PPI - Good or Bad?

rippedoffnomore

I just wanted to relay my experience with regard to PPI. My late husband was self employed and we found that all PPI cover on his credit cards/loans were not appropriate for his employment status. We cancelled the insurance on the MBNA loan and credit cards, by oversight this was not done with Natwest CC. Unfortunately the unthinkable, unimagineable happened and he was killed in an accident at work. As a result the Natwest debt was covered and MBNA wasnt and the outstanding monies had to be paid out of the small estate left. MBNA were extremely patient, helpful and sensitive in their dealings with me, and eventually came to an agreement whereby they accepted half payment. However this was after 12 months of painful discussions which created a huge dent in what was left of the estate. My point is, that yes PPI can be inappropriate in many circumstances, but I urge you to make sure that you have every angle covered should the unthinkable happen and do the research.

melorablack

First of all let me say I am very sorry for your loss, and I agree 100% with what you have said.

The point of PPI is to cover you should the unexpected happen and most of the time people only look at the employment cover it provides and forget about the accident and sickness, critical illness and life cover most policies include.

di3004

rippedoffnomore wrote: »

I just wanted to relay my experience with regard to PPI. My late husband was self employed and we found that all PPI cover on his credit cards/loans were not appropriate for his employment status. We cancelled the insurance on the MBNA loan and credit cards, by oversight this was not done with Natwest CC. Unfortunately the unthinkable, unimagineable happened and he was killed in an accident at work. As a result the Natwest debt was covered and MBNA wasnt and the outstanding monies had to be paid out of the small estate left. MBNA were extremely patient, helpful and sensitive in their dealings with me, and eventually came to an agreement whereby they accepted half payment. However this was after 12 months of painful discussions which created a huge dent in what was left of the estate. My point is, that yes PPI can be inappropriate in many circumstances, but I urge you to make sure that you have every angle covered should the unthinkable happen and do the research.

Hello and welcome to this thread.;)

I am so sorry for your loss, this is very sad indeed.
My thoughts are with you.

I would like to thank you for your advice, so thanks so much.;)XX