Useful tip re: payment protection cover

Bumbelina

I've just phoned up to cancel my PPI on my MBNA card because I was paying 72p per £100 and am self-employed so thought it was a waste of money. Am currently paying £17.58 per month on my balance, which I thought would be better spent on reducing my debt. The policy covers unemployment, accident/sickness, carer cover and death. Anyway, the guy told me that he could reduce my cover so that it only applies to accident and illness and would only cost me approx £7 a month instead. Apparantly that is not open to new customers - you have to take out the whole cover to start with, but then they can tailor it to your needs. It's not something they advertise.

I thought that was worth sharing with you, in case other cards do the same thing.

Stonk

Cancel it completely. Chances are they'll wriggle out of paying out anyway.

It's another £7 you could be paying off the balance.

super_mario_4

dont bother with it at all! i used to sell it on loans and its overpirced. go to payprotect.co.uk i think martin gives them the thumbs up. i checked on there and for £600 of cover which covers all your bills against unemployment and sickness its £15 per month (im 25), however to cover a £600 loan pmt would cost £130