Ppi

mi33cupc@ke

Hi all, just need some quick advice. I've been trying to find a get a cheaper loan to pay off my Lloyds TSB loan which is currently about £17k @ 12.9% !! However with a credit score of around 650 I don't think I'll have much luck. I'm not interested in taking out PPI, however would I have more chance of being accepted and getting a lower APR if I took the PPI? Could I then cancel it afterwards? Or does it depend on which lender I go with? I'm specifically looking at applying to Northern Rock.

Many thanks

edsteruk

jools02 wrote: »

Hi all, just need some quick advice. I've been trying to find a get a cheaper loan to pay off my Lloyds TSB loan which is currently about £17k @ 12.9% !! However with a credit score of around 650 I don't think I'll have much luck. I'm not interested in taking out PPI, however would I have more chance of being accepted and getting a lower APR if I took the PPI? Could I then cancel it afterwards? Or does it depend on which lender I go with? I'm specifically looking at applying to Northern Rock.

Many thanks

Hi there,

Each lender obviously has its own policies - I have heard before of people being told they should take the PPI to be accepted for a loan.

I think the PPI for a loan is different to PPI for credit cards as in that its not so easy to cancel because it's built into your monthly payments equally rather than at a reducing rate I believe (dont hold me to that though!)