Hi anyone,

I took out a loan 3.5 years ago with inclusive payment protection insurance; I make one payment a month that covers both aspects.  I have bought a house recently and have a good income protection/critical illness policy which is now making me question the need for the loan payment protection as well.  I want to cancel the loan protection policy but do not know if this is possible because I only make a single payment to cover both not separate loan and separate payment protection.  I can't find my original signed loan documents to know where I stand.  I still have 2 years left of repayments to make and do not want to pay loan protection anymore if it is unnecessary.  Can it be cancelled or is it a done deal, does anyone know for sure????

icc.chef

Hi Icc Chef

Assuming that the payment protection Insurance was not manditory for the loan application you should be able to cancel it. Contact the loan company and inform them that you no longer wish to have the insurance cover and go from there.

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Graduate of the university of Life - fully paid up member!

Hi webfred,

Thanks for your advice, I called the loan company explained the situation they were really helpful they cancelled the loan protection without any difficulty. They re-calculated my loan at a 1% lower APR saving me about £25 a month.

Thanks again

icc.chef ;-)