rbs bank loan

hendo74

Hi me again!
Asked yesterday about reducing the apr on my rbs bank loan-thanks to all who gave me advice.Just an update on it-

Looked at our loan agreement last night we had taken out the ppi on it at £60 odd pounds extra a month it was a joint loan application only we found out last night hubby is the first named so its only him thats covered by the ppi.This was not explained to us and because we took out a joint loan we thought the insurance would cover us both for sickness,unemployment,death etc only reason we looked was because i have been off work sick for more than 30 days and wondered if we could claim.We cant because it says on paperwork first named only is covered.We were NOT told that or we would not have taken it out- we both need to be covered.Went into bank this morning and were basically told it was on the paperwork and we should have read and noted that at the time of taking it out!i`m angry!An extra 3000 pound added to our loan for insurance that only covers one of us!

theartfullodger

Expensive lesson to learn:

We've almost all learnt those lessons at one time or another and remember how painful/expensive/angry-making they were.. I think mine was over an air-conditioning unit I thought I'd hired and found I'd agreed to buy at so-much-a-month over 2 years. ****ards!

Look forwards, learn from it and now know your are better informed and prepared for the next load/set of paperwork you are presented with.

Good luck in the future,,

Artful

chambta

The loan insurance can be cancelled if you wish and a proportion of the premium refunded. The loan balance spread over the remaining term will reduce the repayments. The further into the loan you are the less of a saving you will make.