Lloyds TSB Loan PPI

Fruitloops

Just got off the phone and told I cannot cancel due to the standard 30 day claus blah blah blah:mad:

And that the only way to do it is refinance my loan without the PPI!

HEEEEEEEELP!!!

Comp0

I have a LloydsTSB loan with PPI as well and I have had the exact same conversation. Advice on this is appreciated

Fruitloops

Anybody? Please?

Should I use the template letter and give it a go or shall I do the refinance my loan thing? Anyone dealt with Lloyds in this situation and got it sorted?

HeWhoDares

It's possible to do, but it might depend on how far you are out of the 30-day period.

I was out of the 30-day period, but only by about two weeks. I phoned the bank and said that I'd been on holiday for a fortnight and heard about PPI while I was away, and decided to cancel on my return, which was the day I called (this was a bit of a fib - I hadn't been away, I'd actually read about PPI on here and decided to cancel)

I had to be firm, but they ended up saying that as I'd been on holiday, they'd let me cancel my PPI as I was only just out of the 30-day period. That call saved me around £6,000!!

They refunded the PPI back into the loan, thus reducing the total amount repayable by £6,000. The monthly payments remained the same, but the repayment date reduced by 18 months.

Good luck!!

Fruitloops

Thanks for your reply HeWhoDares....

I'm out of the 30 day period by miles so I can't try that trick:D ah well!

Anybody else had success way after the 30 period?

And also.... any advise on the refinancing bit would be much appreciated too as I'm hazy on this!:D

Astaroth

Need to get the early settlement figure from them and then look for loans elsewhere for this amount.

PPI can be built in and therefore cannot be cancelled (they will have a separate loan contract/ product for without PPI) without changing the whole loan.