Looking for advice re: PPI's (Fret?)

[longtallronnie]

I'm in the process of applying for a loan with my bank, Lloyds TSB for about £11k and just wondering what the law is regarding payment protection.

Thing is, I'm self employed so the chances of it ever paying out are stacked against me and it's fecking expensive so...

Can they insist I take out their policy?

Can they refuse the loan if I don't?

If I do take it, can I cancel shortly after without affecting the loan itself? (thought of doing this to avoid potential problems with 1st two questions)

I vaguely remember reading that as of 2010, banks are supposed to wait 7 days after the loan's agreed before even trying to sell PPI, to allow you the oppurtunity to shop around for a better deal. Is this true?

The fella I've been dealing with has never mentioned PPI or how much it is in any of the quotes I've been given. I've had to ask for breakdowns, which I think is wrong but I'm resisting getting shitty with them as they could always find another reason to refuse the loan.

On another related note, has anyone made a claim for previous PPI's? More to the point how has it affected subsequent loan applications? I've got a pretty good relationship with my bank, my business banks with them too but I can imagine them being less than willing to help if I were to claim. FWIW I'm not planning to, just wondering.


Any advice would be appreciated.


Or failing that, can someone lend me £11000? Interest free natch.

[minky_monkey]

Whenever I've taken loans, and the last one wasn't much less than yours, I've not taken PP for pretty much the same reasons.

The only thing that it would cover me for is injury, and you'ld have to be off for so long before you got a payout, it would have to be something pretty major.

I've never been refused finance.