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Payment Protection On Secured Loan
I have read somewhere to request secured loan quotes with p/ment protection as the lender will give you a better rate than with the insurance.
I have found that this is the case!
What procedure do I now need to take? Do I sign & return loan docs & then do I have a cooling off period where I can cancel the insurance with the company. I do not want to query this with the company as the last company I tried to do this with realised what I was trying to do & stated they had given me wrong quote & increased the apr on my loan quote.
Can anyone help please?
I have found that this is the case!
What procedure do I now need to take? Do I sign & return loan docs & then do I have a cooling off period where I can cancel the insurance with the company. I do not want to query this with the company as the last company I tried to do this with realised what I was trying to do & stated they had given me wrong quote & increased the apr on my loan quote.
Can anyone help please?
0
Comments
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Be very careful! If you cancel the PPI within then cooling off period, then the lender may insist that you resign the loan agreement anyway, and then you have no way of being sure that they won't up the APR.
Check the T&Cs on the agreement, it will confirm what your next move should be.
What was the difference in APR offered with the PPI as opposed to without (and who's the lender?)."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 -
1% on a loan for £124000
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