can i pay off

desperatehousewife_3

HI ALL

I am new to the site,and would welcome any advice from you.
i have a loan of £12000.since looking at this site has had me reaching for my paperwork,and to my horror,found i am paying £3347.79 on top of that for repayment protection insurance.is there any way round this that i can change to another loaner,or is it possibleto pay this off early and not be penalised.

HELP

THANKS

thesaint

It all depends on the company you are using.

They will not like it, but ask a direct question, do not let them waffle.

Rafter

As you don't suggest that the cover has been missold your only option is to cancel your policy and to be at the mercy of your loan companies refund policy.

If you have had the loan for a while, you may not get much premium back and if it was a really dodgy 'single premium' policy added up front (which yours sounds like) then you may get nothing.

As thesaint says though, only way to find out is to call them up and get some more details, then post back here and someone might be able to give you some ammunition to negotiate with.

Good luck.

R.