loan protection

tomtugs

Hi...
I have just taken out a car finance loan only afterwards reading the smallprint about the cost of the loan protection.(silly me)

Is it possible to cancel the PPI part of the loan as there are much better deals out there.

Thanks for reading this and helping me stop banging my head against the wall for being so stupid.. Tom

jonesMUFCforever

A lot will depend on the small print.
When did you sign the credit agreement ? Is there a cooling off period?
Eric

JasonW_2

Yes, there is sometimes a 7 or 14 day cooling off period for the protection. If it doesnt mention it, just call and ask, but call another couple of times and ask someone else, cos they do make mistakes and tell you anything sometimes. Also, if your credit rating is good, there is sometimes a cooling off period for the loan itself, and you might be able to cancel the whole loan (for example Tesco let you cancel upto 14 days after you have the money!) and get it from someone else?

Like you say, you can get the same cover for a third of the price in most cases, and thats even with a payout back-dated to the first day you are sick or made redundant etc.

Good luck

JW