Loan protection Query

hondatrx250

After studying the various options i have been offered a loan of £15,000 at 7.4% this was offered along with a loanprotect.
I have now changed my mind about the loan protect and was wondering If i send the application back with the loan protect bit overwritten with no longer required can they refuse the loan????

stopthespends

just bumping this for you...as im interested tooo!!!

darkcloudi

Previous similar threads I have read on this forum have suggested yes as the agreement was based on the protection. The loan providers can either re-apply for the loan and this may result to a higher rate of interest compared to what you had been offered or not offer the loan at all.

I am aware there is a 30 day cooling off period which allow you to cancel the PPI within this timeframe, so whether you first get the money and then decide to cancel it say after 14 days. I am not sure what problems this will cause. Someone with more expereince may able to help.