If I cancel my credit card loan protection?
Monday, July 12th, 2010 at
3:18 pm
I’m paying extortionate rates for my credit card loan protection. If I cancel it, will I get a refund like I did for my personal loan (Lloyds TSB)?
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no refund. but do it anyway
No refund. Credit insurance is a total waste of money. It is pure profit for the credit card companies.
You won’t get a refund as you have to pay for the cover you have been getting.
However unless you are likely to lose your job it is an expensive luxury (or waste of money depending on your viewpoint!).
You would be better of using the payment money to pay of the debt, and then you don’t need protection!
i would keep it as you never know you may need it as the way things are going if you cannot pay your card it may help
no…and you may find that you tied in for some months to come
Yes it can be refunded if it can be proved that it was mis-sold to you, which seems likely because of your personal loan. In fact, if they were taken out before 1 April 2007 they may be legally cancelled altogether. The website can help you with what to do next.