Facing Redundancy - should i take out ppi

schoolrun

my husband has heard slight whispers of redundancy after working at the same company for 27 years. we have no ppi on anything, and i was wondering is it worth taking it out now just incase on the mortgage? Also we owe lots of different credit cards on 0% which we could not afford to repay if made redundant - should i amalgamate with a bank loan and take out ppi? please can anyone out there help?

gjs6385

It depends how imminent redundancies may be (not too close from the sounds of it).

I say this as I would imagine you won't be covered for say the first 3 or 6 months of taking our your policy to stop people taking it out just as they are being made redundant.

If your husband thinks it may be 6 months away at least then look into it.

DODO_2

gazsharpe101 wrote: »

It depends how imminent redundancies may be (not too close from the sounds of it).

I say this as I would imagine you won't be covered for say the first 3 or 6 months of taking our your policy to stop people taking it out just as they are being made redundant.

If your husband thinks it may be 6 months away at least then look into it.

6 months minimum now I think

agrinnall

My understanding from reading other threads is that you won't be covered by PPI for this redundancy because you cannot take out insurance for an event that you are aware of in advance. I'm not sure what questions they would ask or whether they would find out that you did know about it but if you claimed, they paid and then found out they may consider it to be a fraudulent claim.

jazzyman01

If you have any indication at all, it is very likely that you would not receive any PPI payment. If you state that you are not aware of any potential threat you will be falsifying documentation and it will be thrown out. Premiums are also high at this time. It might be worth looking now at ways you can cut your costs. Work on his CV a and look at what the redundancy payment would be and factor that into your savings.

midnight_express

Don't do it . they won't pay out.

ExpertAdvice

Hi schoolrun,

I agree with all of the above. The T&Cs for unemployment are very stringent. If you have had any formal verbal or written notice from employer, then you won't be eligible for it. Generally, the period is 6 months before which you can apply.

However, if these are just rumours or as you said just whispers amongst employees but nothing from the employer, then it shouldn't be a problem. Another thing to consider is that if there have been any redundancies in your husband's department in last 6 months, that would still count against him.

Cheers

out_of_cash

dont do it.

Cyril

I think in the current climate there must be ' whispers' about redundancies in just about every company out there.

If you have had no formal warning from management of redundancy I would get PPI for peace of mind.

No-one can base their financial future and security on hearsay and whispers.

If you need this insurance and feel confident nothing will happen for 6 months then go for it.