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Tesco Token Payment / Payment Protection
bobbiebob
Posts: 13 Forumite
Quick bit of advice needed guys.
I'm in the process of setting up a DMP with Payplan and they have told me to cancel all DD's to all creditors (as you may recall of which there are many..!) and just make token payments until they have contacted them directly and got this mess sorted.
However, my next mammoth £365 per month payment to Tesco is due at the end of the month and I've cancelled the Std Order and schedualled a single low payment instead. Will this be refused and immediate action taken..?
Secondly do I need to tell them I'm doing this before Payplan contact them..? It may take a few more days into May before Payplan get to contact Tesco..?
Thirdly can I cancel my payment protection with them, there was an initial 5 day cooling off period when i started the loan but will they not just say no you cannot cancel now and simply add this £5k onto the outstanding debt..?
Fourthy - any experience of Tesco if you get into payment trouble..?
Thanks in advance guys
I'm in the process of setting up a DMP with Payplan and they have told me to cancel all DD's to all creditors (as you may recall of which there are many..!) and just make token payments until they have contacted them directly and got this mess sorted.
However, my next mammoth £365 per month payment to Tesco is due at the end of the month and I've cancelled the Std Order and schedualled a single low payment instead. Will this be refused and immediate action taken..?
Secondly do I need to tell them I'm doing this before Payplan contact them..? It may take a few more days into May before Payplan get to contact Tesco..?
Thirdly can I cancel my payment protection with them, there was an initial 5 day cooling off period when i started the loan but will they not just say no you cannot cancel now and simply add this £5k onto the outstanding debt..?
Fourthy - any experience of Tesco if you get into payment trouble..?
Thanks in advance guys
0
Comments
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How much money after all your priority bills have you got to put towards your debts?
How much do you owe on each of your debts and what is the total you owe?
Sorry to be so forward just trying to understand what percentage £30 would amount to0 -
Re: PPI
Can you find your original loan papers? You should have a seperate booklet about the PPI which will include what happens if you cancel. Or, ask Tesco to send you a copy of the booklet.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Ahh wait.. found the policy document on Tesco web site.
After initial cooling off period, there is also..
we have the right to cancel your payment protection policy by giving 7 days written notice.. you have the same right...
It also says you don't pay premiums during a repayment holiday.. so that probably means its a monthly pay policy as opposed to a lump sum up front.. so fingers crossed, it looks like you can cancel it no bother, if it's the same kind of policy as when you took out the loan.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Thanka Matey, will give it a go..0
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