vanquis, is this right?

vintagegirl

I called up to cancel the ppi on my card as i dont want it, was asked a million questions about why didnt i want it blah blah

and the advisor then said that 'once you cancel the ppi it will be harder for vanquis to protect you and will be more difficult to improve your credit rating. '

Surely thats a lot of rubbish about the credit rating? Any help appreciated

KingElvis

She was probably saying (in shyster talk) that if you cancel the PPI and then "fall into arrears" it will affect your credit rating.

mrtaximan

Hi. Sounds like a bit of a sales pitch to me.I fail to see what PPI has to do with improving your credit rating.All PPI is for is to protect your minimum payments if you are unable to ie become unemployed or sick.Remember PPI is a big money earner for credit card companies and by putting pressure on you they are looking after their own interests.Search online for much better deals.

Regards
Mark:D

megzmam

unfortunatly i have a vanquis card!!! in my defence i don't use it anymore but did in the past so have quite a bit of a balance outstanding. noticed on my statements that balance wasn't going down despite paying extra an one of the things i decided to do was cancel the ppi insurance, they offered it me for a penny a month instead of the overpriced amount they usually charge for three months which i took then cancelled after the 3 months.
my outstanding balance is clearing quite a bit quicker now luckily and hopefully it should be paid off by end of year. . . then another millstone will be free from round my neck.

vintagegirl

thanks for the replies. thats what i thought. Obviously they'll be making money off it but i said i was paying it off next month anyway and she got all snide saying they would offer it for a penny but i said i didnt want it at all.