Cancelling payment protection insurance..

AnnOyed

jonesMUFCforever wrote: »

Shame they will be probably be yours.

Jones u have a very valid point regards reading before signing but i'd be interested to know which part of my agreement is not valid? There's enough info in there to tell me I can cancel the LPI and continue the cash loan. Would you care to comment on paragraph 1.4 and how you interpret it?

halifax71

AnnOyed wrote: »

Jones u have a very valid point regards reading before signing but i'd be interested to know which part of my agreement is not valid? There's enough info in there to tell me I can cancel the LPI and continue the cash loan. Would you care to comment on paragraph 1.4 and how you interpret it?

You need to ask your loan company to interpret exactly what they have done and why? I'd be surprised if it differs much from my explanation as it sounds all too familiar.

Your interpretation of the agreement may differ from what they can do in practice. You'd be surprised to know that Bank's are able to draw up misleading clauses meant to trick and mislead. The holier than though crowd on here will blame you obviously.

Ask Lloyds (in writing) to explain and then we can continue this conversation.

jonesMUFCforever

AnnOyed wrote: »

Jones u have a very valid point regards reading before signing but i'd be interested to know which part of my agreement is not valid? There's enough info in there to tell me I can cancel the LPI and continue the cash loan. Would you care to comment on paragraph 1.4 and how you interpret it?

If you paid monthly for PPI then I would agree with you - however it looks like the total PPI premium was front loaded together with the capital loan amount.
In some cases loans can be unwound - other lenders have to start a new loan minus any refund due to the PPI - as long as you are not offered a rate higher than the original loan what is the problem?