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Payment protection

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  • 04-05-2006 12:03pm
    #1
    dubtom
    Registered Users Posts: 3,084 ✭✭✭


    Opinions on Payment protection. A good idea, a scam.I'm tinkering with the idea of a loan and with the PP the total repayment is increased by 4K. I've had it before but never claimed. I wouldn't want to be in the position to have to claim but I have a suspicion that they make it difficult. Has anyone had to make use of it and were there difficulties.


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    #2
    flutegirl
    Registered Users Posts: 1,992 ✭✭✭flutegirl


    The Money Programme (bbc2) did a whole show on them a couple of weeks back. Don't know if the transcript would be available, but it would be worth a look.


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    #3
    Fenster
    Closed Accounts Posts: 4,763 ✭✭✭Fenster


    Payment protection is worth taking IMO, just in case. The conditions for payment are stringent - you must be made redundant, but it can't be because you decide to quit the job or get yourself fired. For injury, it cannot be one that is your responsibility and so on.


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    #4
    shoegirl
    Registered Users Posts: 2,021 ✭✭✭shoegirl


    I've only ever taken it out once, because I was at the time working in a company which was on a downhill slide and redundancy was a real prospect (though not a definite prospect!) If you are self-employed or not in permanent employment then its a total waste of time.

    As far as I recall it added about 10% to the total cost of the loan (for the record, it was with NIB).


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