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Would payment protection claim affect overdraft?

  • 25-03-2010 3:11pm
    #1
    headstart
    Closed Accounts Posts: 3 ✭


    I have an overdraft with BOI at the moment (small enough - 2k), I also have a personal loan with them, I lost my job in October but haven't claimed payment protection on the loan. I'm afraid if I do that they'll remove my overdraft facility.

    Am I being stupid?


Comments

  • #2
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    It wont affect your overdraft, also in a lot of cases payment protection is dealt with a third party.


  • #3
    headstart
    Closed Accounts Posts: 3 ✭headstart


    Thanks, not sure how the overdraft thing works, I assume they can withdraw it annually?

    Will contact the bank tomorrow, do you know if it's straight forward claiming the PP, do they backdate it?


  • #4
    bills
    Registered Users, Registered Users 2 Posts: 952 ✭✭✭bills


    i dont see why they would as payment protection would not have anything to do with overdraft.


  • #5
    headstart
    Closed Accounts Posts: 3 ✭headstart


    I was just afraid that claiming on PP would flag something and they'd review the overdraft facility because of that.

    Thanks for the advice so far.


  • #6
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    Im not sure if they back date it. The claims usually take a while to go through from my own experience and others on here, you could be waiting months.

    First thing to do is contact whoever is providing the cover it may not be the bank. If you dont know ring the bank and ask. Get in contact with them and ask them to send out the forms so you can make a claim. Its about ten pages long make sure and double check you have filled it out correctly. You will be asked to get your previous employer to fill in a form and get one filled in and stamped at the social welfare office.

    Be also sure to keep a copy of everything you send so if they ring saying they lost something you can send them another copy. Or if they say something was not filled in correctly you can check.


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  • #7
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Keep the O/D 30 days in credit and you should be fine. You should have applied for the payment protection by now. Don't wait any longer.


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