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Why Not To Pay PPI (Payment Protection Insurance)
By: Peter Kenny
One way to save money on your credit card bill is to not take the payment
protection insurance, this is a waste of money and the only one who will benefit
from this is the credit card company.
Some people don’t realise that they are actually paying the payment protection
insurance it can be hidden in with other costs, those of us that do realise we
pay it think it’s a must why! Because the credit card company says so, we assume
that if we loose our jobs or fall ill and have to have time of work, that with
the (PPI) in place that we are covered well this is not all ways the case. Most
people who take this cover with their credit card think they’re totally covered
if something bad should happen, well I am here to tell you that you’re not a lot
of people think their debt will be paid off for them, but most companies only
pay a years payment then you have to pay the rest of the balance. Even if you’re
still off sick or not working it’s your responsibility.
Most companies take a while to sort your claim out so at the start you will
still have to find the money for your payment, and if you’re only off sick or
out of work for a few months, you’ll properly find you’ll be back at work before
your claim is sorted.
The amount you pay for your payment protection insurance is usually between
70p-80p for every £100 owed, these charges are usually hidden in with other
charges for your credit card, and only come to light when the amount that you
owe is at a high level. This is another way the credit card companies gain their
profits.
If you pay your balance off in full at the end of every month I would not bother
even looking at this policy, and if you’re self-employed I would not bother with
this policy either as you’ll not be covered if you become unemployed.
I understand that when you take out a credit card you’re looking for a bit of
security, but nine times out of ten times these payment protection insurances
will not cover you and will only cost you money in the end. There are some
companies that are more trustworthy than a (PPI) including Pay-protect and Good
insurance they will pay more to your debt and at half the price you would pay on
an payment protection insurance cover.
About the Author:
Peter Kenny is a writer for creditcards-gb For additional articles and an
extensive resource for everything about credit cards, please visit us at http://www.creditcards-gb.co.uk
and http://www.creditcards2go4.com
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