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What is payment protection?
RobLondon1984
Posts: 124 Forumite
in Loans
I read about it, but still unsure?
If I borrow 5k and pay back in 1 year from Abbey at 7.9% APR, its £479.66 interest I think with payment protection and £434.08 without, whats the differences?
Thanks
If I borrow 5k and pay back in 1 year from Abbey at 7.9% APR, its £479.66 interest I think with payment protection and £434.08 without, whats the differences?
Thanks
0
Comments
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Payment protection is 'like' an insurance for situations where you are unable to keep up payments, for example through illness or what have you.0
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Usually cover in the event of accident, sickness, unemployment, life cover and critical illness cover - ie sometimes pays out for 12 months, or clears loan for the more serious scenarios0
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