insurance for DMP - payplan

aimme13

Hi was reading a thread yesterday and it got me thinking......

I have been on a DMP for over 4 years and about another million to go!! anyway i pay £63.63 a month to payplan and they take £5 out of this for insurance.

My advisor at payplan has been emailing me for my annual review but i have informed her that over the next month my finacial situation is changing so they need to wait till i know what money I will be getting.

Anyway my question is when I do this annual review shall I drop this £5 insurance money?? will they get funny with me about it? I remember at the time thinking its only £5 but to be honest at the time I was not in any fit state to know what I was talking about.

Does anyone else pay this to payplan?

RAS

Hi

i would talk to Continual Diamond about this as her insurance is paying out at the moment. Check her threads.

aimme13

thanks, could you post a link to them? im trying to search but not very good at this

aimme13

just looked on 2 threads of hers but couldnt seem to find anything relating to this?

RAS

hi

http://forums.moneysavingexpert.com/showthread.html?t=813533

got to fly.

aimme13

hi thanks ras but cant seem to find anything in that thread that relates to this

does anyone else pay the £5 to payplan for insurance?
As far as I am aware all it insures me against is, if I die they pay of my debts??? how is that meant to help me! would rather have the £5 extra to pay my creditors.

Just been on justabank and seems to be that I have another 20 years to pay.....oh well better than the million that I predicted:-)

SortingIt_2

Hi aimme13,

I too am in a dmp with payplan - my thoughts were basically as you put up above in that how will it help me right now and I came to the decision that I would prefer to have £5 coming off of my debt rather than being wasted so I didn't opt for it.

I am sure that if you ask them to remove it then it won't be a problem. It's you money and I am sure your creditors and you would prefer the money coming off the actual debt.

aimme13

thanks, i never normally sign up for ins but I think at the time my head was so all over the place that i agreed, It was only when my calculations were different to there's that the guy explained to me that i forgot to include the £5. Will def cancel as I cant see any advantages to this.

continualdiamond

Sorry to say but RAS is wrong. My ins with payplan is not paying out.

OH and i both had ins with payplan, not the life ins though, the cover my payments plan where if your suddenly unemployed etc it pays out.

Unfortunately it wont pay for my OH while he is unemployed (long story), so we have cancelled his, but i have still kept mine.

aimme13

ah thanks for that.....I havn't been working for 3 years now so my DMP has been based on my benefits as income. I assumed it was life insurance I had but really not sure, think what I will do is wait till my annual review and ask them then, just was wondering how many people were paying the £5 and if it was worth it. Im expecting payplan to be a little baised