Payment Protection?
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A couple years ago i took out a loan, and decided i had better go ahead and take the payment protection insurance, this was supposed to protect me in the event of illness, unemployment, death, terminal illness, and some other stuff.
I thought this was a good idea because it also included some pretty good health insurance.
The only thing was, over the 3 year term of the loan, i was paying almost 拢4000 just for the payment protection, on top of the original loan.
So i made payments every month for 2 years, and had about 拢3000 remaining, which was essentially only the payment protection.
Then BANG.... i got sacked.
Being unable to make payments on the loan, i rang the company assuming that my payment protection would handle it.
But NOOO, since i was sacked as opposed to made redundant, it doesnt count. This was the precise reason i took the payment protection out in the first place, Can i have the payment protection taken off the loan? which would mean it was already paid!
Payment Protection?you should have read the small print as it states there it only covers for compulsory redundancy. you can have it removed now from your loan repayment but they wont give you any money back from past payments.same thing happened to me when i got ill and had to give up work, they didny want to know.
Payment Protection?Yes I've been there and done that too! Although I had to leave work through problems with my first pregnancy, missed a few loan payments thinking I would be covered and I was told it was self-inflicted!! You have to read the small print I'm afraid - and yes it's a con really.
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