does visa payment protection kick in when you're made redundant?

misterm

does visa payment protection kick in when you're made redundant?
or is that how it works?
I know with a loan, you go in to the lender and get the payment protection activated.
If now whats the best way to get this frozen?

I'll also need to use a visa, is this possible or should I try setting up a new account? (to be paid off in advance of any purchases)

GerardKeating

misterm wrote: »

does visa payment protection kick in when you're made redundant?
or is that how it works?
I know with a loan, you go in to the lender and get the payment protection activated.
If now whats the best way to get this frozen?

I'll also need to use a visa, is this possible or should I try setting up a new account? (to be paid off in advance of any purchases)

Depends, each bank will have it's own scheme and they have rulez.

One common way that people loose out on is that many of them are void if you are over your credit limit at the time of the claim, even just one cent.

It also depends how you are made redundant...

PCPhoto

simple answer - from my understanding (and knowledge of my cards) ..... you need to make payments (even when the application for payment protection goes in...expect to wait 6-8weeks.)

Jet Black

Depends on the bank. Usually a month or two and runs for 12 months. Every bank is different.

John Mason

Well, just found out mine doesnt - had a big arguement with them and it took me ages to actually cancel the payment protection thing

mine only covers me for death and serious illness. that is with MBNA