made redundant can i use insurance to clear CC balance

loopy_lass

Hi

Im waiting to hear if i am to be made redundant this week, i have around £1,000 (i know not a lot) on my credit card, on a 0% interest offer, my question is, if i am made redundant, can i have the balance paid off under the conditions of the payment protection thingy i took out? or are there negatives in doing this?

loops

Clariman

Highly unlikely. Check the Ts & Cs of the payment protection but it normally only covers the minimum payments for you ... and even then it can be tough to get them to pay up.

Clariman

_Andy_

loopy_lass wrote: »

Hi

Im waiting to hear if i am to be made redundant this week, i have around £1,000 (i know not a lot) on my credit card, on a 0% interest offer, my question is, if i am made redundant, can i have the balance paid off under the conditions of the payment protection thingy i took out? or are there negatives in doing this?

loops

No, it will not pay off the balance for you.

YorkshireBoy

Clariman wrote: »

Check the Ts & Cs of the payment protection but it normally only covers the minimum payments for you ... and even then it can be tough to get them to pay up.

Egg's looks particularly good, at 10% of your balance per month.

However, as you allude, there's an awful lot of small print.

jonesMUFCforever

Ltsb will pay off 5% per month and after 11 months will clear the capital balance as at date that redundancy was reported.

loopy_lass

Ohhhhhhh good news, they didnt choose me!!!! so im safe till the next trawl....

good information from you all though, worth knowing...

loops

jimbo26

The insurance policies offered by cc and loan companies are a waste of time. So many conditions that you end up jumping through hoops trying to claim and get !!!!!! all at the end of it.