PPI - urgent help required.

acs_2

i have a loan agreement for £5000 over 3 years. it is currently sat on my desk waiting to be signed and returned.

the agreement has PPI attached - my question is, is it worth the £800 n odd quid extra its going to cost me?

if not, im under no obs to take up the loan, so i will simply shread it and re apply.

all help appreciated.

thanks in advance

milliemonster

in a simple word, no it's not worth it, it will highly likely not pay out should you lose your job/be off sick etc anyway and if you wanted to protect your payments you could set up your own insurance separately at a fraction of the cost

di3004

acs wrote: »

i have a loan agreement for £5000 over 3 years. it is currently sat on my desk waiting to be signed and returned.

the agreement has PPI attached - my question is, is it worth the £800 n odd quid extra its going to cost me?

if not, im under no obs to take up the loan, so i will simply shread it and re apply.

all help appreciated.

thanks in advance

Hi there
You do not have to accept the ppi for this loan, but if you still require cover, its worth look for cheaper options for this just as long as your eligble.

It is or it should be optional, take the cheaper option I would personally.;)
And don't let them pressurise you into taking this, good luck!
Di.
x

acs_2

thanks for the input!

i read the T&Cs behind it, but if im honest, its so technical and confusing i wondered what the catch was.

acs_2

anyone any idea who/where i may get some insurance to cover a loan? without getting the loan companies PPI....?!?!?

petermb_2

put ASU or ppi in Google.
You will find companies offering monthly cover from as little as £3.99 per £100 per month cover.

Simply, do not take out single premium PPI.

acs_2

thanks petermb,

i have phoned my loan company this morning and they have cancelled the PPI and they are sending me out a new set of papers ! minus the PPI !!!!

these loan protection companies offer cover for 12 months....so am i right in thinking that after the first 12 months, i can simply take out another protection policy for year 2 of my loan, then year 3 etc?

di3004

Hi there

Have you checked out here

http://www.paymentcare.co.uk/index.php

And

http://www.britishinsurance.com/loan-payment-protection-insurance/loan-insurance.html


Good luck.
Di.
x

petermb_2

acs wrote: »

thanks petermb,

i have phoned my loan company this morning and they have cancelled the PPI and they are sending me out a new set of papers ! minus the PPI !!!!

these loan protection companies offer cover for 12 months....so am i right in thinking that after the first 12 months, i can simply take out another protection policy for year 2 of my loan, then year 3 etc?

I think you may be a little confused there.
Where it states 12 months cover, this means that the policy will pay out for 12 months should you have a valid claim. As long as you continue to pay the premiums you should continue to have cover but I would check that out in the terms and conditions.

acs_2

thanks di3004

looks like the britinsurance could be a winner. id heard of them prior to you bringing their name up. so i'll prob go with them!

thanks for all the help folks! appreciated !