Newday Payment Protection Insurance

redginger44

Can anybody advise I have received a letter today to advise this will no longer be supported from 31st October - does this mean that any price protection claims will no longer be supported and is there an alternative credit with this option ?

[Deleted User]

If the insurance is no longer offered, you won't be able to claim on any we event after that date 

Price protection is a different product.

If you need repayment protection, look at standalone policies to cover unemployment or sickness.

ItsComingRome

redginger44 said:

Can anybody advise I have received a letter today to advise this will no longer be supported from 31st October - does this mean that any price protection claims will no longer be supported and is there an alternative credit with this option ?

Presumably this is some sort of Purchase Protection Insurance rather than Payment Protection Insurance?

If they offer "Price Protection" then it's presumably a time-limited thing and will apply for any purchases made before the 31st of October.  I'm not aware of any other ard that offers "Price Protection" but Amex has a limited Purchase Protection offering.

redginger44

Currently I have a purchase protection element which if I buy something and the price is reduced I can claim the differance ? not sure if it is all part of the same umbrella ?

TinkerbellRox

Just looked at my letter from New Day and it states my Payment Protection Insurance is coming to an end on 31st October. I only use my card to buy items which I know will go in the sale ie clothes, toys, Christmas gifts/cards, electrical etc. There is no minimum amount I can claim just £5k max a year. It is great as all things eventually go 50-75% discount. I have no time limit to claim so if I see the product reduced in 3 years time I can claim it back. For every £100 I pay 1.5% insurance cover, which is nothing in the scheme of things for what I claim back. I can still claim for all the things I have bought up until 31st October for years to come, but not after that date. No one else I know seems to have this deal on their card. I have used my card for this purpose since 2002.

Se1Lad

TinkerbellRox said:

Just looked at my letter from New Day and it states my Payment Protection Insurance is coming to an end on 31st October. I only use my card to buy items which I know will go in the sale ie clothes, toys, Christmas gifts/cards, electrical etc. There is no minimum amount I can claim just £5k max a year. It is great as all things eventually go 50-75% discount. I have no time limit to claim so if I see the product reduced in 3 years time I can claim it back. For every £100 I pay 1.5% insurance cover, which is nothing in the scheme of things for what I claim back. I can still claim for all the things I have bought up until 31st October for years to come, but not after that date. No one else I know seems to have this deal on their card. I have used my card for this purpose since 2002.

That sounds like a great deal and I can see why they pulled it.  So many electrical products (laptops ,TVs, washing machines etc) are reduced when a new model comes out that you must have been able to save a fortune, and cost them a lot!

I am not aware of any other cards that offer this facility.  I think Barclaycard used to offer it - but only if an item was reduced within 30 days of purchase.

Sandtree

Payment Protection Insurance is an alternative name for ASU and is what was used when it was tied to a financial product like credit card or loan. 

PPI doesnt provide any form of price matching, nor product protection, and so any benefit like that is independent of the PPI

Would love to see any link to the card you hold with them that gives you an unlimited time to get a price match on a product.

TinkerbellRox

Thank you, it isn’t looking very hopeful and my insurance protection ceases at the end of tomorrow. It was a great asset while it lasted and well used. 

kaMelo

TinkerbellRox said:

Just looked at my letter from New Day and it states my Payment Protection Insurance is coming to an end on 31st October. I only use my card to buy items which I know will go in the sale ie clothes, toys, Christmas gifts/cards, electrical etc. There is no minimum amount I can claim just £5k max a year. It is great as all things eventually go 50-75% discount. I have no time limit to claim so if I see the product reduced in 3 years time I can claim it back. For every £100 I pay 1.5% insurance cover, which is nothing in the scheme of things for what I claim back. I can still claim for all the things I have bought up until 31st October for years to come, but not after that date. No one else I know seems to have this deal on their card. I have used my card for this purpose since 2002.

Who is the credit card issuer?
It's a long time since I've seen anyone offer this on a credit card but even when it was it was always time limited, I think 60 or 90 days being the longest.

TinkerbellRox

Debenhams Credit Card. When I had the card in 2002, I signed up for price protection for 3 months cover and product protection if damaged occurred within the 3 months and then you could make a claim. I had a phone call about 6 months after having the card, to ask if I wanted to drop the product protection for price reduction only. So I did and never looked back. 

redginger44

Yes it was a great deal and i would often would buy an expensive item of clothing or some expensive gadget as most things always end up in a sale and you could submit a claim for the difference very easily - I have had this card I would think for a good 10 years - I have had last minute shopping spree before the option was removed ! and can find nobody offering anything similar - for me personally it will now change my shopping habits completely