Loan Payment Protection? Hi all, I own loan with Lloyds. Its lb4,000 over 4 years.

Hi all,

I own loan with Lloyds. Its lb4,000 over 4 years. I took it out around a year ago.

If I shift into Lloyds do you think I'll be capable of remove the payment protection?

Im a short time ago asking before I budge in as I want to give the impression of being like I know what im discussion about/my rights before they lately say no.

The rationale I want to remove it is because its added loads on my repayments, and I now enjoy the security to cope short it.

I would really appreciate some kind support here.

Thanks no problem the trouble with loan protection is near is always a clause so they do not own to pay you.as you articulate you are better of with out one.

If you want it removed they hold to remove it, they can't make you hold it. With any payment protection other remember that it's optional, so you it's entirely up to you if you own it or not.

Answers: Loan protection can often be built into your overall payments so, if you wish that you no longer require the protection, LTSB may not be able to lately cancel the cover. It may require a modern loan being taken out which would be at a lower monthly repayment numeral.

The overall cost of the payment protection can sometimes be built into the total cost of borrowing (for example, the amount you borrowed PLUS the interest you would clear PLUS the payment protection element).

It's not similar to payment protection on a credit card which can be cancelled at anytime.

Good luck.

Yes, I don't cogitate they can refuse. Take a look at this website, it should endow with you info about your rights - apposite luck!

http://www.moneysavingexpert.com
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