Should I cancel the PPI I have on a LLoyds TSB Loan

wessex12

Not sure if I have posted in the right place?

I have a loan with Lloyds TSB current outstanding amount is £13,853.71

I have taken out PPI on it which is £52.17 a month.

Should I cancel this and pay the £50.00 into the loan account instead

Tixy

Well its a personal choice as to whether you need PPI and you need to think about how secure your income is in making that decision.

But it is worth checking that it would pay out to you in you did need to make a claim and you might also want to consider whether third party PPI would be cheaper - http://www.moneysavingexpert.com/insurance/cheap-loan-insurance

di3004

wessex12 wrote: »

Not sure if I have posted in the right place?

I have a loan with Lloyds TSB current outstanding amount is £13,853.71

I have taken out PPI on it which is £52.17 a month.

Should I cancel this and pay the £50.00 into the loan account instead

Hi there

Normally with Lloyds the ppi is paid with the loan monthly repayments, I take it this is also the case with yours.

You can of course request to cancel, where they may suggest though as its gone past the cooling period to take out a new loan to pay the existing loan off, and the new loan will be without the PPI, so I would check on this.

If there is a ppi reclaiming case, then please post on the ppi reclaiming thread here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=169
And
also check out the link that Tixy have posted above.;)

jonesMUFCforever

Newer loans have a seperate insurance premium - not added to personal loan.

di3004

wessex12 wrote: »

Not sure if I have posted in the right place?

I have a loan with Lloyds TSB current outstanding amount is £13,853.71

I have taken out PPI on it which is £52.17 a month.

Should I cancel this and pay the £50.00 into the loan account instead

Sorry forgot to ask this one, what year did you take out the loan?

As JonesMUFCforever says, newer loan ppi is separate to that of the older loan ppi.

wessex12

Many thanks for responses, I took the loan out last October, it comes out as a separate payment?

di3004

wessex12 wrote: »

Many thanks for responses, I took the loan out last October, it comes out as a separate payment?

You should be okay to cancel this anytime then.;)

And your very welcome, good luck.