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Cancelling Insurance on a Debt -DMP Creditor said No ??????
coochycoo_2
Posts: 15 Forumite
Hello Fellow DFW's
I need to pick your brains please!
I am cancelling the insurance part of our loans with our creditors as advised by Payplan. This will help the amounts owed decrease quicker - makes sense seeing as it was to pay them if I was out of work cover etc.
There were only two loans which had this cover and I have had opposite responses:
Nationwide - Sent me a chq for £1370 even though I am half way through the loan and just entered into the DMP with them.
Alliance & Leicester - Said no I can't cancel as I am in arrears (I have made a token payment and they have had the first payplan instalment as well). They said it was agreed as full term of the loan and so as I am in arrears they can not possibly cancel the insurance.
Can A&L do this?
Also I am scratching my head as to why I have had a chq from Nationwide? The money will be thrown at the debt if it is rightfully mine.
Has anyone exerienced this before?
Ohhhhhhh its never straight forward is it!
I need to pick your brains please!
I am cancelling the insurance part of our loans with our creditors as advised by Payplan. This will help the amounts owed decrease quicker - makes sense seeing as it was to pay them if I was out of work cover etc.
There were only two loans which had this cover and I have had opposite responses:
Nationwide - Sent me a chq for £1370 even though I am half way through the loan and just entered into the DMP with them.
Alliance & Leicester - Said no I can't cancel as I am in arrears (I have made a token payment and they have had the first payplan instalment as well). They said it was agreed as full term of the loan and so as I am in arrears they can not possibly cancel the insurance.
Can A&L do this?
Also I am scratching my head as to why I have had a chq from Nationwide? The money will be thrown at the debt if it is rightfully mine.
Has anyone exerienced this before?
Ohhhhhhh its never straight forward is it!
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