Can I cancel PPI on existing loans and mortgage

BonnyClyde_2

Hi,
I am wondering if you could help, can you cancel PPI on existing loans, they are with Lloyds TSB, I have 2 loans, 1 that has 2yrs left and 1 which has 3yrs left. Both were 5 year loans. I am finding so much out that these ppi are not covering me for what I thought. So I have been looking at a insurance policy that will cover me called Mortgage and Lifestyle cover. Can I cancel my mortgage protection too.
Also will it reduce my monthly payments?
I need to make sure I am covered as my husband is now regstered disabled and I am paying all the bills. Last year we found out what PPI did not cover when we had arguements with his loan suppliers.
Any advice will gratefully received.

amersall

Hi there,cancelling the ppi on the loans will not reduce your payment, the ppi after they take off a small rebate will be on the loans to term end.
Not sure about the mortgage, but Dunstonh may be able to help you with this.

If you have not put a claim in for mis sell then look here for reasons (on the loans) you may have been mis sold if any/all apply to you then put a claim in.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

If you win mis sell then the whole ppi will be taken off your loan, reducing the balance, your monthly payment of th eppi will come off your monthly payment and you will get ppi paid to date back to you with interest.

BonnyClyde_2

Thank you for your response. So the length of the loan will be reduced if I cancel the PPI.? Yes I have definately been mis sold, when sold it was part of the loan and did not explain what it covered. So will be making a claim.

amersall

If you cancel you will be no better off, the ppi is still on the loan.
If you wait for your mis sell to be sorted, then if you win you will be better off as the ppi comes off your loan, the term remains the same but the balance goes down and your monthly payment.

Dont cancel yet, wait to see if you win mis sell.

BonnyClyde_2

amersall wrote: »

If you cancel you will be no better off, the ppi is still on the loan.
If you wait for your mis sell to be sorted, then if you win you will be better off as the ppi comes off your loan, the term remains the same but the balance goes down and your monthly payment.

Dont cancel yet, wait to see if you win mis sell.

Sorry to be a pest. Have you a letter that I could use to complain to Lloyds tsb about missold ppi. How do I go about it or do I use a company to do it for me

amersall

BonnyClyde wrote: »

Sorry to be a pest. Have you a letter that I could use to complain to Lloyds tsb about missold ppi. How do I go about it or do I use a company to do it for me

You are not a pest and i am glad you have asked for help as you can do it on here for free with our help :Dand we will not take a % of your win like a company do jusst for filling out the letter on this site and posting it

Link here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You will find the template and everything you need to know about claiming, if you get stuck just yell x.

amersall

Just to add you could ring Lloyds as a few on here have and they have taken the claim over the phone, let me know how you get on.