HSBC loan

SNAKEY2_2

Hi all

as some of you may be aware I am in a mess with money, but I am doing my best to sort it. Anyway last week I asked about cancelling the £49 I pay a month just for the protection of the loan, they just said no, and stupidly I accepted and off I went. However after reading my agreement when getting the loan I can see nothing in writing saying I can not cancel the protection. Is it worth taking this further? Maybe writing to them or something?

Thanks

JasonW_2

You have nothing to lose for trying again. These companies sometimes dont want you to cancel as it's very profitable for them, and there is also the fact that call centre staff usually say anything to get you off the phone. There are some people who make mistakes, but I have had people tell me the exact opposite by immediately asking them the same question in a different way!

I would put it in writing that you wish to cancel, and if you cannot, you would like a copy of the T+Cs you signed. They might actually send you them though, so beware.

JW

Debt_Free_Chick

Snakey

It could be that the agreement is read differently e.g. it could read "You agree to have the payment protection insurance". You would have had an application form to sign, asking you to tick yes for insurance (or tick no, I don't want it). The agreement reflects what you asked for on the application form.

Keep on at them, but just be aware that your "argument" may not hold water. Also, if they do agree to cancel the PPI, they will give you a new loan, with no PPI, to pay off the existing one. Study this very carefully as it may work out more expensive!

Good Luck

Oracus

So long as the loan was taken more than 30 days ago, the protection cannot be cancelled - (it was probably under the time of being governed by the General Insurance Standards Council - which gave a 30 day cooling off period)

If the protection is no longer of benefit to you, it could well be worth closing the loan off, and signing for a new loan without the protection - though you shoudl remember you would no longer be covered for unemployment, accident, sickness or death, and that you would have to pay the redemption penalty of 2 months interest - but dependant on the size of the loan, could still work out quite a bit cheaper.

Hope that helps,

Os`