Should I cancel my single premium ppi

katrinalg

Hi
Sorry if this has already been asked,but I have a loan with lloyds tsb which I have been sold a single premium ppi with it,my questions are
1:should I cancel the ppi now before the loan agreement finishes? as it covers me for unemployment and I was unemployed when I took out the loan in 2006 so can claim for miss sold
2:or wait to the end of the agreement then claim?
This insurance is for a huge amount £2,665.99 for a loan of £10,000 over 5 years and I didn't even realize that I have taken this insurance out and as I said it seems I didn't need it as I was unemployed at the time and I have other insurance that would cover me for sickness (also with lloyds!!!!)
Thanks

di3004

katrinalg wrote: »

Hi
Sorry if this has already been asked,but I have a loan with lloyds tsb which I have been sold a single premium ppi with it,my questions are
1:should I cancel the ppi now before the loan agreement finishes? as it covers me for unemployment and I was unemployed when I took out the loan in 2006 so can claim for miss sold
2:or wait to the end of the agreement then claim?
This insurance is for a huge amount £2,665.99 for a loan of £10,000 over 5 years and I didn't even realize that I have taken this insurance out and as I said it seems I didn't need it as I was unemployed at the time and I have other insurance that would cover me for sickness (also with lloyds!!!!)
Thanks

Hi there

You could do but on the other hand you may have to take out a new loan without ppi, think that is how lloyds do this.

Wait for other opinions as well hun, but yes its at an huge amount and I understand what your saying, and if you've 2 years left on this, it seems like a long time.

However you must look at it another way, if reclaiming and if you won this case they must put you back in the position as if you did not take this ppi from the start.
And another way is if you did wait for the 2 years and settle, once successful you should have every penny back on this plus interest.
There are a few ways really.

I will bump this up with you hun and hope others give their views on this for you, even though I am a lloyds customer its been some time since I have been in this situation in regards of cancelling on loans, I think we did let ours run through, even though I have not dealt with the loan ppi side of things yet, only credit card ppi, so this will be a different situation again.

Good luck.;)

katrinalg

Hi
Thanks for that
Just dont know what to do for the best really