life insurance with loans

wishiwasquidsin

Hi ive just been to the lloyds tsb bank to arrange a loan with them. i have one from 2 years ago and want to combind that laon with a visa ive ran up:rolleyes: .

The young lad that i saw said that couldn't have the £7500 loan i need as the life insurance i have doesn't have criticle life cover with it, a (Ive checked with my provider, it does) and also the amount that i would get every month if any thing happened to my OH wasn't enought to live on a month. he then went on to say that the lloyds one is very good ect...ect...
What would like to know is do you need life cover to have a £7500 loan, cos i just thought i was for when you buy a house.
I know feel robbed as he got me to sign up for a £2500 Insted of £2000 to cover the visa. I now have 2 loans one that finshed in 2 years and anoughter that has gpt 3 years on

di3004

wishiwasquidsin wrote: »

Hi ive just been to the lloyds tsb bank to arrange a loan with them. i have one from 2 years ago and want to combind that laon with a visa ive ran up:rolleyes: .

The young lad that i saw said that couldn't have the £7500 loan i need as the life insurance i have doesn't have criticle life cover with it, a (Ive checked with my provider, it does) and also the amount that i would get every month if any thing happened to my OH wasn't enought to live on a month. he then went on to say that the lloyds one is very good ect...ect...
What would like to know is do you need life cover to have a £7500 loan, cos i just thought i was for when you buy a house.
I know feel robbed as he got me to sign up for a £2500 Insted of £2000 to cover the visa. I now have 2 loans one that finshed in 2 years and anoughter that has gpt 3 years on

Hi there hun

I take it that this guy was pressurising you to have their cover and was basically telling you - you cannot have the loan without their cover !!!

I would get back to tell him or even prove anything you have on paperwork that you already have one ongoing which would cover this if the unfortunate happens, the guy should know that you do NOT have to take this cover, there are rules to use in selling the insurance with these loans now and this is becoming a big issue in the mis selling field.

Hun I take it you had accepted this loan today then and signed ?

Now you should have the chance to cancel the ppi, please pop over at the PPI reclaiming/discussion thread if you require more info but hun, if you have cover you do not require another, he has truly mis sold this to you.

They would just have to re-arrange the new repayments without the ppi, but to hear these advisers are still doing this is sooooo maddening.

I have a few complaints now ongoing about this bank, we have been with them for approx 18yrs and they ripped both me and hubby big time with PPI over the years.

I don't expect he told you there would be interest added to this too did he ?

Please get back to me about this hun, thanks.
The thread mentioned above is here
http://forums.moneysavingexpert.com/showthread.html?t=862067&page=546
Just copy and paste your post here hun and take it there if you require help here, cheers.

Please check this out here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Di.
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wishiwasquidsin

yeah i did feel so robbed, think ill go back and see someone esle and try to get them to help me out of the hole i got my self into, it seeemed that he wouldn't listen to me, what got me was he rang the the people i have the life insurance with to see who they were!!!???

di3004

wishiwasquidsin wrote: »

yeah i did feel so robbed, think ill go back and see someone esle and try to get them to help me out of the hole i got my self into, it seeemed that he wouldn't listen to me, what got me was he rang the the people i have the life insurance with to see who they were!!!???

Blimey......:eek:.

Yes hunni I would go back and see them because its your choice, they should have followed the rules anyway, besides even if you did not have cover, you still have the choice of looking about for a stand alone cheaper cover for this, I feel so mad about this to be honest......:mad: .

Above in the Red box "Insurance" there are some useful info on there, and links of choices of stand alone cheap insurance, you will save a great deal of money.

Personally I would go on to that insurance link, check out the insurance quotes online for this and print it off and show the bank !

Believe me hun, he thought of himself and commission for himself here, you get this sorted out and any problems, please get back, thanks.;)

You should still be able to have the loan.;)

Edited to come back in with link as mentioned above
http://www.moneysavingexpert.com/insurance/cheap-loan-insurance
Good luck!
Di.
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