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Novice in need of advice

Hi all
hope you can help a complete novice when it comes to PPI
After a kick up the backside from my bank manager for going badly overdrawn month after month and incurring charges for returned DD's, I have looked into all DD's that leave my account, 3 of which having been going out for years that I was unsure what they were for( yes he looked at me with utter disbelief just as you are doing now)
After a bit of digging it turns out that all 3 are Life Assurance Plans.. 2 are Mortgage protection(1 of which says its for critical illness) and 1 is loan protection.
The question is DO I ACTUALLY HAVE TO HAVE THEM ?
and are they something I can claim back on ?

1:Loan protection for myself and now ex husband(commencement date 20.11.2002)
monthly premium £5.48


2:Mortgage protection in my name only
(commencement date 1.6.2004)
monthly premium £7.03


3:Mortgage protection plan with critical illness benefit(commencement date 24.3.2006)
monthly premium £32.23


Any advice anyone can give me would be hugely appreciated
Going it alone and feeling the pinch
CCJ £2,900(Reducing by £50 pm)

Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Any advice anyone can give me would be hugely appreciated
    You can cancel any insurance, but you'll leave yourself without cover if you suffer a claimable event.I'd certainly cancel the insurance if you've paid off the loan, though!

    I think you'd be better looking at cutting down on magazine subscriptions, Pay TV and other luxuries. If you've already done this and you are still struggling financially then and only then should you consider cancelling insurance protecting your mortgage.
  • amanndajane
    amanndajane Posts: 259 Forumite
    Thank you Moneyineptitude
    My plan was to perhaps see if I can get the plans cheaper elsewhere.
    I've Cancelled all other non essentials, and my next plan is to review buildings/contents/car insurances when they are due for renewal to see if I can get them cheaper elsewhere
    Going it alone and feeling the pinch
    CCJ £2,900(Reducing by £50 pm)
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