bit, can't remember the actual charge. The loan had a number of years to run but now it's clear. Can I ask for a credit for the payment protection which isn't now needed? Trying to consolidate my finances and every little bit helps! Any help or advice would be greatly appreciated. Thank you.

Hi Cinder,
Payment protection is designed to cover repayments on the loan if your circumstances change i.e. lose you job etc. As the loan is repaid, there is no need for the PP policy.
You should contact the lender who issued the PP policy, ensure it is cancelled immediately and request a refund of any premia paid after the date the loan was paid off.
If the PP policy was paid entirely up-front, you may not have any luck (depending on the policy terms), but it can't hurt to ask. . .
C,

Good morning Charlie,

Thank you for taking the trouble to reply. I took out this loan a few years ago, to be repaid over 5 years and as far as I can remember the full value of the payment protection was put at the top of the list, so to speak. I applied for the loan over the phone and opted for the policy but frankly, the information received about it was very sketchy - "would you like it or not" nearly! Anyway, I hope I made the right decision because paying it off right now has almost wiped out my savings! It seemed like a good idea at the time, as they say! I will call the Bank and see what they say, but I won't hold my breath now!!! Again, thanks for your help.
Cinders

Hi Charlie,

Just a quick update, I did what you suggested and with the final interest due to date offset against a refund of the unused balance on the PP policy, I got a repayment of nearly €450! Happy days!!! I was paying nearly €350 per month on the loan so I will save that instead now, it has to be a better plan than to have kept on paying higher interest on the loan than I was getting on my SSIA savings.

Again, thanks for your advice.

Cinders