Loan Protection

vics_1982

Hi All,

I sent a letter to B/c loans 2 weeks ago to cancel my payment protection, loan payments with £176.24 and w/o would be £151.00.

They have advised me that if i do this they will run a credit report and could increase my APR from the current rate 4.9% up to there max which could be anything.

What does everyone think of this? Also can they do this? will have to look in my small print!

Bloody companies stitching us up again!!!

lynzpower

I would run this by the FSA helpline to be honest with you. MAybe somewhere in the small print theres a not ethat they can put APRs up whenever they please, but if this is based on you pulling the PPI, then it seems punitive to me.

Speak to the FSA and Consumerdirect is my advice
Let us know how you go on

vics_1982

Thanks Lynz,

Appriciate that i will speak to them today at lunch time.

Just doesn't sound fair to me, especially as if i can do this at current rate they will get there money back quicker!