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Claiming on payment protection

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  • 10-10-2005 12:10am
    #1
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭


    What's the deal with claiming payment protection? I have a loan and a credit card which I pay PP on, and found out all of my department are being made redundant at the end of this year.

    Am I supposed to inform the bank NOW? What will they ask of me if I have to claim it, to prove I was made redundant?

    Do I have to show when I was first given notice of redundancy - had been planning on buying a car next month and if the PP on that loan would pay out for me in January if I haven't found a new job yet, that would be nice.


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    #2
    Spocker
    Moderators Posts: 6,859 ✭✭✭Spocker


    It's worth reading the small print of the PP plans to make sure you are covered in a redundandcy situation - some will only cover for medical illness, etc etc.

    If you are covered they'll probably ask for a copy of the RP50 (Notice Of Redundandcy) form you'll be given when offically served notice.

    It's probably worth checking as well if there is a "notice" period in the PP policy (no claims within a certain initial timeframe) - this might scupper your plans for the car.

    AFAIK, if redundandcy is covered by your plan, you have to notify the insurer (which may not be the bank) within 30 days of the date of being made redundant (i.e. your last day).

    More info on redundantcy on the Entemp website


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