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Payment protection pay-outs

eth0_ · 2010-02-27 19:33:14

If you apply to your payment protection insurance to cover a loan a couple of months after you've lost your job, do the payments get back-dated if your request is approved? And do you get the back-dated money or do they use it to in effect over-pay the loan?

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27-02-2010 8:33pm

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eth0_

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If you apply to your payment protection insurance to cover a loan a couple of months after you've lost your job, do the payments get back-dated if your request is approved? And do you get the back-dated money or do they use it to in effect over-pay the loan?

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#2 27-02-2010 10:55pm
Toots

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Depends on the insurance, some will backdate until the day you list your job, others will backdate to 30days after you list your job. Generally the PPI money is lodged to the loan, because in most instances the loan would be in arrears by then. If you have still being meeting your repayments and the loan was still on schedule, your bank might put it to your current account, but I'm not sure. You'd have to check it with them.

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