PPI on loans

saintly_2

I heard an advert on the radio this morning about being misold PPI on loans and there is a company that can help claim it back.

I dont really understand what it meant so need a bit of advice..

I have protection on my natwest loan that i took out a year ago, this protection has obviously bumped up my payments a bit and added a lot onto the total. Am i able to take this protection off or what???

am just so confused

lavender_girl

I know where you are coming from PPI is a nightmare isnt it - My husband is in the ame postion but had loan alot longer. Any suggestions anyone?

Rafter

PPI is missold if you aren't told that it won't apply if you have an existing medical condition or if you are self employed and various other exclusions.

It can also be missold if you are told it is a condition of getting accepted for the loan, as it is a totally separate insurance policy for your benefit and not for the bank! They just love it cos it makes them much more money than the loan does.

You can take it off but they have to reissue your loan and are within their rights to price it at todays rates or offer a higher rate if you are now more risky than when you took the loan out.

If you have had the loan a long time it is rarely worth cancelling ppi - if you have had it a short time it may well be worth cancelling and getting a refund.

If you really want insurance you can buy it for a fraction of the cost from an insurance company rather than a bank.

If you think you have been missold use sites like this to claim. The 'ambulance chasers' claiming to get £1000's back are mainly interested in secured loans and will take a big cut of any refund.

Good luck.

R.