Payplan Cover My Life/payments

sherb1e

Hello I've been with Payplan for a few years now and I am wondering if their Cover My policies aren't PPI's in disguise. Has anyone got any ideas on this, please?

thatsean

The paperwork they supply specifically calls it a membership, not an insurance and they do make it clear it's optional. What's the query that you have?

sherb1e

My query is that when my annual review occurs and, if sometimes, I can increase my payments to my creditors quite a big chunk of the increase goes to Payplans' "membership" plans.

sherb1e

Ive just revisited Payplan and have found out that one of the Cover My's is a percentage of my payment, so there is my answer. Sorry for the waste of time, but thanks for your response.

antonic

I have had 7 annual reviews ( Have I really been on a DMP that long ???) and my insurance payments have stayed at £5/month since day 1.

I have refused other offers they have made to me.

sherb1e wrote: »

My query is that when my annual review occurs and, if sometimes, I can increase my payments to my creditors quite a big chunk of the increase goes to Payplans' "membership" plans.

lindann_2

it is life cover for in case something happens you cannot pay your debts off it will come out of the money going to the estate which is left, its good idea it last until the dmp ends, also until you are aged 65... hope this helps

pepper33

I have been with Payplan, and they are useless, I myself have got 3 of my debts written off, and I am on a dmp that will not end until I am dead, or 2026. One DCA wrote to me saying I had been paying them for 15 years..... Going to manage them on my own in future, they dont even help you if you get called to court. And they keep trying to flog me washing machines, tv's etc.