Payment Protection Insurance Problems

davidac_2

I currently have a personal loan with Yorkshire Bank and having realised how much the Payment Protection Insurance and interest on that is ultimately going to cost me I am trying to cancel it.

The delightfully helpful people at the Yorkshire Bank :rolleyes: tell me that I can't cancel this now as I've had the loan for more than 30 days and I would basically have to get a top-up loan and refinance with a new loan without the insurance to solve the problem! I don't want a top up!!:mad:

Can anyone help with solutions? Has anyone had similar problems??

regularsaver1

Basically you had a contract with insurance

to now cancel the insurance, you must take a loan out with out insurance , as they simply can't cancel one part of the agreement

I think the word top-up is the wrong phrase, as you won't be borrowing extra, but interest rates might have changed, and depends on credit score

Rafter

As you haven't been missold I'm not sure what your options are.

Presumably there is an early cancellation penalty payable.

They are dragging their heels though because they know how much profit they make out of a loan with insurance.

Is your credit rating good enough to get the same loan elsewhere? Otherwise they seem to have you over a barrell.

R