What would is the effect on BK of signing up for a Payment Protection service? Will the fact you are not required to make payments during unemployment effect the ability to file a Chap 7 during the unemployment? While most defer payments and interest some Payment Protection programs actually make the payments while your unemployed. Will this be considered income for the means test? Will you be considered not eligible for Chap 7 because none of your payments/interest are due until you are employed?
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None whatsover. That whole service is a scam to begin with. -
Payment Protection
I had payment protection with quite a few of my cards and I too thought that when I was unemployed that protection would kick in, after all they were charging it to my account each month. When I lost my job last year, I sent them a copy as proof of my unemployment. They kept sending the bills anyway and eventually handed my accts over to collection agencies. So I think they are running scams and you won't realize it until after you actually need the "payment protection."
sbbHooters MC: $1700
First Premier Platinum MC: $450
Orchard Bank MC: $300 Juniper Visa :$600
Target Card: $200 Capital One:$1500Comment
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Just look what those payment plans charge. I actually was stupid enough to sign up one time (I was thinking I might get laid off at the time, but thankfully didn't), when I would pay my bill, the next bill would always be higher than the previous bill because of the insurance charges.Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
Plan Confirmation 6/16/06 :yahoo:
Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:Comment
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The best protection is to not have a balance on your credit cards in the first place.
I'm sure someone will have a smart comeback. Go ahead. The fact is I'm right. You may hate it, but it's true.
Bring on the endless excuses.Comment
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I have a smart comeback - I agree completely.Originally posted by JezExComment
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