Can I cancel my Loan Insurance Protection on a non-cancellable agreement loan??

Please, someone, tell me that I can and how I can cancel this rip-off agreement! Also, the rep said if I cancel the insurance protection the APR of the loan will raise from 8.9 to 12% - Please, tell me this is not so. If this is an agreement, the APR should be agreed between me and the bank as well.

I wouldnt mind betting that you can cancel the insurance but youl lose the loan or to get stuck with the higher rate of interest. You be better off applying elsewhere for the loan now you know what to watch for.

Most of these things have a cooling off period.

When i banked with Natwest they tried to sell me overdraft insurance (luckily after the overdraft had been operating for a while) and that was just a ripoff as well. Just another monthly payment on top of bank charges etc etc etc.

I really hope there's a cooling off period, and also that the loan insurance protection agreement (not provided from my bank but via it) is separate from the loan agreement with my bank.

Reading through the Consumer Credit Act:

ft019.pdf

The loan agreement, if face-to-face and signed on the premises is non-cancellable under this act... scary stuff.... But I hope that the insurance protection is separate and not obeying under this act as well.

Still wondering if I can cancel it though... Won't be able to sleep tonight... wasting £4-5000 on this crap under a period of 5 years is not a pleasant thing to look forward to!

l> Please, someone, tell me that I can and how I can cancel this rip-off

The loan agreement, if face-to-face and signed on the premises is non-cancellable under this act... scary stuff.... But I hope that the insurance protection is separate and not obeying under this act as well.

Still wondering if I can cancel it though... Won't be able to sleep tonight... wasting 4-5000 on this crap under a period of 5 years is not a pleasant thing to look forward to!

And the banks whinge when people cant pay debts and complain again when events like this can force people down the bankruptcy road etc. Just wait and see if they are as helpfull when you ask for help as they were when they were selling you insurance.

90 a month is just more commission to the bank manager so he couldnt care less about how difficult it might be to you later or even how fair it is. Managers are just sale reps now. Computers make decisions and the manager sells. Best of luck.

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Just had a thought. Insurance is not a contract. while u pay your insured and if you stop payments your not. Have a look at the small print and see just what its really worth to you as in practice you may not be able to claim anyway. If thats the case just stop the direct debit and the money saved will hopefully make up some of the extra interest on the loan that youl get stuck with.

Well, I had a look at the small print and there's 2 sections within it. First of it mentions that cancelling the insurance protection will cancel the insurance protection loan as well (the bank pays the premium and then lends premium amount out to the policy holder). Secondly, it mentions that although charges and fees may be announced that is payable by the customer which is not described at the moment, it will exclude interest rate rises. So I sent a fax mentioning both the clauses: I want the policy cancelled (they will then cancel the policy loan to me), and that no interest raise charges is to be incurred. So I hope that's it!

Ok, if they cancel the whole agreement, I will go somewhere else and settle the amount remaining (as the rep was using the loan to clear a credit card of mine held with the same bank).

For anyone else out there... beware though! Apparently Office of Fair Trading is investigating the insurance protections and will come with a report at the end of quarter 4 this year.... Good riddance to this sh*t (hopefully).

Hope it goes well. If you got accepted for one loan then youl be good for another, youl be a lot wiser now. You might even have second thoughts about a loan to clear a credit card anyway and save some possible grief. Lot of sharks out there beware.