Cancelling PPI on a loan in a DMP

Lucysauntie

Hi All

I posted this question on the DFW forum but had no replies so wondering if anyone here can help me.

I have 2 loans, one with Lloyds TSB and one with Sainsburys, both of which have PPI. Due to a change of circumstances at work, my hours have been halved and thus my salary too and increasing debt has meant that I have had to take out a Debt Management Plan with the CCCS.
Now that I am in this plan, the insurance is obviously of no use to me,and I was unable to claim on it as was not actually made redundant.
I have contacted Lloyds this morning but was told about the 30 day cooling off period etc etc.
I just wondered if anyone here has been in this situation or if anyone can advise me.

Many Thanks

Astaroth

The protection would still be there if you were made redundant/ sick/ dead so if you thought it was worth while before it may still be so now.

Some policies cannot be cancelled after the cooling off period and so the only way to remove it is to refinance the loans with a new one without PPI however PPI can be front loaded in premiums terms so it may not be cost effective to do this as the savings may be very minor compared to the continued cover.