My loan... Help Please

darrenwis

Hi,

I currently have a loan from Lloyds TSB where I am paying £113 per month and then another £24.42 for payment protection.

However, I took the loan mainly to protect me if I was made redundant. Since taking the loan back in March I have decided to change my career and I am now due to start a course for 1 year to become an I.T. teacher.

My question is do people please I should continue to pay the £24.42 for payment protection or would it benefit me to cancel this expense to reduce my repayments.

I look forward to everyone's replies please

Darren

simon_templar_2

PPI is suitable for people who work. There is also the life cover element but out of accident, sickness, unemployment and life you are paying for 4 but can only claim 1.

darrenwis

Hmmm...

well im going to be training for 9 months now. and then I wouldnt be able to claim for unemployment for redundancy as i would be searching for work.

Do most people here have ppi for loans of £113 a month? Im in two mins to cancel or not???

Joe_Bloggs

I am confused. I am sure their is a rational explanation as I often read things too literally.
Darrenwis Wrote:-

However, I took the loan mainly to protect me if I was made redundant.

How exactly did the loan protect you ?
Good luck in your IT training career. The more you can remember what it was like to be clueless then the more you can help the clueless.
J_B.

financeme

I think £ 24.42 loan protection is quite good, but 113$ is not much per month. you can do it. Do not worry.