Could I get some advice for my ppi claim please?

Alisonb8

Hi there,
It's been about 8 weeks since I claimed for mis-sold ppi and LLoyds TSB have been keeping me updated and letters have been sent to say that my claim is being looked into back my question is do I now cancel my loan insurance, I worry that cancelling it will effect my claim if they make me sign a new credit agreement. I am under the impression that I would have to sign a new credit agreement due to the fact that my new monthly payments would be changed. Do I hold off until I have found out if I am successful or do I just go ahead and cancel?
Thanks
Alison

di3004

Alisonb8 wrote: »

Hi there,
It's been about 8 weeks since I claimed for mis-sold ppi and LLoyds TSB have been keeping me updated and letters have been sent to say that my claim is being looked into back my question is do I now cancel my loan insurance, I worry that cancelling it will effect my claim if they make me sign a new credit agreement. I am under the impression that I would have to sign a new credit agreement due to the fact that my new monthly payments would be changed. Do I hold off until I have found out if I am successful or do I just go ahead and cancel?
Thanks
Alison

Hi Alison and welcome.;)

It is up to you if you want to cancel the PPI now, but with Lloyds to what I am aware of if the loan is active it may be the case that you would have to take out a new loan without the PPI, to pay this one off, and of course you can still reclaim on the PPI.
If you do this then make sure the rate is equal to that or better, or if you want to wait to see what they come back with first and take it from there.

We are also waiting for a decision to be made on a few loan PPI's with them but these are on settled loans, and like yourself its gone passed the 8 weeks, I'm going to give them a little longer, also due to a backlog of complaints they are currently dealing with, maybe another week as they already had extra time on top of the 8 weeks, it will be off to the FOS if we don't hear something in this extra time we are giving them.
Good luck with this.

Please keep us posted. Cheers.;)