Payment Protection if in Debt

Gonna_Do_It

I currently do not have Loan Payment Protection, however people (outside this site) have advised that I get it, but I feel like this is just adding to my debt and making it harder for me to pay off!

But then again what if I lose my job or something happens to me, then it would be good if I had it.

I see on this site that people suggest cancelling it or not getting it?

Is this really the right thing to do??

ms_london

See, most people on here would tell you to cancel it, and I have to agree.

A lot of people who have had PPI, me for example, when I lost my job, I found out that is wasnt valid due to my job being temporary (long term temporary albeit), however, this was the same job I'd had when I'd applied for the loan, and the bank manager hadnt advised me of this.

I think it depends on your circumstances, do you have dependents etc.

There must be an article on this site somewhere with the pro's and con's..... I'll have a look.

xx

crossleydd42

The simple question to answer is, "How secure is my job?".

$17mma

Do you have life insurance? If so this will probably cover payments and replace your income should you fall ill, loose your job or God forbid die.:eek:

So if you do have life insurance check to see if you are covered this way rather than paying PPI.

BoltonMinx

Doesn't that depend on what type of life insurance you have ? None of the ones I've looked at so far cover you losing your job, and unless they specifically state terminal illness cover is included, I'd have thought it was just cover if you die ? Just wondering, Im not an expert

Gonna_Do_It

Thanks guys, no I don't have any kiddies.

I only have life assurance with work, don't think that would cover it.

I don't think I will get it, I was just worried in case something did happen to me that my family would be left with my debt to pay (which they cannot afford!)

I may be being made redundant soon as our company is going through a merge, but not for some time and will make sure I have another job lined up.

Thanks

Xbigman

If you search around online you can find redundancy or income insurance quite cheaply, certainly never go through your credit provider. I wouldn't take out this type of insurance but if you have family commitments it might be worth it for peace of mind if you can get it cheap enough.

That said, your employer is going through a merger and your job might be in danger, betcha they won't pay out anyway.
Regards



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