Cap one payment protection insurance

[simonjohn]

I was talking to a friend of mine the other day about payment protection insurance and we got on to the subject of Cap one and their payment protection, which as I understand is usually a percentage of the outstanding ballance.

He then started telling me about his fathers situation with cap one. Basicly, his father who is 72 took out a card with cap one about 3 years ago and currently he's upto his credit limit and paying the minimum payments this isn't a problem in itself however £40 a month of this is going towards payment protection insurance

As I have a cap one card I thought id look at the terms and conditions of the payment protection and it says that it will only pay upto the age of 64.


So onto the main question:

1) Is it worth while him continuing paying this extra £40 a month, considering that he wouldn't be covered in the event of a claim and can he cancel the payment protection ?.

2) Could he claim back his previous payments ?.

Your help as always is much appreciated.

[rougesept]

You can cancel it in seconds over the phone with them. I did earlier this week!

Rouge

[simonjohn]

Originally Posted by rougesept

You can cancel it in seconds over the phone with them. I did earlier this week!

Rouge

Thanks for the advice, I will pass it on to my friend. I thought it was a bit odd considering the policy restrictions and his age.

[ukaviator]

Cap one made a big mistake a while ago now. People signed up to that insurance and Cap One did'nt send out the terms and conditions. When i called them to cancel mine, they tried to sell me the insurance at a very cheap rate. I will try and find the story and post it.

Uk