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not easy to cancel PPI
I took out a loan with Northern Rock in Aug 06 for £8000 with PPI.
After reading about all the savings you can make taking out seperate loan protection this is what I decided to do. Got myself a policy and then rang Northern Rock to cancel my PPI.
They said the only way of doing this would be to pay off the loan with them and take out a new loan without the PPI. The settlement figure for the £8000 loan which I've made one payment to is £8200. :mad:
So they offered me a loan of £8200 to pay the settlment figure :mad: :mad:
I have been told this is because the interest is front loaded. There is likley some small print somewhere about this but it must be small.
Is this my only option to cancel the PPI? It will still save me just under £2000 over six years!!
After reading about all the savings you can make taking out seperate loan protection this is what I decided to do. Got myself a policy and then rang Northern Rock to cancel my PPI.
They said the only way of doing this would be to pay off the loan with them and take out a new loan without the PPI. The settlement figure for the £8000 loan which I've made one payment to is £8200. :mad:
So they offered me a loan of £8200 to pay the settlment figure :mad: :mad:
I have been told this is because the interest is front loaded. There is likley some small print somewhere about this but it must be small.
Is this my only option to cancel the PPI? It will still save me just under £2000 over six years!!
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