Lloyds loan PPI

[GASS]

Hi All

Back end of last year (October) we took out a loan with Lloyds Tsb for £5000 over 5 years, they put the Loanguard on and told us that we had to cancel it within 3 months if we did not want it.

Only problem is the loan was due to start 3 months after we took it out. and it was unclear when we had to cancel, what I mean is do we cancel 3 months after we had the money OR 3 months when the loan repayments started.

So we opted for the later and sent a letter stating that we would like to cancel the loanguard (hubby went self employed in December so would not benefit from it any way) We had a two line letter saying we should have cancelled within 3 months of getting the money and it is now too late.

Are we still within our rights to cancel this if we do not want it. It puts approx £30 a month on top of the repayments.

Any advice would be great

kind regards

GASS

[GASS]

***** Can any one help please******