We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cash Loan and Premium Loan?
Chef1980uk
Posts: 226 Forumite
in Loans
Ok, i've spent nearly a week now seeing where i can free up some money. I've decided the best approach is to break my debt in to their own and hope a solution can be found on each part.
First up and for now is my loans. I have two loans and on both i'm paying insurance (the second i expressly said i didn't want it but due to the releif of getting the loan to pay of existing debt i overlooked it when i signed).
The first loan was taken out in 2002. I cannot remember if i agreed to having it insured but knowing how secure my my job is i would of said i don't need it.
The following is two screenshots from the paperwork that shows the monies and part 3 of the T&C's.
Can i stop the barclayloan protection without any reprocusion other than i'm not insured on the loan payment? IF so how do i go about stopping it? ring them up or is it best to see them?
http://img404.imageshack.us/img404/3263/amountoy9.jpg
http://img63.imageshack.us/img63/9932/agreementia7.jpg
My only concern here is the following line that preceeds the loan amounts.
"The Loan is set out in two parts with the premium loan being the single payment to purchase BarclayLoan Protection".
Does this mean i have effectivly already paid the PPL and am now paying it off in a seperate loan (so i can't cancel it).
I'm a little confused with regards to this loan.
MY other loan was taken out of desperation to clear a debt back in 2005. This loan was for £3500 but because i couldn't get a loan from those offering lower APR i took the only one i could get which was with the Household bank (now benificial finance). The APR on this loan is 29.9% and it too includes insurance.
When i got the paperwork home and saw how much i had to pay back i was gutted. With the PPL i have to pay back £12,000+. I am spending tonight hunting high and low for the documents but fear i may of thrown them away in disgust with what it contained. If this is the case am i stuck with what i am paying for this loan?
Sorry for the long post. I really have got myself and my soon to be family in a right mess. Thank You for taking the time to read and respond.
First up and for now is my loans. I have two loans and on both i'm paying insurance (the second i expressly said i didn't want it but due to the releif of getting the loan to pay of existing debt i overlooked it when i signed).
The first loan was taken out in 2002. I cannot remember if i agreed to having it insured but knowing how secure my my job is i would of said i don't need it.
The following is two screenshots from the paperwork that shows the monies and part 3 of the T&C's.
Can i stop the barclayloan protection without any reprocusion other than i'm not insured on the loan payment? IF so how do i go about stopping it? ring them up or is it best to see them?
http://img404.imageshack.us/img404/3263/amountoy9.jpg
http://img63.imageshack.us/img63/9932/agreementia7.jpg
My only concern here is the following line that preceeds the loan amounts.
"The Loan is set out in two parts with the premium loan being the single payment to purchase BarclayLoan Protection".
Does this mean i have effectivly already paid the PPL and am now paying it off in a seperate loan (so i can't cancel it).
I'm a little confused with regards to this loan.
MY other loan was taken out of desperation to clear a debt back in 2005. This loan was for £3500 but because i couldn't get a loan from those offering lower APR i took the only one i could get which was with the Household bank (now benificial finance). The APR on this loan is 29.9% and it too includes insurance.
When i got the paperwork home and saw how much i had to pay back i was gutted. With the PPL i have to pay back £12,000+. I am spending tonight hunting high and low for the documents but fear i may of thrown them away in disgust with what it contained. If this is the case am i stuck with what i am paying for this loan?
Sorry for the long post. I really have got myself and my soon to be family in a right mess. Thank You for taking the time to read and respond.
0
Comments
-
Thought i may of had a reply
0 -
Thanks!!!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards