How does it usually work with loans and PPI?

willing2learn_3

Hi there

Please bear with me i've never taken out a loan in my life other than a student loan many years ago....but as some of you know i'm trying to resolve a situation for my mother.

So i have a rather simple question....

If you take out a loan and take out PPI with the insurance people that the loan company recommend.....and that insurance only covers you for 3 years, but the loan is for 15.....when it expires can you get further insurance elsewhere if that PPI is not renewable with that insurance company?

In other words can people take out insurances on secured loans, mortgages, etc....if they have let insurance lapse or it has expired?

If this is a stupid question then sorry - i've never had to deal with anything like this in my life so far.....:o

CLAPTON

in general PPI is a rip off

but you can get similar insurance at a much cheaper price

search of ASU (accident, sickness and unemplyment) insurance.. if of course you feel you need it but do read every single line of the policy

willing2learn_3

willing2learn wrote: »

If you take out a loan and take out PPI with the insurance people that the loan company recommend.....and that insurance only covers you for 3 years, but the loan is for 15.....when it expires can you get further insurance elsewhere if that PPI is not renewable with that insurance company?

In other words can people take out insurances on secured loans, mortgages, etc....if they have let insurance lapse or it has expired?

Ok this is what i really need to know. Can you take out PPI again, with a different company - after one has expired?

I'm not thinking about myself i am trying to understand something. Would there be difficulties involved in this? If so what sort of difficulties could arise?

CLAPTON

have you googled ASU yet?

willing2learn_3

Hi yes i have. It looks good....

not quite sure how it relates to my specific question though - PPI or ASU....I'm not looking for it for myself, so will not want to trawl throught sites trying to sell me it.

CLAPTON

what is PPI ?
do you know what it is
why does anyone want it
what are the benefits

ASU is the cheaper alternative and can last as long as you like
have you read the details and compare it with PPI

Wutang_2

willing2learn wrote: »

not quite sure how it relates to my specific question though - PPI or ASU..

Thats pure genius, got any more questions?

willing2learn_3

Yes i have - what's the purpose of your post?

willing2learn_3

CLAPTON wrote: »

what is PPI ?
do you know what it is
why does anyone want it
what are the benefits

ASU is the cheaper alternative and can last as long as you like
have you read the details and compare it with PPI

Thanks for mentioning it and yes it is worth comparing with PPI

willing2learn_3

Wutang wrote: »

Thats pure genius, got any more questions?

Wutang

still wondering what the purpose of this comment was???!!

and in what way was it trying to be helpful?