PPI Query

Bailey101

Hi All

I've heard somewhere that a company can insist you have PPI when they give you a loan, but that you can choose who it's with and they can't make you take their's. Is this true or can they include it in the repayments and not give you any choice?????? Thanks

xxxx

di3004

Bailey101 wrote: »

Hi All

I've heard somewhere that a company can insist you have PPI when they give you a loan, but that you can choose who it's with and they can't make you take their's. Is this true or can they include it in the repayments and not give you any choice?????? Thanks

xxxx

Hi there.;)

When you are being sold a loan you should now be asked if you need this and you should be given that choice of it either way.
These are generally optional.
I would always ask what the repayments are with and without and see what they say to that, in one of my cases they could not or would not quote without, if this is the case then do not bother.
This is my opinion anyway.

You can still cover your repayments for sickness/unemployment/life with cheaper stand alone options, as these loan companies will always recommend their own, which do usually work out very costly and some do not even explain the full cost of this to you, interest etc.

Hope this answers your question.;)

Bailey101

Thanks for that di3004 - that's made it a lot clearer for me :T