Cunning Loan Insurance Cost Cuts Article Discussion Area

ppi - ignore at your peril

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picture the scene the mrs very kindly ok'd me getting my grubby's on my first brand new motor - a zafira no less i phoned our bank alliance and leicester for the car loan and the guy in the call centre in leicester was mr nasty from nastyville he was a very angry man -why? cos i would not sign up to £3000 extra debt thanks to him very kindly offering me ppi(payment protection insurance) he was absolutely horrible and very very rude he kept saying what will you do if you lose your job or fall ill eh? what will you do??

my 20yrs in sales has taught me well and i used the old silence technique and eventually he gave in and spoke. he kept me on the telephone for over 30 mins and kept putting me on hold and then coming back on with the same questions in a very threatening manner. dont worry i gave him it back in spades i have a friend who works for a bank and they are trained to push as much as they can for the ppi as they make a killing on it

the same insurance i got from british insurance last week for £8.00 per month not the £40 per month a+l wanted. and b4 any smarty pants comments this happend b4 martins excellent program on itv the other night.

its what made me get off my fat !!!! and post this message

a word of warning to everyone do not EVER EVER EVER take out any insurance from a bank or bs as they are only in it for the £££ and they will rip you off.

the podster see my madasfish post and ntl 10meg broadband post also

I am just in the process of consolidating my debts and so Martin's programme came just at the right time for me. I was most interested to hear about the PPI so I started digging online and got quotes from a couple of different companies. British Insurance is very cheap and would save me at least 5,000 over the 10 year term of the loan, hoorah!:T

After reading the article though I decided on Income protection instead, although it isn't as cheap I reckon its a better deal all round, so at £32 per month I can insure all my outgoings will be protected for 12 months if the worst should happen.:D

Hello this is the first time I have been on any sites like this.

I feel i have learnt a lot from reading all the comments but i have a serious problem that i do not know which way to turn.

I took out a loan in July with First Plus which has the insurance etc added, i was told on the phone all the advantages, ie after 5 years if i had not claimed i would receive back a certain amount of money, which i could pay off some of the loan or use it as i wished.

last month, we had to take out a further loan (for a new roof) in doing this they asked for a consolidation figure from First Loan (it is a secured loan) and to my horror found the figure since July when I took this loan out had increased £13,000 on top of loan (£55,000) making it now £68,000.

My question is should I cancel the insurance protection scheme and cut my losses or do I continue paying this for 5 years, get back some money and then look again at insurances.

I could also try and get various other loans to pay off the whole amount now £68,000 this though i would have to do through 3 various loans as most companies only offer £25,000 loans.

Please help I do not know what way to turn and i cannot keep going on with sleepless nights.


Thankyou for any replies





Mortgage £85,000
Secured loan £25,000
Secured loan (as above) 55,000 (+13,000)
Secured loan £8,000
MBNA credit card 0% £5450 going down!

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