Loan question

stuckinthepast

I took out an unsecured loan for 25k 3 years ago and there is a loan protection amount of £5k on it is there way any to get these terms redone or am I screwed?

Tixy

Hi

In what way do you want to change the terms? Do you mean you want to change how you pay it? (pay the loan off quicker or slower)? or to change the PPI?

You should be able to cancel the PPI going forward if you decide you do not need it (or if you can find cheaper independant cover).
Depending on the terms of the agreement and your circumstances at the time you may even be able to cancel and reclaim the PPI right from the beginning.

stuckinthepast

Hi

The reason is going through a divorce and have accumated a lot of other debts and looking to pay everything off ASAP.

di3004

Hi there

In regards of the PPI, does it cover you and do you know if this was mis sold?

Apologies if this is not the case, but thought I would mention it, as some think PPI are all part of the loan, where its optional, and if your not eligible to make a reclaim, the policy is therefore worthless.

I would check for more information on this in case any of it applies to you.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you have a case then please feel free to post up for help if required on the PPI reclaiming threads.
http://forums.moneysavingexpert.com/forumdisplay.php?f=169


Sorry to hear of your divorce as well, and hope things get better for you.;)