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Cunning Loan Insurance Cost Cuts Article Discussion Area

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  • Sorry for late reply - just got your message (aren't these messages forwarded to e-mail?)! I did receive and fill-in the standard form they sent out, but my loan was arranged over the phone. Coincidentally I actually got my payments paid into my account today. It took about 3 months for them to process my claim before replying in my favour. It took about 6wks after this for them to process my payment / adjust my loan, so the whole process took about 4-5 months. Rather nastily, I believe that they also got in touch with my bank (stupidly I revealed that I also bank with Northern Rock). Despite having drastically improved my financial situation, they saw fit to cancel my overdraft facility. I wasn't actually overdrawn - but the principle is very underhand. Whilst I was repaying my debts via CCCS for 5 years they were happy to provide an overdraft, now that I have repaid everything and am virtually debt-free, they decide that I shouldn't have an overdraft facility. VERY fishy!! Keep at it and let this be a warning to others!
  • bgarnish
    bgarnish Posts: 41 Forumite
    I have a query. Im with Lloyds and i have a loan of £5000 over 5 years. I have found that i do have PPI, which i don't need, but can not cancel as i would need to cancel the existing loan first. To clear the loan it would cost me £5,244.41 with 47 months left of repayments.
    Can anyone advise me how i can make this repayment cheaper for my self. Im currently paying back £126 a month.

    Thanks
  • barnishroader
    barnishroader Posts: 420 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 25 June 2010 at 11:43AM
    Hi,
    I wanted to ask:
    When obtaining a quote for PPI, is the amount i require to cover the amount i pay each month for the loan or just how much i would like to be paid out?
    It's just i'm not sure if i need to cover the amount for a specific loan or my monthly income.

    I have a 5 year £17500 loan with Tesco and don't think i too out PPI at the time.
    My monthly payments are £382 but if i lost my job i obviuosly have other payments to make.
  • is this thread dead?
    i know it has been a while between my message and the previous but i didn't want to open a new thread for my question when this was already here.
  • I am from outside the EU and have checked the PPI terms and conditions - one of the conditions state you need to register at job centre plus in order to claim the insurance.

    I have checked out the jobcentreplus website and don't see anything.

    Do I need to be from the EU in order to register at JobCentrePlus?
    Debt 1 June 2017: £35,000.00 ~ Debt now: £10,000
  • hi all, can anybody help me with this as i really dont think it is correct!
    took out a secured loan in 2005 for £50k, also took out the ppi with it for £12k.
    after paying for a while deceided that the premium for the ppi (which was £107.57) a month was unaffordable as it made my monthly payments too high, so i cancelled the ppi, when i cancelled this they said that i had paid £2100 into the ppi policy so they would refund this and take £2100 off my balance,
    Called the lender yesterday to get a balance for the account and they said that it was £60k. was very confused as the loan was only for £50k and that was 6 years ago so how can it be higher than the original amount the we took out???

    they said that when we cancelled the ppi the remaining £10k was still added to our balance and it was a ppi LOAN??? and it could not be refunded and we have to keep on paying for £10k that we have not even had or have the benifits of anymore(life and accident ins)

    has anybody else had this same problem as i am very confused how can ppi be a LOAN and when i cancelled it surely we should not be paying for it anymore as we no longer have the benifits eg, life and accident cover, PLEASE HELP as lender is not going to take it off

    THANK YOU X :(:mad:
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