ppi cancelling

skint_taffy

hi, i have an appointment tomorrow to reschedule my loan with lloyds and cancel my ppi anyone else done this? I dont want to get a new loan out, just cancel the ppi on the current 1 is this possible? i am not in trouble with the loan just trying to cut my monthly outgoings and hope to pay the loan off just after xmas many thanks taff

marshallka

skint_taffy wrote: »

hi, i have an appointment tomorrow to reschedule my loan with lloyds and cancel my ppi anyone else done this? I dont want to get a new loan out, just cancel the ppi on the current 1 is this possible? i am not in trouble with the loan just trying to cut my monthly outgoings and hope to pay the loan off just after xmas many thanks taff

With some loans you do have to cancel the old loan and take out a new one. You should watch out that you are not taking another loan at a higher APR and also that you get a fair rebate of the PPI on the old loan.

Did you want this PPI.?? Was it sold as a condition of the loan??

Also if this is a single premium policy then you would have been charged interest on this for the full term of the loan..

Just be very careful of what you get back and also like i say, the new loan should be the same APR as the first.