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cancelled ppi but confused about repayments
Hi
Having read on MSE all about loan protection being cheaper if you get it from somewhere other than your lender I cancelled my PPI with Tesco with the intention of buying elsewhere. My OH and I had taken a £20,000 loan out in 2004 and had been paying the following per month since (over 84 months)
£298.25 loan repayment
£48.85 PPI
a total of £347.10 a month.
However I am told that our new payment will be £317 a month without the PPI. I am sure there is a really logical explaination but we are confused as to how the payments can be £19 a month more than the loan repayment. Can anyone set us straight because CS couldn't explain it for us
Thanks
Having read on MSE all about loan protection being cheaper if you get it from somewhere other than your lender I cancelled my PPI with Tesco with the intention of buying elsewhere. My OH and I had taken a £20,000 loan out in 2004 and had been paying the following per month since (over 84 months)
£298.25 loan repayment
£48.85 PPI
a total of £347.10 a month.
However I am told that our new payment will be £317 a month without the PPI. I am sure there is a really logical explaination but we are confused as to how the payments can be £19 a month more than the loan repayment. Can anyone set us straight because CS couldn't explain it for us
Thanks
Smoke free since 16th December 2012
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