Northern Rock

GOLFER

Hi all

Im about to take an unsecured loan for £22000 @6.9%

I have been accepted and had PPi at the lowest level. this is adding an extra £30 per month to my repayments.

Whats the best approach should i send back agreements and try and cancel PPi after loan set up or cancel PPi before i agree to the loan?

Basically i dont need the PPi but my question was if i cancel after signing the agreement do they just amend the DD and send out a new loan agreement or do i need to reapply for a new loan ?

hope this makes sense

i would prefer to keep paper work to a minimum so whats the best way to do this.

Rafter

Call them up and say you have changed your mind.

They cannot amend your rate then.

You have a 14 day cooling off period once the loan is taken out, but probably more paperwork and stuff involved then.

If they give you a hard time, tell them you have found the same cover for £5 a month elsewhere and they cannot by law make the loan conditional on you taking the PPI or they will be breaking the Banking code and Consumer Credit Act advertising and other regulations.

Good luck.

R.

GOLFER

so you think my best bet is to get the loan started then cancel the ppi in the 14 day cooling off period. they will then in turn send me out a new agreement and amend my direct dedit mandate.

Rafter

No - call them before the start date and get the paperwork changed to remove The PPI.

Easier than having to amend once the loan in running and ensure that they don't take the wrong repayments etc.

R.

sharger

Hi

Just got £22500 @5.8% with NR. They asked me if I wanted PPI, I said no. They pushed for about 5 mins.... I said no thankyou. They said ok we'll put paperwork in post, arrived next day signed and sent back with 3 payslips. Two days later funds in my account.

Fantastic Serviced:T