Help

jenbo

Sorry new to this !! Is CREDIT PROTECTION the same as PAYMENT PROTECTION on a bank loan ?

di3004

jenbo wrote: »

Sorry new to this !! Is CREDIT PROTECTION the same as PAYMENT PROTECTION on a bank loan ?

Hi there

I imagine it would mean the same thing, however could you please provide us with further information on this if possible?
What is this protection in aid of, such as a store card, HP or so alike ?

Cheers.;)

jenbo

Under my loan amount on my agreement it states CREDIT PROTECTION INSURANCE LOAN, but then further on in the document is says Personal Loan Protection ???? This is an extra monthly payment on top of my loan !!

di3004

jenbo wrote: »

Under my loan amount on my agreement it states CREDIT PROTECTION INSURANCE LOAN, but then further on in the document is says Personal Loan Protection ???? This is an extra monthly payment on top of my loan !!

Yes its the same thing then, its to cover your loan in case the unfortunate happens.

I take it you were not aware of this or maybe was not explained to you?

There are many reasons of why this may have been mis sold and I think if you feel you have beem mis sold for any of those reasons, you should try to reclaim and complain to them.

Write in your own words if you can and obviously with your own reasons, there is a link here to more information on PPI/loan insurance etc, and a template letter, you can use that to help you with your letter.

They have 8 weeks to respond in full, if not successful first time round or until you exhaust their complaint procedures, in the final decision they should enclose details on how you can take this further, for example the financial ombudsman service, the leaflet with their complaint procedures.

Keep us posted in case you require any further help through this, and post by recorded delivery to keep a check on the timescales they have, as you can check the delivery out on the royal mail "track and trace". Good luck.;)


http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

jenbo

ok thank u for your advice

di3004

jenbo wrote: »

ok thank u for your advice

Your very welcome and just post back anytime if you need any other help through this.:D
Good luck.;)

jenbo

sorry just another quick question !!

The loan was in 2 names but the insurance only covered one name ! Is that normal ?

di3004

jenbo wrote: »

sorry just another quick question !!

The loan was in 2 names but the insurance only covered one name ! Is that normal ?

This generally is part of the complaint as well.
So you can also mention this in your complaint, the FOS has a dim view on these type of policies.

You find that even though its a joint loan, it only generally covers the main first person signed, that is just not on.;)