Can I cancel Protection

Pressleyno1

I took a £2k loan out in December, I don't start repaying until March. At the time I took out payment protection which costs £200. I was sent out a bill protector acceptance form, and it says it had to be recieved by 11/01/06. I've not done this.

I no longer want this payment protection as I can get it cheaper elsewhere. So my question is,

Is it as simple as phoning up and cancelling the payment protection. Plus, is thre much point in having payment protection, if so, whats the best deals. I found it for around £150.

skintharry

I am in same situ.
My bank (from ulster) charged £1075 PPI(inc interest) for £5000 loan over 4 yrs. They told me it was COMPULSORY to have, and even made me waiver the 'Your right to cancel' agreement, by xxx'ing it out and initialing it... TRUE But i needed the cash....
Only over the past week been thinking same as you.
Noticed samples of PPI complaint letters and advice on cancelling on the Motleyfool website.
The address is (I think) : http://boards.fool.co.uk/message.asp?mid=9659780

Let us know what happens as i am going to do same soon

Pressleyno1

Ok basically, phoned the bank, they said that if I wanted to cancel the loan insurance - which is costing me £365 on a £2000 loan - Since I never canceled it after the 30 day period, I'd have to get a settlement figure for this loan, then take out a new loan without insurance, and use the new loan to cover the costs of the old one. I'd have to pay the interest aswell.

They'd go through credit checks again etc, but due to my rubbish credit score, I doubt I'd get a new loan and be stuck with this, OTT insurace to pay.

SOMEONE PLEASE ADVISE !

Note - I've yet to make my first repayment, which is due mid March.

Old_iron_balls

There are quite a few in depth threads on the dreaded PPI.
If you havnt already done a search and had a good read, give it a go.

Skintharry - looks like you have been had off big time, id complain to the highest level immediatly.

Pressley - TSB gave me the 30 day speech. In the end they cancelled it and i got a full refund nearly three years into the loan.
Dont bother ringing up they will just fob you off. Write in requesting they cancel. If they refuse - write again.

Good luck