dpb

A friend was forced to take this up on a largish loan ,maybe 6 years ago ..?

Anyway having been unemployed at several points a request for the requisite forms for compensation was made - but they never arrived ....

My question is can this 'insurance' be stopped ? its a rediculous wedge of the monthly outgoing

Timwinner

iTrader: (3)

It depends on the terms of the loan, There is a chance that insurance is a term or having the loan.
If this is not the case you are allowed to cancel and shop around for third party insurance.

Some high street insurance companies offer loan protection and a fraction of the price, Also works for phone insurance... Its much cheaper if you go third party.

Coffin Dodger

There's a lot of reclaiming going on over the mis-selling of payment protection insurance by loan companies. They may be able to reclaim the whole amount paid out in insurance so far over the course of the loan and in some cases this can amount to hundreds if not thousands

Fill yer boots : PPI Reclaiming Guide: Get £1,000s back on loan insurance...

dazdavies

iTrader: (22)

Isn't there law firms now specialising in getting these charges paid back?

Same as the bank charges thing.

slipstream_uk

iTrader: (1)

oops wrong thread

Terminator X

iTrader: (7)

Check the small print although I'd expect that you can cancel at any time. They won't be happy though as they make a fortune from it (high premium with a team of people enforcing the no pay out policy back at head office ).

TX.

Jamescsti

Surely you mean dip your bread? lol

P1-Brad

Would agree whole-heartedly with the above ... don't use a third party claims company, they will be more of a hindrance than a help.