Thread: What type of payment protection?

I recently took out a large consoladation loan with my bank lloydstsb.

Obviously they included the PPI insurance with the loan that covers me for sickness, unemployment and death. This cover is almost a quarter of the monthly payment of the loan which is huge.

I only really need something to cover me should i get ill or unemployed to ensure i dont miss a payment not pay out the full loan figure should I die! Whilst this would be nice its unneccessary, would I be better finding a payment protection insurance from somewhere else. I have had a quick look online and i can get something for around £20-30 for the monthly figure i need to cover.

Any suggestions would be welcome?

Cheers,

Amy

Hiya Amy,

It is my opinion that PPI which is sold though lenders is vastly over inflated in Price, you could indeed get it a lot cheaper directly though an insurance provider.

For a start you will not get lumbered with all the interest lenders levy.

I would suggest you start by having a god read of all the stickys at the top of this forum plenty of very good info there to get you started.

Also have a read of PPI in the media at the bottom of the main forum page lots of good news stories there that show just what a rip off the PPI Market is.

Finally if you do decide to go for a reclaim it is something you can do yourself with the help of this Fantastic Site.

Good luck in your endeavour.

Regards

PF

Agree with PF.

And also one of the site team referred to either British Insurers or British Insurance as being very reasonable just in case you haven't already found it on line.

tell me they did not flog you the insurnce at point of sale when you took out the loan

how soon after you signed on the dotted line did you get the funds

They did sell it at time of getting the loan, however I called the bank manager the next day and said i was not happy and he said I am not tied in as its a month rolling insurance. I can just cancel it when I get the letter through.

Im happy with the loan and have the funds now, however I will definately look for a better deal, probably with British Insurance as they seem the cheapest.

Thanks for your help, I had no idea this was such a contraversial topic!

PPI or any micky mouse insurance can not be sold at point of sale on the loan any more

it was brought in to stop companies saying its a condition of the loan to have ppi

if its on the agreement and you were not given a 14 day period to accept or decline the ppi, the agreement is crap
end off

agree with postggj and if that is the case u need to make a complaint to the FSA as it was they who changed the rule and im sure they would be very interested