Insurance

Iowemoney

Hi, I am after a bit of advice if possible. I currently have 8 credit cards and I am paying protection insurance on all of them.As you can imagine this works out expensive every month,and I never see the balance get any lower.
I was wondering if insurance was neccessary(I'm employed, same job for 15 years, but going self employed in 4 months). Also how easy is it to cancel the insurance if it's not required. All comments appreciated.
Regards
Mervin

Stonk

I imagine the insurance would not cover you anyway, once you go self-employed. There are all sorts of exclusions in these policies. If so, definitely cancel them because it will be money down the drain, even more so than it is already!

The card companies should cancel it with immediate effect over the phone without any problems. Have an answer ready in case they ask why, and start telling you it's for your own protection, and warning you of the perils of losing your job, etc. Honest answers would include:

- "It is none of your business"
- "The policy is atrocious value for money"

Or you can wind them up with:
- "I'm not going to lose my job"
- "What's a job?"
- "I have savings to cover all my debts"
- "I have just won the lottery"

grumbler

PPI is not necessary and can be cancelled very easily. It is up to you to decide if you need it or not. There is Martin's article on this topic: Credit card protection plans .

Iowemoney

Thanks for the replies, I think i'll get on to them on monday and cancel.
Merv

regularsaver1

so you have a balance on each of them? - can't to transfer them all to 0% on one?

bigdec

I would not recommend credit card protection as a 1 of the insurance companys i have had to deal with after being made redundant has turned down my claim stating that I had only taken the insurance out knowing that i was going to be made redundant .

I took the insurance out in june and was made redundant at the end of september. After speaking to there not so friendly customer service dept i have ended up paying for a insurance that is worthless .