how stupid am i

saintly_2

ok now im striving to be a DFW i have actually read my credit card statement instaed of just lookin at the amount.

i pay £50 a month, minimum is £40, i am bein charged interest of £28 and protection £13, therefore paying off only £9 a month :mad:

does anyone know if i can cancel this protection!!

my card is with MBNA

thanks

Emmzi

Yes you can-phone and ask, then confirm in wiriting.

Mozette

Yes you can, and do it now!!! Phone, and follow up with a letter (keep a copy and send it by traceable post) and they should stop it.
This insurance is more for them than for you, it seems nigh on impossible to claim in any case, and it depends on your circumstances. Different if you have a family, but I'm single with no one depending on me. If I lose my job then I'll lose my house, the lot, so if I don't pay off my credit cards - I don't in fact care! They can get to the back of the queue.
So dump that unecessary part of your debt - and you'll be getting shot of the rest all the quicker.
Good luck!

lynsayjane

i find it even more shocking that your minimum payment that THEY decide on doesn't even cover their interest and protection. is this another way of them getting you into more debt and tying you up for the rest of your life?

saintly_2

i was so proud of myself that i was overpaying, yeah only by £10 but it hardly seems worth it now, the £10 extra could have gone towards another debt!!

with regards to the protection, can i claim any of it back, when i cancelled the ppi on a car agreement i got all ppi payments refunded, i have been paying the ppi for about 8 months now!!

ZTD

saintly wrote:

i was so proud of myself that i was overpaying, yeah only by £10 but it hardly seems worth it now, the £10 extra could have gone towards another debt!!

with regards to the protection, can i claim any of it back, when i cancelled the ppi on a car agreement i got all ppi payments refunded, i have been paying the ppi for about 8 months now!!

Look at the T&Cs. If it would never have paid out, then you can claim it was mis-sold to you.

ZTD

lynsayjane wrote:

i find it even more shocking that your minimum payment that THEY decide on doesn't even cover their interest and protection. is this another way of them getting you into more debt and tying you up for the rest of your life?

Yes. People in debt are the new serfs. Actually, worse than that. We spend 6 months of the year working for the government, then however many months of the year working for the banks. Somewhere at the end, we work for ourselves.

Serfs worked for themselves for 11 months of the year.

lynsayjane

ZTD wrote:

Yes. People in debt are the new serfs. Actually, worse than that. We spend 6 months of the year working for the government, then however many months of the year working for the banks. Somewhere at the end, we work for ourselves.

Serfs worked for themselves for 11 months of the year.

well poke the lot of them! give me six months and i'll not be working for the banks anymore. my mum was saying summit the other day that the banks are gonna start charging folk for doing transactions through them in reponse to all the bank charges being claimed.

ZTD

I would doubt the government would let them. Many people would move to a cash economy. That makes taxation difficult. Taxation is important to the Government...