i had a visa card paid extra for cover in case of redundency ect..unfortunately i was paid off and the insurance refused to pay my visa...why take money off me all that time then let me down when i needed it...
2006-06-30 00:18:51 · 11 answers · asked by catweazel 1 in Business & Finance ➔ Credit
I'm taking it you meant LAID off and Not PAID off. Depending are where you're from, it maybe how and or why you were laid off. Most large corps understand that LAID off means nothing. You could have been fired, or you took a voluntary layoff... Check your visa's insurance clauses.
2006-06-30 00:24:26 · answer #1 · answered by williecanuck 2 · 0⤊ 0⤋
They will NOT pay off your card!! What the companies do (again as previous answers suggest conditions apply) they will pay only the minimum payment so you do not get bad credit. the interest will still be put on. When you start work again, you might have to pay the money the insurers paid, back. They are only insuring that the payments are made. It is very similar to mortgage insurance, they will only pay the minimum required to stop your house being repossessed ( normally the interest) once you are back in work you have to start paying and at the end of what you thought was the mortgage you will find you still owe more, that's the interest they paid while you were out of work.
2006-06-30 08:53:11 · answer #2 · answered by BackMan 4 · 0⤊ 0⤋
I paid extra with The Halifax and have been out of work for over a year. Every time I signed on I had to get the job centre to sign a form which I had to sent to Halifax. I also had to send details of any jobs that I had applied for which proved I was looking for work. They paid 10% of card up to 1 year. Then I got a call saying they would not pay anymore.But they did for a year. I then cancelled the extra payment as I couldn`t benefit from it. I am starting new job soon so I may review the situation.I was made redundant from my first job.
2006-06-30 20:03:45 · answer #3 · answered by butterfly55freedom 4 · 0⤊ 0⤋
Credit card insurance is expensive and difficult to benefit from. It sounds like you may not have any legal claims based on what the fine print may say.
Even so, if you make a big enough fuss about it, sometimes they may give in. I hope that you will fight their refusal. The least they can do is to re-age your account so that it reflects a current status and remove all negative payment information from your credit file. These can save you much grief down the road.
2006-06-30 08:56:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Read the fine print in your credit card cover agreement. They may have exclusions that would disqualify you from benefiting from the policy, such as if you are made unemployed due to misconduct, etc.
2006-06-30 07:23:11 · answer #5 · answered by k² 6 · 0⤊ 0⤋
Ask Visa
2006-06-30 07:29:46 · answer #6 · answered by nick_knight49 3 · 0⤊ 0⤋
They are a type of insurance company. They are quick to collect your money, but when it comes time to pay that's when all of the excuses happen.
2006-06-30 14:11:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
According to my bank, you need to be unemployed officially, ie, be signing on
2006-06-30 07:40:24 · answer #8 · answered by jojoh73 2 · 0⤊ 0⤋
I think that rider says you only get the money if you can't work because you're HURT.......
not because you get laid-off
2006-06-30 07:22:38 · answer #9 · answered by Campbell Gramma 5 · 0⤊ 0⤋
they only cover when you are unable to work due to illness
2006-06-30 07:41:29 · answer #10 · answered by Anonymous · 0⤊ 0⤋