Payment Protection

pandaman_2

Hi: I have Credit cards which have payment protection, they are all UK based cards, but I now live halfway round the world and I meet my payments each month using internet banking as I never return to the UK.

My enquiry is having opted for payment protection can I now contact them and cancel this option because it is costing to much each month.

I have a new wife and child on the way and I want to reduce costs on the cards, I have a good pension that is paid into my UK bank each month, so yes I am retired and can meet payments but I dont want payment protection any more its a rip off

Pandman

yeslek

if you call your card issuer they should be able to change this for you.

i had mine removed on my halifax card just befreo xmas as i wasnt really paying anything off the actual debt due to the high payment protection cost.

i think its only good to have if you have a low balance or non at all.

Rafter

Pandaman,

As you are retired your income is pretty much guaranteed so you are wasting your money.

The insurance is a separate product from the credit card so no reason why you cannot cancel.

They may try to retain you because insurance is very profitable but stick to your guns and just make the saving.

R.

pandaman_2

WEll I have an oustanding balance of 15000 and am paying 118 a month in interest so cancelling will bring the payment down greatly, and they have said as I live in Thailand they will not replace my Platinum card this year due to security reasons, well I have always paid on time and never defaulted.

Maybe for security reasons I can choose how much I pay each month then??

I also have a card with MBNA balance 13000 they were very good I rang them and asked them to drop the interest they dropped from 5% to 2% saving 50 Pounds per month.

Any further suggestions I am very greatful

Panda man

mroller

pandaman wrote:

I also have a card with MBNA balance 13000 they were very good I rang them and asked them to drop the interest they dropped from 5% to 2% saving 50 Pounds per month.

Any further suggestions I am very greatful

They dropped the interesst to 2%? are we talking APR here? not sure I understand.

My suggetion is try to ring the other company they might drop the rate to 2% as well.

pandaman_2

Hi mroller;

I rang MBNA and asked if they could drop the interest rate as I am not reducing the balance, they have reduced the rate so that I am now making a saving of FIFTY pounds per month (The interest being calculated on a monthly basis) I also think there decision is based on how long you have been a customer ie how much money have they made from you!!!

Pandaman

Hope this helps