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Egg PPI

seraphina
seraphina Posts: 1,149 Forumite
Part of the Furniture Combo Breaker
Hi everyone,

I have a quick question about an Egg loan - can I cancel the PPI at any time without affecting the loan (other than reducing the payments?)

Thanks in advance!

Comments

  • seraphina
    seraphina Posts: 1,149 Forumite
    Part of the Furniture Combo Breaker
    Ignore this - I have just found my policy summary for my loan repayment protection and it says I am free to cancel this policy at any time:beer:
  • chocaholic110
    chocaholic110 Posts: 2,509 Forumite
    Funnily enough I was just coming on here to ask exactly the same question! Thanks! for answering before I asked it!
  • chocaholic110
    chocaholic110 Posts: 2,509 Forumite
    Well, that seemed easy. phoned up, talked to a very nice man who asked what job I did and whether I had life insurance, then told me he was satisfied that I could cancel. Said I would hear in the next week how much loan would be reduced by.
    Anyone know how they work it out? Will I get back the fraction of the PPI equivalent to the fraction of time still to pay?
  • chocaholic110
    chocaholic110 Posts: 2,509 Forumite
    Or does anyone know how long it takes to come off your account?
  • James240
    James240 Posts: 16,391 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    when i asked them to take mine off it took just over a week if i remember, didnt have to chase them up at all neither :beer:
    Savings Total so far for 2023: £8,062.58
  • Molanole
    Molanole Posts: 1,563 Forumite
    Debt-free and Proud!
    I did this and they took it off within a couple of working days. No chasing required. Easy as pie :j
    Debt Free Nerd No. 89, LBM: April 2006, Debt at highest (Sept 05): £40,939.96
    NOW TOTALLY DEBT FREE!!!!!!!! Woooo hooooooo!!! DEBT FREE DATE: 23 December 2009
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