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Stopping PPI
whatshappening03
Posts: 6 Forumite
in Loans
Hi everyone.
This isa my first post so am not sure am doing it correctly. \need some advice. Last year I took out 16,500 loan from LTSB. I have tried to cancel my loan insurance as after reading this site realise it is overpriced and for myself not very useful. Was told I should have a 2700 insurance rebate and that thus the amount I had to pay back was £15895. However I would have to take out a new loan to cover this amount. Therefore the repayments would be £275 per month. Ok I thought (although I worked out that 15895 divided by the remaining term 71 months was not as much as £275 and presumed therefore that they were charging me interest on that amount for the rest of the term- very confused).
However bevcame more confused when I was put through to a girl from retention who said that my outgoings were more than my incomings (which I knew and this is why I was trying to sort it out), that a saving of $50 was not going to help- the amoung I would save through cancelling insurance and advised me to call the Customer Support Unit to try and help me find an alternative. Basically he said nothing more about my request to cancel my insurance but gave the impression that they would not approve a new loan, even through it was for less than I am currently paying back.
Now very, very confused. Anyone had similar experience or know of anything I can do ?
Many Thanks
WH:o
This isa my first post so am not sure am doing it correctly. \need some advice. Last year I took out 16,500 loan from LTSB. I have tried to cancel my loan insurance as after reading this site realise it is overpriced and for myself not very useful. Was told I should have a 2700 insurance rebate and that thus the amount I had to pay back was £15895. However I would have to take out a new loan to cover this amount. Therefore the repayments would be £275 per month. Ok I thought (although I worked out that 15895 divided by the remaining term 71 months was not as much as £275 and presumed therefore that they were charging me interest on that amount for the rest of the term- very confused).
However bevcame more confused when I was put through to a girl from retention who said that my outgoings were more than my incomings (which I knew and this is why I was trying to sort it out), that a saving of $50 was not going to help- the amoung I would save through cancelling insurance and advised me to call the Customer Support Unit to try and help me find an alternative. Basically he said nothing more about my request to cancel my insurance but gave the impression that they would not approve a new loan, even through it was for less than I am currently paying back.
Now very, very confused. Anyone had similar experience or know of anything I can do ?
Many Thanks
WH:o
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