Advice about a payment protection

gilly41

Hi
We have a loan with the AA which finishes in Sept 08.I have finally(after weeks of searching!!) found the agreement and note that we have AA Creditcare added on at £576.00.Is this the payment protection? and if so can I cancel it now? The loan has been running for 2 years in August and is for 4 years in total.
Once I have paid off my CC and catalogue I will be in a position to throw more cash at this loan each month.
Thanks for any advice
xx

forsya

Hi Gilly41

Does sound like it could be payment protection, if so call them and cancel it now!!! You should be able to cancel when you like.

Give them a call and ask exactly what is what.

Money would be better used to pay off debt.

xx

gilly41

Thanks.
I have just found the booklet and it is payment protection(which we dont need as hubby is covered at work if off sick etc and we have a separate life cover!).Can I cancel mid way through a loan?
I cant find anything in the booklet about cancelling it!
xx

skint_manc

Have a look at this thread for more info..

going to tackle cancelling mine tomorrow!.. Good luck

http://forums.moneysavingexpert.com/showthread.html?t=117175

gilly41

Hi
Thanks for the help.
I have rung them today and they said that if i write in i will be entitled to a part refund which will bring our loan repayment down by about £6 per month. The lady said it is hardly worth it(ummmmm right!!!) but I said we are very short of cash and it will be well worth it to us!!!
I then went to the sample letter and I have actually asked for a full refund as i feel we were mis sold the premium. We were told we couldnt have the loan if we didnt agree to take out the PPI.This i now know is completely wrong!!
Do you think i should just be happy with the part refund which she said we will probably get?I hope I havent been too greedy asking for the full amount!!
xx

annette_i

if its a personal loan with lloyds tsb you only have 30 days from taking loan to cancel the protection