Cancelling ppi on a loan

Maxxy79

Can anyone help me please? I phone Lloyds TSB to cancel the PPI on my loan which I fealt was miss-sold to me. They said they could do that but I would need to take out another loan and have the PPI due to me taken off the new loan - is this the case?

jonesMUFCforever

I think what they meant is that they have to open a new loan ( for the outstanding capital) in order to refund you the original PPI.

Please come back here if I am mistaken.

amersall

have you put a claim in for mis sell? go on the mis sell of ppi thread, you will get all the help there, if you cancel the ppi now the new loan may not be a favourable rate, if you win mis sell the loan is put back to what it should have been without the ppi and at the same term and apr

Bag_lady_2

HI,
if you just call and ask to cancel the LP for a single premium policy with LTSB they will refinance the loan using any insurance rebate to reduce the loan balance the new loan is kept at the same rate as your existing one and the term remaining is matched aswell,payments are re-calculated based on the new balance.:)
also even if you go ahead with cancelling this way you can still make a claim for mis-selling.