payplan insurance

willy111

hiya.
just signed up to payplan,but i had a phone call from them asking me to take out insurance with them.
it will cost around £30 a month.
what do people think?

Hannah_10

Well Payplan are a genuine bunch but £30p/m does seem a bit high, what repayment have they suggested you make and what is the total value of your debt?

willy111

hiya.
i owe 50k and will repay £504 a month.

Hannah_10

You're looking at eight and a quarter years to repay and £50k is a big number. If your circumstances changed you probably couldn't get your family to lend you £504 a month to cover the repayments. For these reasons if it were me I'd be reading the insurance details, checking what it covered and what the exclusions were, with a view to going for it.

ceejaydee23

were also signing up to payplan but i was unsure regarding the insurance too, the payments we have will currently be £165 a month, debt approx 11-12k Other halfs job does seem pretty secure at the moment, and hopefully when my little once is 2 - 2 1/2 i'll be looking towards returning to employment. We currently rent, so if other halfs job did go tits up at least benefits would help there, But obviously wouldnt help with the outstanding debts.