Wizzbang

Any suggestions as to whether of not I should cancel the PP on my loan, I have always shelled out for pp in the past but have never even come close to even thinking about claiming. I'm starting to think that i should ditch it, but am a little unsure.

Opinions/experience please


WizzBang

JamieMacdonald

Alright Wizzbang,

Where are you in Pompey? Got a Scoob?

I've always had payment protection in the past but definitely won't get it in the future. It's a bit of con, as I thought it would continue repayment of the loan if you lose your jobs etc. which it does, but you still have to pay the insurance company back for any payments they make while you're out of work as it only 'covers' the repayments! Most people probably realise this but I didn't...

Really not worth it IMHO, but unfortunately the loan I took out with Lloyds TSB does not allow me to cancel the payment protection [img]images/smilies/mad.gif[/img]

Jamie (wasting £30 a month on PP that I will never need [img]images/smilies/mad.gif[/img])

Wizzbang

Cheers for the reply Jamie, I live in Havant so thats all but in Pompey, but no scoob, always gone for something different, just finsihed ownership of a couple of GTi-Rs that you may have seen flying around the area. It looks like I'll ditch the pp so I can afford another performance car, think I might try an MR2 turbo next methinks.


WizzBang

MattN

it's a complete waste of money.

There are different versions. As said above on some you need to repay the insurance company, which is stupid (if you claim off your car insurance you don't have to pay them back do you! Although you kinda do with £££££ next premium).

The other kind meets the minimum repayment for you. I recently had a conversaion with a credit card company about it.
The best bit was this, on my balance the protection would have cost £48 a month. My minimum payment was £23. Hmmmmm they didn't even know what the CCA of 1974 was!

fatherpierre

It's just another way of bank staff making up their bonuses.

I took a loan out a couple of years ago over the phone and said definitely didn't want PP.

Guess what? The sly cow had stuck it on and I'd paid 5 months of the loan before I realised.

Got it fully refunded after making Nat West get the recorded conversation listened to.

P1Fanatic

When I took out my loan for the scoob Natwest said if I asked for PP it would more than likely go through but I could take it off afterwards which I did. The diff was £380ish per month rather than the £325 I know pay - my maths is poor but over 4 years that is a hell of a lot of wonga!

Only reason Id need it is if I was made redundant and if that happened I think the Scoob would be first to go anyway.

Simon.

JamieMacdonald

Hi Wizzbang,

I work in Havant, have seen a few GTiRs around - one guy who works in Havant (black) and I've seen a Red one near where I work a couple of times.

You might have seen me around in my Green Scooby?

J

Wizzbang

Where abouts dya work then Jamie ?? I used to have both a red and black pulsar, so chances are the red one was me(never seen a red one around this way ever), green scoob you say, ill keep an eye out.


WizzBang

JamieMacdonald

WizzBang - YHM