Claiming On Credit Card Insurance

Epiphone

Hi

I’m looking for people to share their experience of claiming on credit card insurance/payment protection plan as I may have to do the same soon. Such things as how long does it take, do you cancel the direct debit or do they do that for you etc.

Having never done it before I’m interested in the best way to initiate a claim – phone or letter – and what questions are likely to be asked.
Haven’t missed any payments so far and have stopped using the card but want to get a rough idea of what is involved before speaking to the CC. EDIT: Forgot to ask, what effect does it have on your credit rating?

Thanks

Ansu

Generally they will not cancel the direct debit, the majority credit card (if not all?) PPI contracts say you must keep up the contractual payments before/during/after the claim, they will pay lump sum payments, but the contract is your responsibility.

They may cancel the policy if you default on payments also, so check with them and their terms and conditions before you do anything.

Moggles_2

If you're eligible to claim, I would do so ASAP. If you exceed the time permitted before you make a claim (usually 180 days), you won't be covered.

From feedback here, these issues are not always resolved quickly. Provided that you continue to meet the minimum monthly repayments (normally 1-3% of your balance, depending on the credit card), your credit rating is not affected.

Epiphone

Thanks for the replies A claim form is on its way to me with a copy of their guidelines.

Perhaps I've been a bit naive in thinking they'd meet the mimimum payments. Seems a bit ilogical that you pay and they pay if you're skint enough to need to claim. Doesn't help with your cashflow!