credit card insurance

danp100

hi again,
i have been told by my IP that i need to get rid of the insurance i have on my credit card, to be honest i didnt even realise i had this. Does anyone know the reason why I need to get rid of it? I guess the only way to do this is to actually ring lloyds, but they are just going to tell i am over my credit limit and over due of payments, what to do?
many thanks
dan

McKneff

How come you didnt realise you have it. It will be on each statement that you pay.

It will insure you if you get made redundant or lose your jobs, making the payment for you.
(but you need to check what it does cover) and check if you need this cover, if you dont
then cancel it and if you didnt know you had it, check why and reclaim it all if you think you
have been mis sold it.

My cc keep ringing me up offering me this sort of cover but since I dont spend much on
my cards apart from big purchases for protection under Section 75 I pay mine off each
month so dont need it.

Check it out ASAP

FoggyBrain_2

If you are going into an IVA this is irrelevant, as you will no longer be making payments and the insurance will lapse in any case. Maybe he is saying that you need to reclaim payments already made as this is PPI and if mis-sold you are able to reclaim that money. However, any funds refunded would have to go back into your IVA, so the creditors gain ( which is what your IP is after, I guess).