# payment protection credit card



## suimhneach (6 Nov 2008)

Just noticed im paying 25 € every month is it normal? what is this charge?


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## ClubMan (6 Nov 2008)

Insurance cover for when you are unable to make repayments in certain circumstances. The_ T&Cs_ of the policy should clarify. In many cases such cover is poor value for money.


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## suimhneach (6 Nov 2008)

i cant believe  i never noticed it before but its 300€ a year for nothing, is it easy to cancel it or will i have to sell my sould to get rid or it, i never remember paying this before thought it was a quarterly fee till i copped on today.


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## ClubMan (6 Nov 2008)

Just tell the card provider you no longer want it. If you think that you were mis-sold this then complain.


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## mvron (6 Nov 2008)

I removed the payment protection from my credit card last week for the same reason - €60 pm for nothing. It was easy enough to do - rang the credit card company, they gave me a 3 minute sermon on what I was giving up by removing the insurance and then agreed to take the instruction online. They did mention that you must give 30 days notice to have it removed but thankfully the next pp payment I make will be my last!


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## Mel (6 Nov 2008)

mvron said:


> I removed the payment protection from my credit card last week for the same reason - €60 pm for nothing. It was easy enough to do - rang the credit card company, they gave me a 3 minute sermon on what I was giving up by removing the insurance and then agreed to take the instruction online. They did mention that you must give 30 days notice to have it removed but thankfully the next pp payment I make will be my last!


 
Can I ask who your CC is with? I phoned AIB/Visa to do this and they insisted on written cancellation. I still haven't gotten to it.. .


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## mvron (7 Nov 2008)

Hi Mel,

My card is with MBNA and they were more than willing to take a phone instruction - they didn't mention written confirmation at all. I'll keep an eye on it in Dec to check that they did as they said that would. mv


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## G123 (7 Nov 2008)

Got caught with this once a few years ago.

At the time MBNA automatically included this insurance unless you ticked a box to opt out of it. I didn't notice it on my first statement but when I complained about the inertia selling they refunded me the second payment. Left a sour taste with me though.


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## Murt10 (8 Nov 2008)

Here's an article from an insider who used to work in payment protection and who now writes for the Motley Fool im the UK. He explains what a ripoff payment protection is and how lucrative it is for the banks

[broken link removed]


Murt


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## bond-007 (8 Nov 2008)

MBNA do send out a written confirmation that it is cancelled.


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