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  • FIRST POST
    • ladylord
    • By ladylord 12th Feb 18, 4:28 PM
    • 9Posts
    • 2Thanks
    ladylord
    Insurance on Loan
    • #1
    • 12th Feb 18, 4:28 PM
    Insurance on Loan 12th Feb 18 at 4:28 PM
    Hi There,

    I'm wondering if anyone can help. I recently took out a loan secured on my property in order to consolidate debt. I went through a brokers called Fluent Money, and the actual loan came from a company called Prestige.

    Since receiving the loan I kept being contacted by another company by phone and letter asking me to sign a credit agreement for some insurance for the loan. I have spoken to them to cancel as they were just the company collecting on the behalf of the broker. Now the brokers are trying to call me! I'm a bit miffed as I was told that all the charges for the loan were included in the amount I was borrowing and were therefore included in my monthly payment. It has all gone through and I have the money, but don't know why they are trying to force me to sign up to another credit agreement for insurance on the loan. It stinks of PPI to me!

    I have checked through the agreement and can't see anything about having to take insurance with them. Their approach is so pushy I just feel that other people will probably just pay without challenging and I don't think this is right.

    Has anyone else had the same experience, should I report them to the Ombudsman?

    Thanks, Helen
Page 1
    • zx81
    • By zx81 12th Feb 18, 4:34 PM
    • 15,514 Posts
    • 16,454 Thanks
    zx81
    • #2
    • 12th Feb 18, 4:34 PM
    • #2
    • 12th Feb 18, 4:34 PM
    Find out exactly what the situation is first. Speak to the broker.
    • ladylord
    • By ladylord 12th Feb 18, 5:09 PM
    • 9 Posts
    • 2 Thanks
    ladylord
    • #3
    • 12th Feb 18, 5:09 PM
    • #3
    • 12th Feb 18, 5:09 PM
    Thanks will do, I'll be brave and question them about it!
    • Tarambor
    • By Tarambor 13th Feb 18, 2:23 PM
    • 2,224 Posts
    • 1,602 Thanks
    Tarambor
    • #4
    • 13th Feb 18, 2:23 PM
    • #4
    • 13th Feb 18, 2:23 PM
    Tell them to sod off, you're signing nothing.
    • DCFC79
    • By DCFC79 13th Feb 18, 4:07 PM
    • 30,930 Posts
    • 19,561 Thanks
    DCFC79
    • #5
    • 13th Feb 18, 4:07 PM
    • #5
    • 13th Feb 18, 4:07 PM
    So you have turned unsecured debt into secured debt (not advisable ) on your home, hope you get the debt paid off.
    Last edited by DCFC79; 13-02-2018 at 6:57 PM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • seatbeltnoob
    • By seatbeltnoob 13th Feb 18, 6:15 PM
    • 344 Posts
    • 80 Thanks
    seatbeltnoob
    • #6
    • 13th Feb 18, 6:15 PM
    • #6
    • 13th Feb 18, 6:15 PM
    sounds like a new PPI
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