do you HAVE to have payment protection insurance??

[tiredemma]

seems a bit of a rip off to me, have worked out that im paying loads on top of my loan and begrudge paying it tbh.

I have health and life policies from bank and work that pay out if im seriously ill/die and if i get made redundant then ill just go and get another job.

can i ask for it to be taken off or will the bank try and fob me off?

No, you don't have to have it and yes, they like you to have it because = more profit.

no you dont have to have it - I never do

sometimes they won't grant you a loan unless you take it out though (it is a rip, you are right)

so if i contact them, chances are they may take it off- its a large high st bank.

yes almost certainly they will take it off, they add it in by default and somewhere in very small print there is usally a box to tick if you dont want it. They make huge amounts of profit and it is a totally rip of IMO. You would be better off saving the monthly premium somewhere else to tide you over for unexpected (short) periods of loss of income.

If you have already signed up for it and started paying it I don't know if they will let you stop.

We don't and you don't have to have it - just another way of getting dosh from you!

Hi, I have just taken out a mortgage through an IFA who unknown to myself, sent off for a payment protection....to cut a long story short, I phoned the bank today and told them to cancel it, they said no probs. I don't think you are under any obligation to carry on with it.

thanks, im going to call them tomorrow!

a lot of these schemes have been quite widely condemned as rip offs. In some cases people have been sold schemes that wouldn't pay up anyway - eg people who are self-employed being mis-sold schemes that in most cases wouldn't pay up.

Hi tiredEmma, I have a loan for 3.5k following university debts. It is with HSBC and I have their insurance. You can get it much cheaper online. The bank have told me I can take out a new loan without the insurance and get a rebate for what I have paid, which I plan to do in the next few months once we are moved.