Lloyds loan - Payment Protection - How to remove?

karom

Hi

My OH has a loan with lloyds (still outstanding around 4.5K).

This loan includes payment protection. We want to remove payment protection since the conditions cannot apply anymore for change of work condition etc...

We called today to cancel the payment protection and Lloyds did state that OH needs to refinance - only way.

I have seen one post on this forum regarding eggs where the person was able to get out of it without the need to refinance.

Has anybody got any experience/advice with Lloyds. Should we refinance or stick with it (6.5% rate).

Thank you

southernscouser

Personally I wouldn't re-finance. It will probably end up costing you more in the long run.

Have a look at this thread about cancelling PPI!

CLAPTON

whether or not its financially beneficial to refinance depends upon the numbers....basically can you refinance with the same monthly repayment but with fewer monthly payments?

tetley

hi,im with lloydstsb and called them the other day for the same reasons,i was offered the chance to refinance for the remainder of the orginal loan term at 6.5%,not bad when the orginal interest rate was 6.45%,so take it,my repayments have gone down by over £40pm