I have just taken out a loan and in order to 'proceed' with the application, they have just rang me to ask some 'personal' questions. These ae basically (I discovered after answering) a way to scaremonger you into taking out payment protection, which I never take out. He may as well have presented me as just about to lose my job, die and/or be involved in an accident and get a terminal illness, all at once. For one minute I nearly wavered and took the protection.
Does anyone else ever feel like they are about to drop dead when they start going on about payment protection?
2007-08-14 08:00:37 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
a) Dont tell them who you bank with
b) Dont tell them you have an asset
c) Try to sell the guy/gal on the phone trying to sell you something a religion - that really throws em !
2007-08-14 08:39:38 · answer #1 · answered by 17pdr 4 · 1⤊ 0⤋
I just throw it back in their face ... that payment protection isn't worth the paper it's printed on.
I took out a loan some years ago with payment protection, but when I became long-term ill they only paid out for a few measly months ... claiming that I had a pre-existing condition which gave them authority to cease payments. I don't doubt that I had a pre-existing condition, but neither should they as it was listed on the application form for the payment protection.
I will never again take a loan with that particular bank. They can try to sucker someone else. After all, they apply pressure just so's they can gain commission, rather than thinking about what it means for you. I suppose they're gambling that there'll never come a time when they'll need to pay out. It's the same as with insurance on virtually anything else too.
2007-08-14 08:19:09 · answer #2 · answered by micksmixxx 7 · 0⤊ 0⤋
As far as I am concerned these payment protection plans are a rip-off - has anyone actually been paid out on them ?
I tried once when I was off work for a long time ill and even with a Doctors note they did not pay
My sister tried to claim when she got made redundant and got no money
A friend of mine tried to claim and she did not get anything either !
They always have some excuses for not paying - this is after spending ages on completing their forms - sending proof and telling them your whole life story
I have not come across anyone yet who has actually benefitted from one of these policies - I am sure there are some who have received monies and are happy to complete all red tape and eventually get a little after paying more that they receive !
2007-08-14 08:14:10 · answer #3 · answered by korcula 2 · 1⤊ 0⤋
Yes. However, I've taken out really low cost with same amount of coverage protection . I researched this before I applied for a loan and when the bank asked me if I wanted their payment protection with of course, all the dire warnings, I simply told them I could get the same cover for a quarter of their price. They were quite gobsmacked!
2007-08-14 08:11:01 · answer #4 · answered by the truth has set me free 4 · 1⤊ 0⤋
Dont subject getting it, it relatively is a entire scamm and unnessecary in case you have a good activity and be responsive to you are going to be able to make the money fairly certainly. I had value risk-free practices on a private loan of mine, i spoke to a financial adviser who advised me to ring the financial corporation because it grow to be a entire rip off, on account that then I even have offered a motor vehicle and had yet another mortgage and not in any respect taken the value risk-free practices, they continuously have specific policies too extensive loopholes so its no longer properly worth it. you are able to easily get value risk-free practices off the internet for some pounds a month, i cant remember which web content yet they'll cover the loans you have and pay you cash for inner maximum expenses in case you ever lose your activity, that is plenty extra properly worth it and definately properly worth looking into.
2016-10-10 05:30:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Ordinarily i'd say they are a waste of time, however I wish i had done so, when I got ill and could not keep up repayments, i would have had all £5000 circa wiped out.
PPP are therefore not without value. The company just wants to make sure it gets its money back
2007-08-14 23:28:22 · answer #6 · answered by bottle babe 4 · 0⤊ 0⤋
Curly Sue is right - genuine income protection insurance is not bad value but the PPI stuff is rubbish - it rarely pays out and the seller gets 70% to 90% commission (out of your premium) so you can see what the real price should be!
2007-08-14 08:18:01 · answer #7 · answered by morwood_leyland 5 · 0⤊ 0⤋
I just tell them i don`t want it,if they keep going on then ask for the manager to be put on.This normally solves the problem.These companies are like parasites trying to bleed more money out of you!
2007-08-14 08:09:48 · answer #8 · answered by delete 5 · 0⤊ 0⤋
Its such a load of bull isn't it?
"I'm not saying this will hapen to you miss x, but for your peace of mind . . . ?"
Why thank you very much for your concern kind sir but I had total peace of mind until you called and freaked me out!
My answer is usually, don't worry, I work for a local authority I get that kind of protection with my job - it usually shuts them up . . . .it's the biggest waste of money ever
2007-08-14 08:15:30 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Leave well alone. Don't be tempted. I never ever take out any protection whatsoever, be it a cooker, Hifi, etc.
2007-08-14 08:20:47 · answer #10 · answered by Anonymous · 0⤊ 0⤋