Third-party PPI on unsecured loan - is it worth it?

[neuroboy]

Hi,

I've just taken out an unsecured personal loan with RBS to consolidate my debts, making payments over 2 years.

I refused to take out RBS's predictably overpriced PPI, but have looked at various third party options, including the well regarded Loan PPI from British Insurance, which would be about £16 per month.

I'm 39, single and I have worked in IT for a university for 3 years on a rolling annual contract. I have had two periods of extended sick leave of 2 to 3 months (on full pay) for stress and depression in my first two years, but have been okay the past 14 months, and the job is panning out okay, so reckon I'm alright for a few more years and not quite ready to jack it all in and become a street drinker yet

Do you think this PPI would be worth my while? Or is that £16 that would be better spent on beer/therapy?

One of the main reasons I ask is that I heard that if you become unemployed you have to declare if you get PPI payments to cover your loans, and your state benefits are reduced accordingly, thereby making the PPI pretty much useless.

[patrickq1]

have a good look at the terms and conditions being offered by all ppi companies and yes it is a worthwhile policy,provided it is not one of the 3% payout ones they are useless and make the banks very very rich...try burgees he was the company who rebelled against the big boys so worth a look at his and others
patrickq1