Are you being charged on your credit card, store card or loan?
It is worth checking your credit card, store card or loan agreements to se if you are paying Payment Protection Insurance (sometimes called ‘Care Cover’ etc.). If you are, were you aware that you had taken out this insurance?
The policies are meant to cover the loan or card repayments if you cannot afford them because of e.g. illness, unemployment or an accident. However, the cost of this insurance can be very high and policies often do not pay out under a range of circumstances e.g. temporary contract, if you have a number of different jobs, if you are self-employed, if you are dismissed or if you take voluntary redundancy.
Many students, because they often have temporary or part-time work, may not be covered by these policies, but nevertheless may have unwittingly signed up to them when they took out their credit agreements. If you think this might apply to you, it is worth checking the small print to see if you would ever be able to make a claim. If you have been sold a policy without the company first properly checking on your circumstances properly you may be able to make a claim for mis-selling and you may be able to cancel your policy and get a refund on your payments.
Our debt advisers can help you do this. For an initial appointment, please contact Student Services reception (City: 020 7320 2370 / North: 020 7133 2094) or e-mail firstname.lastname@example.org or further help see the Citizens Advice website www.adviceguide.org.uk