Credit card payment protection - is it necessary?

Berah

I've got life cover and accident cover and health cover with the likes of Norwich Union so do I need payment protection aswell cos this is a huge chunk in my monthly bill???

Do any of you out there have cards without it?

I have 5 cards and it all adds up.

Thanks for your help.

Sarah

whatatwit

I don't, I am self employed I doubt if it would pay out if I needed it.

poppy_f1

i have never had it on any of my cards

Berah

So do you think it's worth me cancelling the protection then??

whatatwit

I think it depends on the policy wording and your job security.

If your job is secure and all other eventualities are covered, then have a think about it.

I know it always feels like tempting fate, so maybe cancel one at a time.

oscar52

If you search in google for PPI Policy or simililar, it will bring up companies that offer the same policies - ie accident sickness, unemployment. These are FAR cheaper (i looked recently). You say you have five cards (and i assume 5 PPIs). When I looked for mine, for the price I would pay on one card (£10 roughly) I could get a policy that paid over £500 and met all the commitments I had. PPI is a waste of time and money buying from the issuer (its re-insurance and they add their own charges and admin fees on top) - go direct to the insurer and get a policy if its a woory to you.