PPI - Ever a good idea?

clockley_2

Have just taken out a loan of £22k to pay off a number of credit cards etc and took out PPI though have been given a one off chance to cancel at any time.

I notice a number of people here feel PPI is useless but I feel for such a large loan I need it as a crutch "just in case"..can anybody change my mind?


Craig

Russe11

I'm of the understanding the way law and legislation is setup now you are pretty much safe on an unsecured loan.


would like to hear the reasons for ppi too

CheeseOnToast

Of course it's a good idea sometimes - what if you got made redundant, or got sick?

I think the main thing is not to get the inflated, over-charged lenders insurance, you can get it much cheaper elsewhere.

wannabedebtfree_2

I would definately get a quote for income protection, dependant on your job (as long as its not a 'dangerous' profession) it can work out a lot cheaper than the monthly PPI.

AND you have the added bonus of if you do have time off sick, or are made redundant you wouldnt have to scrabble about claiming benefits (which as some people know can take months to sort out) and your income will be secure.

Check the small print though, PPI is instant from when you take out the loan, whereas with some income protection policies they have to run for some time before you can claim on them, and you must not miss payments, quite a few of them have to be in place for about 2 months for sickness claims and about 6 months for redundancy claims, and if you know you are going to be made redundant in say 8 months, they will not pay out (for obvious reasons!)

Hope this helps!

xx

lynzpower

I would have give my eye teeth for income protection, sadly I had a pre-existing health condition so no one would have give it to me.

Im now on half pay from work & got the choices of a) get supercreative b) get a DMP. Im going for the first for now, but a DMP will be my second choice

southernscouser

The problem with PPI is like all insurances! They will use every trick in the book not to pay out!

For example they have many times sold it to people who are self employed yet when it comes to claiming they say that you aren't allowed to claim if self employed! :eek:

Personally I wouldn't bother with it. It adds a huge whack to the total amount! :think:

Tootsie_Roll

southernscouser wrote:

The problem with PPI is like all insurances! They will use every trick in the book not to pay out!

For example they have many times sold it to people who are self employed yet when it comes to claiming they say that you aren't allowed to claim if self employed! :eek:

Personally I wouldn't bother with it. It adds a huge whack to the total amount! :think:

This is complete tosh.

Go to the loans section where there are a few posts about this written by people who know what they are talking about.

morveryn

I had PPI on a credit card that I had paid for years & when I became too ill to work I tried to claim on it and the company refused my claim as I wasn't working when I was diagnosed. I am now registered disabled and even letters from my Dr and my hospital consultant made no difference.
Complete rip off I reckon.

Prosaic

A few years ago my wife worked for a PPI company ( who are very well known). She worked on the claims section, dealing with people trying to claim for sickness, unemployment etc

Basically they were encouraged to block payments at every opportunity, and if they could avoid it they would. A favourite one is getting customers medical records then ploughing through it to find a hint that any previous complaint could be a 'pre-existing condition' - ie. a customer gets diagnosed with MS and 3 years previously went to their GP with headaches

She told me more than once about customers, often elderly ones who had loyally used that company for years, being in tears on the phone as she was having to tell them that due to paragraph 6 subsection b they would have to find the money from somewhere and that even though they hadn't claimed in 30 years they were not eligible

In the end she felt terrible giving people that kind of news and said she'd rather work for less money and jacked it in

We've never bought PPI, and don't intend to. Most insurance is legalised theft in my opinion

southernscouser

Tootsie_Roll wrote:

This is complete tosh.

Go to the loans section where there are a few posts about this written by people who know what they are talking about.

Complete tosh is it? Read the 2 posts above then listen to people like me who know what they are talking about. You !!!!!!!

Or is it just that you get comission on selling people PPI and you want to rip as many people of as possible? :rolleyes:

Willsnarf1983

southernscouser wrote:

Complete tosh is it? Read the 2 posts above then listen to people like me who know what they are talking about. You !!!!!!!

Or is it just that you get comission on selling people PPI and you want to rip as many people of as possible? :rolleyes:

Breeaaathhhh innnnn breaeaaaaaathhh ouutttttttt!!!!!!!!


Will