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does payment protection apply to existing balance or only future ones?

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  • 04-10-2010 7:48pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    this is just an example scenario and i'm just looking for the general industry norm here.

    i have a credit card with 2000 owed on it. i take out payment protection. am i covered for the 2000 or only for any future balance going forward?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Random wrote: »
    this is just an example scenario and i'm just looking for the general industry norm here.

    i have a credit card with 2000 owed on it. i take out payment protection. am i covered for the 2000 or only for any future balance going forward?

    afaik if you need to claim on payment protection they generally just make the minimum payment due for 12 months. Can be for less time depending on policy. read the conditions of the payment protection before deciding on it. Also the insurers are shocking at the moment with putting a claim in with them from my experiences.


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