Stopping PPI

Jimmy_s_4

Hi I have 4 credit cards with 4 different places
All have PPi on
I’m thinking of stopping the PPI and moving to a income insurance policy
But am worried they may ask me to repay what’s owed stright away can they do this
My total is currently around £20k on credit cards
am i doing the right thing
Thanks

Moggles_2

There’s nothing wrong with payment protection insurance [PPI] for those who need it, but if you've bought four policies through your cc providers, it's likely you’re paying over the odds. You can get the same cover elsewhere for less.

A phonecall to customer services is normally all that's required to cancel payment protection insurance on a credit card

I am worried they may ask me to repay what’s owed straight away. Can they do this?

The credit card and insurance policy are two separate products run by different companies, so buying/cancelling the insurance neither helps nor hinders your chances of obtaining
credit

For further advice, see Martin's PPI Reclaiming Guide which includes advice about cancellation

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance