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Loan insurance cover

dawn060861
dawn060861 Posts: 85 Forumite
in Loans
My Husband took out a 20000 loan to buy a lorry and a van for his work,he is Self employed, he has the banks own loan cover and it is costing an arm and a leg, can we cancle the cover and take out our own insurance and could anyone recommend a compny that does this.

Dawn

Comments

  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    Part of the Furniture 1,000 Posts Combo Breaker
    Here's a full article on it

    http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1094824697,77411,

    Martin :)
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • clydeman
    clydeman Posts: 5 Forumite
    Follwing Martin's slot on ITV's Tonight prog (12/01/07) on PPI. I have a loan with Northern Rock. I pay £129 pm including PPI (APR 5.9%). When I phoned NR today the settlement figure for the loan is £7825.94 (the full amount with PPI is £12,579)

    I told them I wanted to cancel my PPI. I was informed that I would have to take out a new loan and that the new APR would be 11.9%. This would mean me paying £125 pm without cover.


    Can they do this or should I just be able to cancel the PPI on my existing loan.


    Thanks for reading



    clydeman
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