Advice on CC Payment Protection

Determined

Hi all

First post on site but have been looking around for a while - not yet ready to post a SOA but will do as soon as I have it all figured out.

Firstly though could someone advice on Payment Protection? I've noticed that my credit card balances dont seem to be going down even though I'm not spending on them - in once instance I have have been paying almost £200 per month (min payment) and the balance hardly shifts..infact this month it went up - the only charge being payment protection.

Would anyone advise on stopping payment protection?

Thanks!

alwaysonthego_2

You need to give more details i.e apr and your total debt and your monthly pp payment for us to assess it properly. To cancel your PP you need to contact your bank and tell them you want to cancel and confirm it in writing, sent by recorded mail.

Determined

Thanks alwaysonthe go - APR is 21.9% on this card - payment is £183 each month and I kid you not I've been paying that for a year and the balance has barely moved - payment protection this month was £70. I am £67 over my limit and can't budge it...

alwaysonthego_2

You want to definatley cancel the PP. Do you have a good credit rating because the apr is very high. You could maybe become a credit tart and transfer the balance to a card with 0% apr for a limited time

Determined

I do have a v good credit rating - so far not missed a payment on anything - problem I have is I have so many different cards / loans that I doubt anyone would touch me with a bargepole. i dont want to start applying for more cards if this will damage my rating...what do you think?

alwaysonthego_2

Why dont you post a SOA that includes all your debts, monthly payments, apr, incomings/outgoings and we will be able to advice you further.

Determined

Just working on it now...may take some time....