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payment protection on small loans a waste of money?

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  • 07-02-2005 5:39pm
    #1
    Scruff
    Registered Users Posts: 4,222 ✭✭✭


    by small i mean around the 6-7k mark.
    what are peoples opinions?
    from reading the terms and condidtions they seem to befairly restrictive on when they pay out, as is true for all forms of insurance i suppose.


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    #2
    TUTS
    Closed Accounts Posts: 208 ✭✭TUTS


    yes, yes it is! The people selling the product generally dont know what they are selling and will sell it to anyone. Some loans are given at a cheaper rate if you take the insurance and some loans will only be approved if the insurance is taken. All of these type's of insurance come with a 30 day clause.

    So all you need to do is open the loan with insurance if you dont think you'd be approved. You'll get a cheaper rate. Then close the insurance within the 30 days and refund the balance of the premium to your loan account. This will prob knock 2 repayments of the loan. Sometimes the loans would have to be restructured to show without protection. At this point a new loan would have to be opened without insurance. Make sure to get the same rate as the earlier loan as you cannot be penalised for taking a loan without insurance.

    TuTs


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