Halifax Loan Payment Protection

pigsmightfly

Hi there,

I am trying to sort my debts out and sat down the other night and listed everything I pay out.

I then sat and had a look at certain things that I could cut back on etc.

I currently have a loan with the Halifax including Payment Protection. Wilst I think payment protection is good to have, it really shoots my monthly payments up so I am barely paying anything off my loan!

I have also found that it can be much cheaper to have a personal payment protection plan rather than a one through the bank.

I contacted Halifax and asked if they could remove the payment protection from my loan account.

Their reply was no I would have to apply for a new loan without payment protection and use my new loan to pay off the current one!

Firstly this will just put my debt up and secondly, I won't be accepted for any new loans anyway because of my credit rating. :mad:

Is there anything I can say to them or are they within their rights to not cancel this?

Any help would be appreciated

oscar52

I just asked A&L the same thing, they said yes, I just had to write to them to request it, they send out a form to cancel it, and thats that (or so they said anyway)

raq

I have had the go ahead on our loan and the ppi was £64.00 per month and I felt the same. Rang Centralcapital back up and they where more than happy to remove this protection. No questions asked. great