Loan Insurance
I want to cancel loan insurance, but I’ve been told I need to take out a new loan. Is this right?
I took out a loan last year, and this included insurance. I then wrote to the company a few days after receiving my policy and cancelled the insurance. The loan company now tell me that as I haven’t paid the insurance I’m in arrears, and I need to take out a new loan (nearly a year later) to cancel the original insurance. All I wanted to do was continue the original loan, but not with the insurance included.
FSA rules are often quoted as a right to cancel, but just what are these rules? Can someone quote them?
Yes, it could be true that your contract does indeed require you to carry insurance and that they can enforce that clause.
It is criminal; just another scam perpetrated by the rich to screw the poor. But once you sign the contract they have you. Sorry to deliver bad news, and I feel for your plight. Believe me, you are not the only person to be misused this way. The practice of demanding insurance is unethical and usurious. I believe it should be outlawed. So long as the rich make the rules, and the poor are kept in the dark, these abusive practices will continue.
Depending on your circumstances you may have some legal recourse. Only a proper barrister can help you with that.
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