MINT Loan - PPI

Cz420uk

I have just been on the phone for 58 minutes to go through a loan application.

I have been accepted in principle.

I asked for £5000 over 48/mths and she came back saying it would be £148.25/mth. I realised this must include PPI so I told her to calculate it without it. She said it would be £125ish/mth so I asked for this.

She then questioned my current situation saying if I was on sick from work blah blah blah then statutory work pay wouldnt even cover the amount of the loan etc etc.

I still said I dont want it and she basically would not let me go any further until I agreed to it.

She said I probably wouldnt be accepted if I didnt go with it as lenders are insisting on this these days. She said if I go with it then its almost certain I will get accepted.

I agreed to go with it but now im really regretting it.

Is this true what she was saying or utter rubbish? I am really needing the funds asap and havent got time to waste RE: new applications without it.

Please advise

nichart20

Hi I got a loan a few months ago and the person on the phone was the same been really pushy with ppi, If you really dont want it phone them back and ask them to put the application through without. I think her saying that if you dont take it it may decline is wrong because it has done what she wanted it to make you worry and buy the ppi
nic x

Kavanne

You've only been AIP, no loan has been drawn down for you yet so phone back and ask them to reprocess it without PPI. Just keep saying 'no', if you object with a reason they will try and overcome your objection.

Whether or not you take PPI will not affect the outcome of your loan app.

Stella1971

Wait until they send you the agreement, there's an option on there to remove the PPI,
that's what I did.

Cz420uk

Thanks for your advise people.

It was playing on my mind soooooo much, so I rang them back and told them I didnt want it under any circumstances and if I got rejected then so be it.

Ive now been accepted for £123.02 over 48/mths instead of £148.25/mth over 4 years saving £1211.04 - well worth the phone call!!!

"accepted in principle" - does this mean I am guarenteed it. Everyhting I told them is 100% correct so no reason why I shouldnt be.

dannynixon

No, it does not mean that you have been guaranteed a loan, just as kavanne said, no loan has been drawn down for you.

I think at this stage, they will be waiting for it to go to the underwriters