Cunning Loan Insurance Cost Cuts Article Discussion Area

mama267

hi
we took a loan out for 25,000 and then they added on 8,000 ppi but i was looking at it yesterday as the current climate is pretty tough to realise we had taken the loan out jointly in our account but the insurance is just in my husbands name so is it only him that is covered by all the sickness unemployment etc and what happens if it is me would we loose everything.
can i take a loan protection for myself can someone please help me
:money: :money:
thanks

jeh_2

is critical illness cover the same? can it be recliamed if you were told you could not have the loan without taking out the cover? thanks

andyw76

Hi All

I have a loan with HSBC and have been paying it off for the last 3 or 4 years, still a few years to go. When I looked at the paperwork recently I noticed I am paying nearly £90 a month in PPI so I called them up and asked them to cancel it (no need for it now, circumstances have changed, good job and all that) but they said the only way to do it is to recalculate the loan without insurance but when they did this the monthly payment went up by about £40??

I currenlty pay £285 a month so I was hoping to get a reduction of the £90 I am paying a month in PPI.

Can I demand that they cancel it and reduce the payments or what ??

Any suggestions welcomed

Andy

di3004

Hi there

If anyone feels they were mis sold Payment Protection Insurance, for example, you did not know this was added to your loan, it was not explained to you, or you may have already had a cover in place, there are lots more reasons, then please post in the PPI reclaiming discussion thread where you will find if you first Click on "loans" then PPI reclaiming discussion thread is normally towards the top part of that page.

Don't let these finance companies get away with it.;)

Hope to see you there if you believe you have a case, myself and others will help guide you through the reclaiming/complaints step by step.

Di.

JimmyTheWig

andyw76 wrote: »

the monthly payment went up by about £40??

Either fees were added, the interest rate increased or the term shortened. They should be able to tell you which it is.

If it is because they have shortened the term (maybe rounded down to the nearest year?) then if you can afford the increase then you are probably better off going with the change.

I guess the problem is that the loan was sold with the PPI. And in effect you are wanting to break this contract. Hopefully others can advise on that side of things.

baddiebasher

Hello everyone

I have just read the PP loan advice and need some help.

I have a credit card with LTSB and a loan with Co-op. Both have PPI.

I don't think I am eligible to class as being missold.

I read that LTSB require the cancellation of the whole loan if you want to cancel PPI but does this apply to credit cards? They didn't tell me about it if so and I am rather peeved because I am paying a lot more than I could be.

All I want to do is replace the LTSB credit card and Co-p with one (preferably) independant insurance provider at a fraction of the cost.

Any help appreciated.

djav

I got a 5K loan from barclaycard over 2 years. I'm wanting to cancel the payment protect on it. Have rang barclaycard every friday for the last month saying i want to cancel. Every time i'm told they're are going to send me documents out and should arrive in the next 5 working days. I'm really sick now as i have had to pay another PPi installement and it is looking like i'll have to pay decembers as well!!! I really don't know what to do i'm sick of getting past from pillow to post. Can anyone suggest what my next course of action should be? I'm considering sending them a letter saying that "unless i receive what i have requested in the next 14 days i'll assume my loan has has been canceled and i dont have to pay the remaining balance" (like that'll fly). Dare bet if i miss a payment they'll be in touch a hell of a lot sooner that a month!!!

Thanks in advance

David

Mizen79

Hi people, wondered if anybody could help. I have a Lloyds loan which is about 350 per month, plus about 90 per month for the PPI, which I realise is WAY too much after looking around this site. If I wanted to cancel this PPI, I understand that (with Lloyds) I would need to take out a new loan- but is it correct that they should give me the same interest rate as I currently have? I did try cancelling a few months ago, and it didnt look like it was worth doing because the interest rate was so much higher than originally.

notomonkeys

Always check wot u sign *sigh*
just thought i'd check the ppi on my loan policy, gr8 i thought, they've mis-sold me it for 4 yrs instead of 3yrs. doh!
looked at contract for loan it's for 4 yrs. i expressly asked for 3yr terms and thats wot i thought i'd got. :mad: doh! doh!! doh!!!
anyways...the figures

£2550 for ppi
monthly ppi premium works out at £54
2nd year into 4 yr policy:mad:
premium refund if i cancel at this stage 25%

loan and insurance are both with unwelcome finance.
is it worth even bothering , this has just got me more depressed:(

Bubbles67

New to all this. Have just checked my Virgin/MBNA loan taken 3 yrs ago. At the time I was called by them as a result of an on-line application and advised by the caller that due to the high level of borrowing requested I MUST TAKE PPI and it was not an option. Not knowing any better I agreed.........what a fool....:mad:

Have written my first letter to MBNA but not sure if it's worth it as it is
a BANK and the offer letter states that 'I chose the PPI and I should sign
and tick the PPI section of the agreement to avoid any delays in fund transfers'.

Is it worth it? Anyone? Help !!!!
Wanna be debt free.........