Lloyds TSB credit card-Payment Protection Cover

the_messiah

Hi Ive just joined up on the back on the article today in the sun on banks fees great site
anyway my problem is
I have owe approx 10 grand on my credit card my question is how can i get out of this payment protection that i pay on my Lloyds tsb card as i have been paying it ever month for years now and will never really see the benefit,My last month payment was £79.11 for this cover,and with a recent change of jobs i am finding it hard to pay this or should i say the money would do a better job in my pocket.
So if anyone has any idea how i can rid myself of this please help me out,or am i stuck with it until the balance is paid in full,
:beer: Much thanks given.
The Messiah

sicker

Phone them and tell them to cancel it. It is only an insurance so they should have no trouble cancelling 'tho they will probably try to keep you.

John

RCA_2

the_messiah wrote:

Hi Ive just joined up on the back on the article today in the sun on banks fees great site
anyway my problem is
I have owe approx 10 grand on my credit card my question is how can i get out of this payment protection that i pay on my Lloyds tsb card as i have been paying it ever month for years now and will never really see the benefit,My last month payment was £79.11 for this cover,and with a recent change of jobs i am finding it hard to pay this or should i say the money would do a better job in my pocket.
So if anyone has any idea how i can rid myself of this please help me out,or am i stuck with it until the balance is paid in full,
:beer: Much thanks given.
The Messiah

You have the right to cancel, probably subject to a cancellation period whereby you pay for x amount of days after you have requested the cancellation. you should be able to cancel over the phone with the retentions dept. who will try and talk you into keeping it. tbh i'm not a big fan of ppi, i think you'd be better putting the money you would have spent on it into a high interest saving account then you win both ways- if you need the money as an emergency then you have it or if you never need to use it to pay of the credit card then you still have it available to spend.