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How important is PPI when applying for a loan?
Hi peeps,
I need to apply for a loan of 15k over 60 months which normally i think i should get depending on the criteria. My question is really Should i say yes I will take PPI in order to increase my chances of getting approved at the preffered rate and then cancel it within the cool off period. Or should i just be honest and say I don't want the PPI from the start?
opinions would be appreciated.
cheers
G
I need to apply for a loan of 15k over 60 months which normally i think i should get depending on the criteria. My question is really Should i say yes I will take PPI in order to increase my chances of getting approved at the preffered rate and then cancel it within the cool off period. Or should i just be honest and say I don't want the PPI from the start?
opinions would be appreciated.
cheers
G
0
Comments
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It depends on the lender.
Some don't offer preferential rates with PPI whilst others are quite pushy with it.
Try getting a quote from your preferred lender with and without PPI and see if it makes a difference on the rate offered."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
ppi will add a big amount on the laon to be paid back, and if you look on this site most are against it, martin says its a waste of money!0
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PPI does not affect your eligibilty for a loan...it is merely an "extra" which the financial institutions push to get their sales up.If you obey all the rules...you miss all the fun!! Katherine Hepburn0
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CarolnMalky wrote:PPI does not affect your eligibilty for a loan...it is merely an "extra" which the financial institutions push to get their sales up.
Is correct. Underwriters are not allowed to take whether you have PPI or not into consideration when deciding whether to grant the loan.0 -
CarolnMalky wrote:PPI does not affect your eligibilty for a loan...it is merely an "extra" which the financial institutions push to get their sales up.
Tell that to some of the Northern Rock customers on these boards who have been refused a loan without PPI but accepted with it!
(BTW, the OP has already said that they have no intention to keep the PPI but to cancel with within the cooling off period.)"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
Im just speaking as someone who works for a financial institution, the loan gets approved/declined on credit rating and free income criteria PPI has nothing or should have nothing to do with the decision, it is used to "pressurise" people into thinking they wont get the loan without it.If you obey all the rules...you miss all the fun!! Katherine Hepburn0
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