Credit card company's insurance?

Question

I've heard that if someone is'nt working for x reason and the credit cards didn't get paid for a certain time they would stop trying to collect and get paid by some insurance company. And that after they get paid by the insurance company. Some credit card companies will insist that you pay them anyway. What happens behind closed doors in this situation?

Answer 1

You either have insurance or you don't. Once you have it, the credit card company cannot change the rules behind closed doors. If they insist on payment while eligible for disability,  then you need to get in their face and get their attention. If you truly quailfy, they will back off.

Answer 2

They have protection for an extra fee a month in case you become unable to work for a good reason.  They will require certain info to prove this.  They will make the minimum monthly payment for you with no penalties

Answer 3

IF you carry credit insurance  (very expensive) they pay theMINIMUM on your credit card while you are off work for reasons not your fault.  The part about the insisting about being paid twice,  that is bogus.  You would have recrds.

But for this to be, you MUST pay for the insurance every month.

Answer 4

You owe what you owe.  It does not matter if they were paid off by some insurance company, which by the way is absolutely not so, you owe and your debt is turn over to a collection agency for collection.  Additionally, your credit rating, will be for the worst for the next 5 to 7 years.

Answer 5

If before you took out the credit card with the company, you also paid extra for insurance against redundancy, they might pay your instalments for a while, maybe 6 mths. after this you'll still owe your remaining balance.

Answer 6

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