lloyds - payment insurance cover

mrbrown

hi all,
i have a lloyds gold credit card. i only use it to purchase items over the internet (i believe it gives me better safety that debit card if things go wrong). this is the only reason i use it. as soon as the money had been debited, i pay it staright back from my current account.
i bought a guitar from ebay the other day and noticed 79p had also been debited from my account. it said '79p per £100 spent - payment insurance cover'.
i phoned lloyds regarding this and they said it was to cover me if i couldnt keep up my repayments. i said i didnt knowingly sign up for this facility and can they disable it. the guy got quite shirty with me on the phone and said that if i was ill or couldnt keep up repayments then this would protect me. i said i could see how this would be useful, but not to me as i only use my cc for one purpose and then immediatly pay it off. he very relucantly cancelled this for me and gave me some spiel about what a mistake i was making!
i thought ild get your opinions on this: have i dont the right thing? do i still get the same safety cover (if i buy something misdescribed or doesnt work then lloyds will help me get my money back) as other credit cards?
thanks

jonesMUFCforever

Yes I believe you have done the right thing.
For you making the occasional purchase, the insurance offers no value.

The people who benefit are the ones owing thousands who have no other means of paying back if made redundant or are off sick for some time.

seasidepom

Well said! It can be useful in the right circumstances but the CC companies want everyone to have it regardless of whether it's any use or whether you are actually eligible.

DestroyingAngel_2

It's also called Payment Protection Cover (PPC), or Payment Protection Insurance (PPI). If you have it, it kicks in every time you spend on the card, and it's calculated based on a percentage of what your balance is. In your case, it was 79p per £100 spent.

mrbrown

thanks for your comments guys. ive been with lloyds for 17 years now. theyve done a few things recently that really stink, and they seem to employ truculent 15 year olds in their call centres. im seriously thinking of moving.
regarding this PPC, i never asked for it and it was never mentioned when i applied for the credit card. ive had the cc for about 7 years, and im sure ive never seen this charge before. im slightly suspicious now.

bigbloke45

You did the right thing. This insurance is absolute !!!!!!

You've been with Lloyds far too long, there are much better deals around. I used to be with them, but left about 7/8 yeas ago; shear bliss ever since (and it's much easier now!

Good luck!