Egg Loan

James240

Hi guys i have unemployment and life protection on my loan is it worth me getting these taken off? If i do take these off will i have to start a new loan or will i be able to make the payments minus the PPI??

Any help would be off great use

cheers guys

debtbuster2K5

Hi,

I personally would not pay any protection on any loans as it rarely pays out and is generally poor value for money.

However, with that said you need to consider your own personal situation before cancelling it.

And remember you would also be able to add the monthly cost of the ppi to your snowball to reduce the debts quicker.

Regards

mrcow

Ditto to above

It's a personal choice. Get rid of it by all means....but make sure that you put the extra money towards paying off the debt quicker

I think with Egg that they will cancel if you call them and ask? So give it a go.

Please let us know what you decide and how you get on.

James240

Thanks Debtbuster2k5 will take your advice on board, thanks for replying at such a late hour cheers mate

James240

hi mr cow thanks to you as well must have just missed ur post as we posted at the same time will give them a call either tommorrow or sunday and see if i can get this taken off, will let you know what happens Mr cow thanks again

Alassa

James240, hope you managed this OK. I did this with Egg, just called them up and did it over the phone.

xela_17

Alassa wrote:

I did this with Egg, just called them up and did it over the phone.

Has anyone had a similar good result with HSBC? I have a loan from when I didn't really know what PPI was and I really want to get rid of it (about 2 years remaining on loan). It is a graduate loan and really inflexible. Any rays of hope from anyone?

comicmankev

I couldnt beleive the MSEers could save me another penny, until I found that my Egg loan had PPI on it! I cancelled it immediately and my repayments dropped by £80 per month!

I am well happy, and these extra funds should go quite a bit towards snowballing down the rest of my more expensive debts.

THANKS ALL!

LearningToSave.

yep another one here!!!
cancelled my ppi just by ringing them up and asking and payments dropped by £40 a month for me.

pinkfluffybabe

Do they give you hassle about taking it off? i was going to do it and then I was a bit concerned they might do that advice bit where they tell you that you really really need it.

Also, does it matter how long into the loan you are?

Thanks
Christine

LearningToSave.

pinkfluffybabe wrote:

Do they give you hassle about taking it off? i was going to do it and then I was a bit concerned they might do that advice bit where they tell you that you really really need it.

Also, does it matter how long into the loan you are?

Thanks
Christine

hiya,
we were worried they might but they just did it!! the only question we were asked was wether we wanted the payments to drop and term of loan remain the same or the payments to stay the same and term of loan shorten........we chose the drop in payments.i dont think it does matter how long you've had the loan as when we took it out the very helpful lady on the phone said her system was only allowing the loan with ppi but told us once we had the money we could just ring up and cancel it at any time!!!
we took the loan with egg in the first place as they are so flexible.