Useless Loan Insurance

Fruitloops

Can anyone help me or point me to a previous thread regarding cancelling insurance I pay on my loan?

To me it seems pointless as when I've tried to make a claim when I really needed it in the past... they came up with ridiculous reasons for why I couldn't use it... so I then ended up getting into arrears as I couldn't pay in full for a few months.

that was a while back anyway... but I'm thinking of cancelling the insurance to bring down my monthly payments.... any advice would be much appreciated!!

scotsgirl_3

read the t&c's carefully - you may find that once you have claimed ( even if unsuccessfully) they won't let you cancel. It does totally depened on the policy, bt i have seen ones with this

Astaroth

Without knowing their "ridiculous reasons" it is hard to advise. With most policies you can cancel as long as you havent made a successful claim

Fruitloops

Thanks guys....

Well I tried to claim because the place I worked at closed for a few months for refurbishment... and I was unpaid but still had a job to go back to. I tried to claim and was told I couldn't as my job was temporary... which it wasn't.

So anyway I didn't bother. That was ages ago now and I've sorted myself out financially with the loan anyway.... so I'm on track... but just thought maybe I could cancel the insurance now.

Will take a proper look at the t & c too...........