Ppp

sb007_2

Hi guys

I am new to this website and after reading a few threads have a quaestion to ask.

A couple of months ago I took out a secured loan for about £35k. Because I was deperate for the money I found that I agreed to the ppp withou fully realising the consequences. The protection added upto £5k and I had the impression that I would not get the loan without the protection. I am now thinking that maybe this was not the right thing to do and wondered if I could just cancel the protection now. I am only twom months into the loan?

Can anyone help?

Many thanks

SB

$17mma

Yes you may be able to cancel the PPI, I have been talking to some others who are in the same situation and many have been successful with cancelling their PPI some saving up to £40 per month on their loan payments and some even recieveing a refund for the amount of the PPI.

However this will depend on the terms & cond of your loan.. check out these links that another MSE's have given to me, which I have found useful.



http://forums.moneysavingexpert.com/showthread.html?t=117175

http://boards.fool.co.uk/Message.asp?mid=9659780

Good luck and let us know how you have got on, you maybe able to help someone else with your findings..

oopsss read this thread also

http://forums.moneysavingexpert.com...37&page=1&pp=10

sb007_2

Hi

Thanks for the advice I will try today and let you know how I got on.Many thanks :j

$17mma

Just thought I would let you know that I have some good news :j I sent my letter off to my loan provider and I just called them to see if they have received it which they have and they have taken off my PPI :j :j :j SO I AM NOW SAVING £33.68 PER MONTH making my monthly payments cheaper....:eek: I am in shock!


Good luck with yours and let me know how you get on.

sb007_2

HI I have tried to get on the motley fool website but my connection at work doesnt allow me to do this. Is there another link I could use to get this information.

Many Thanks

Sb007

Avogirly

sb007 wrote:

HI I have tried to get on the motley fool website but my connection at work doesnt allow me to do this. Is there another link I could use to get this information.

Many Thanks

Sb007

I don't think so, but I have PM'd the template letter to you, it came from the Motley Fool site. If you haven't received it, please let me know and I'll re send it.

sb007_2

Hi Avogirly

I have received the message many thanks I will let you know how I get on.

Cheers Again

SB007

sb007_2

Hi GUys

Just an update. I tried calling First National and was told by one of thier customer service people that I would not be allowed to cancel beause I took the loan out three months ago. The thign is I havent even started paying for it. Next step is to send their letter to the customer services and see what happens.

Avogirly

Definately!

Good luck, don't give up!

sb007_2

Hey peeps

Just to let you know I have just received a phone call from GE who now own First National. They have said that they have cancelled my Insurance with no charge whatsoever. A letter is in the post to confiorm this so am just awaiting this. But I am so happy as this has saved me over £5k.

I want to thank you so much for your help in this situation.
Ididnt even need to send the letter in the end.

Speak to you guys later

SB007

Old_iron_balls

fantastic result. just shows what can be achieved !