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Payment Protection - any claims?

  • 30-11-2004 5:10pm
    #1
    jandm
    Registered Users, Registered Users 2 Posts: 90 ✭✭


    Have a car loan with AIB and took out payment protection - no income for the month of October so filled in relevant forms and sent them back to AIB. Letter arrived last week from AIB complaining the funds were not in the account to cover the last repayment - rang them to explain they are "looking into it" but have not heard anything since :confused:

    Has anyone ever claimed payment protection without having any glitches?


Comments

  • #2
    Danno
    Registered Users, Registered Users 2 Posts: 8,913 ✭✭✭Danno


    The payment protection, like ALL insurance is glorified toilet paper. I took payment protection and lost my job after two and a half months, alas I was denied payment because you are not covered for the first three months.

    Robbing B***ARDS.

    I am delighted to say that I payed them off in full afterwards and then moved my current account to BoI instaed.


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,574 ✭✭✭✭Victor


    My experience is they go straight into denying you service. You'd think you weren't a customer at all.


  • #4
    Tazz T
    Registered Users, Registered Users 2 Posts: 3,210 ✭✭✭Tazz T


    Payment Protection is one of the biggest legalised rip-offs there is. Credit Card companies in particular make a fortune out of it. It's one of their biggest revenue streams. That's why they're so eager to get you to take it out when you get a new credit card. it's more for their protection than yours - which you'll discover if you ever try to make a claim. The terms & conditions tend to be very convoluted and confusing. You may find that even though you've been paying it for ages, you're not entitled to it at all.

    You'll find some good information about PP on the Motley Fool website.


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