Ppi

leb2005

Please can you give me some adivce.I have been reading many threads about payment protection on loans etc.
Does everyone cancel this?
I have a loan for 11 000 should i cancel PP on it? I work full time and always have. I dont understannd if it is worth having or not
Many Thanks

110frankie

when I was suddenly taken ill some years ago - healthy 38 year old, exercised etc etc - I was very glad I had it.

leb2005

Thank you for your fast response

regularsaver1

It depends on your needs - on your job benefits ect

asharon

just make sure you are valid within the terms and conditions so to speak so that if you need it they will pay out.

liz4757

Just wanted to say thank you to everyone re.ppi on loans. I managed to cancell my ppi on a loan I took out over 2 years ago with Sainsburys Bank which I considered that they missold me. They cancelled it for me today and I have saved £424. Magic !!

Rafter

Taking out PPI cover with your loan is hardly ever good value

You can buy the same cover from an insurance broker for about 25% of the cost.

If you are in full time employment and have some savings in reserve then what is the risk?

Could you not get a new job fairly quickly?

If you did suffer an accident or illness and couldn't work, this is unsecured debt and the least of your worries.

Most policies only pay out for 12 months too. You can therefore self insure by borrowing more than you need and putting the extra in a high interest savings account.

If you were made redundant or were ill short term you can use the extra to keep up your payments.

The cost to you will be the difference between the savings and borrowing rate on the extra money - not much and certainly a lot less than overpriced insurance.

The office of fair trading numbers suggest the loan companies make ten times as much profit on a loan sold with PPI than one without. That can't be right and explains why they are so keen to sell insurance.

Good luck.

R.