Halifax visa payment protection

TCannoyed

Can anyone advise me please. I currently have a Halifax Visa card. I usually pay it off without interest. I have payment protection but dont feel i need it. Does anyone know how i cancel it?
Might save me a few quid if i stop it.

Thanks

grumbler

Credit Card Repayments Cover => conditions of use.:

You may end your cover at any time by telephoning 0845 600 1191

YorkshireBoy

"We renew your cover monthly, this means after the first 30 days, your cover may be cancelled by you giving us 30 days notice in writing or us giving you 30 days notice in writing that we will not renew your cover. We will pay any valid claim received before the end of notice period.

See Section 11 for more details about this."


Section 11 says...

"You may end your cover at any time by telephoning 0845 600 1191. You will not receive a refund of any of your monthly premium."

http://www.halifax.co.uk/creditcards/ccrc_terms.shtml

Rafter

Ring the money saving bell!

You were just paying them the equivalent of 10% APR for your payment protection even though you weren't really borrowing any money.

If you are worried about how you would pay your statement if you did lose your job suddenly or were taken ill, it is much cheaper to buy a income protection policy from an insurance company, rather than taking out a credit card or loan policy.

It is also possible to 'self insure' buy maintaining a savings buffer to cover you if you did suffer a loss of income.

Remember though. This is unsecured debt. If you really did fall on hard times or become critically ill your house or other assets are not at risk.

If you spend £250 a month on your card you have just saved yourself about £25 a year.

R.