can i still get payment protection when on a dmp?

thepinkladez_2

with the current financial market i was wondering if it would be a clever idea to have ppi (an independant one to protect our debts) incase either me or my husband lose our jobs? does anyone know even if i can get ppi when on a dmp?or if it was worth it? sorry if this is a very dumb thread i just am a little confused!

thepinkladez_2

sorry but shamelessly bumping!!:o

LilacPixie

Dunno Pink.

I would imagine you could get a policy. Is it worth it... well that all depends on what you want/need to protect.

tyllwyd

I'd wonder exactly what it is you wanted to protect as well - if you are on a payment plan already, you have already damaged your credit score, so that wouldn't be an issue. If your income went down, you could ask to reduce your payments into the DMP accordingly. Is it bankruptcy that you would be worried about? Because maybe you'd be looking at that anyway if one of you lost your jobs. To be honest, if you've got money that could pay for a payment protection plan, you might be better just putting it aside for emergencies - or pay more into the DMP perhaps.

thepinkladez_2

i was thinking protecting our home etc. But can see your point! BR probably would be the only option if one of us lost our jobs. Its just everything that is going on is really scaring me!

misspoppy

If you are talking about protecting your mortgage its probably only worth it if there is a chance this might happen. We had it but couldn't claim for 3 months well by then you'd be in serious trouble with the mortgage so it wasn't worth it. On this one if you do concider buying it I'd suggest getting some good advice and checking the terms and conditions carefully.

thepinkladez_2

thanks mp thats a good point with the claiming period 3 months isnt gonna be much use as we would need it immediatly, guess we will just have to hope and pray that we dont lose our jobs!

dukesy_2

try http://www.antinsurance.co.uk/#

from their FAQ's

After 30 consecutive days of loss of income you may make a claim and your benefit is then paid back to the first day of the 30 so you are paid in arrears.


HTH




Dukesy