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PPI...How long have i got to cancel?

robmace
robmace Posts: 3 Newbie
in Loans
Can someone Help? I have taken a loan out with natwest 3 days ago and am unclear about my rights to cancel loan insurance. :(

Comments

  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    It's generally between 7 and 28 days.

    Check your paperwork or call them to clarify.
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • mrcow
    mrcow Posts: 15,170 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    From their website:
    If you take out Loan Protector and are not completely satisfied, you may return the Certificate of Insurance to your nearest NatWest branch within 30 days. Any premium you have paid will be refunded, provided you have made no claim.

    Is it this "loan protector" you are referring to?
    "One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
    Because by then you've blown your chances. That's it."
  • robmace
    robmace Posts: 3 Newbie
    £5000 Better off.... £66 a Month over 7 years. :D:D:D:D
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    They should have told your your cancelation rights at time of application but it would be in your paperwork

    (most banks have certain requirements about what must be said when selling insurance) 19 points in some cases

    can i ask why you went with it in the first place?
  • robmace
    robmace Posts: 3 Newbie
    was told it was the banks policy to put on insurance as a responsible lender.......
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    robmace, that is not true. it is right that they must talk to you about it, but it can not be their policy to put it on

    if you are thinking of some kind of insurance though - have a look around
This discussion has been closed.
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