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Egg Loan - PPI removal - Good News
floppyhairuk
Posts: 4 Newbie
in Loans
I have an outstanding (in both senses) loan with Egg for £16219.00
I have just changed PPI provider now down to £5a month with PayProtect. My monthly payments to Egg, are now reduced by £57 from £400 to £343, (so net saving of £52 a month).
No cancellation fee, no penalty.
If you are with Egg, ring up, find out how much PPI there is to pay on the loan, and compare that with some of the other PPI rates available.
I will now be putting that £52 a month into paying off the loan even quicker.
Hopefully this might help other people, I personally would keep some form of PPI, just to keep myself happy at night.
I have just changed PPI provider now down to £5a month with PayProtect. My monthly payments to Egg, are now reduced by £57 from £400 to £343, (so net saving of £52 a month).
No cancellation fee, no penalty.
If you are with Egg, ring up, find out how much PPI there is to pay on the loan, and compare that with some of the other PPI rates available.
I will now be putting that £52 a month into paying off the loan even quicker.
Hopefully this might help other people, I personally would keep some form of PPI, just to keep myself happy at night.
0
Comments
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Floppy - if you take off PPI do they give you a refund, or just reduce the monthly payments? Also, how long does the process take?0
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It isnt hard to actually just cancel PPI with the majority of lenders (depends if it is a bolt on extra or a built in part of the loan) it is getting a full refund that is difficult as you have to prove that it was missold etc.
Of cause you now have your lower payments but lets hope you dont lose your job or become sick where you will now still have to pay the loan rather than having protection to cover the bills.All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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