Reasons to cancel & Not to cancel PPI...

cathy1674

I would be very interest to read peoples reasonings on this.

Obviously one reason to cancel is to save the money for elsewhere!
A reason not to cancel may be that your job isn't very stable?

Hope to hear from you all!


Cathy
xxxxxx

Mark7799

What about not taking it out in the first place?
What about finding cheaper cover elsewhere?

Going slightly off topic, lots of posters have mentioned cheaper cover being available than that pushed by the banks & other financial institutions but does anyone have any experience of claiming on these policies? How do they compare with the mainstream lenders dealing?

Bernard_Coleslaw

Reasons to take out PPI:

• You want the peace of mind it brings
• You've done your homework and the level of cover is adequate for your needs
• You've done your homework and the cost is reasonable/competitive
• It's a "pay as you go" policy that won't mean you pay extra interest

Reasons to not take out PPI:

• You've just heard you might be made redundant (won't pay out for pre-existing conditions)
• Because your lender says you must have it with them (go somewhere else if you can)
• It's bundled with the loan/added on as a lump sum at the beginning (you'll pay more interest)
• You have sufficient cover elsewhere
• You have enough savings to make payments were you to lose your income
• It doesn't cover you adequately (i.e. you're self employed - most won't pay out on unemployment claims)

I'm sure there are more points somewhere....

BC