Please help im a little dense!

porsche289

Have reposted this over here coz im not sure it was in the right place.
Posted previously regarding my personal loan insurance but after reading another post regarding Lloyds tsb loans im a little confused and concerned.
I took out a loan last October with them over 7 years. I pay a total of £475 per month of which £103 is personal loan insurance at interest rate of 6.3% for the loan.
After reading lots of info on here i realised i could have organised my own insurance elsewhere and saved a stack of money. I got a quote from Ant insurance to cover my loan payments and it worked out at roughly£12 per month.
However after reading the other persons posts re; Lloyds loans they have been told that any savings will be minimal if they cancel due to having to take out a whole new loan. All i want to do is cover my loan payments every month just incase. Can anyone offer any facts and figure on what i might save if i cancel the TSB insurance and go with Ant.
I figured i could save thousands or am i way out here.
I wish i had concentrated more in maths now at school!!

Tiglet

I don't know that much about PPI, so I can't help with the numbers.

Have you read Martin's article about PPI? My first question is do you need PPI at all? Unless they insist on PPI as a condition of the loan, you may be better off without it at all. Also if you're self-employed, retired etc., then unemployment cover won't pay out in any case.

porsche289

Thanks Tiglet, i just got some help over on the loans page.