Ppi

Cliptine

Hi I'm new to this so please excuse any ignorance.

My hubby and i got a business loan from RBS in 2004 and were told we had to have insurance to get the loan.

I recently looked out the policy after reading this forum and it says its a Homebuyers Protection plan?????? when we got the loan we were told that we had to pay a fee every quarter to the DTI (Department of Trade and Industry) as they were guaranteeing the loan. The fee started at £250.00 and went down every quarter until loan was paid. (Due to paid in 2014) Insurance is around £55 per mth and is payable on death or critical illness of one or both of us. There is nothing to do with employment in it and as we are self employed I thought there should be.

Does anyone think I have a claim?

di3004

Cliptine wrote: »

Hi I'm new to this so please excuse any ignorance.

My hubby and i got a business loan from RBS in 2004 and were told we had to have insurance to get the loan.

I recently looked out the policy after reading this forum and it says its a Homebuyers Protection plan?????? when we got the loan we were told that we had to pay a fee every quarter to the DTI (Department of Trade and Industry) as they were guaranteeing the loan. The fee started at £250.00 and went down every quarter until loan was paid. (Due to paid in 2014) Insurance is around £55 per mth and is payable on death or critical illness of one or both of us. There is nothing to do with employment in it and as we are self employed I thought there should be.

Does anyone think I have a claim?

Hello there and welcome.;)

I do not know anything about this cover to be honest, but if this was mis sold to you in any way, I think like any other insurance cover, then you can try to reclaim on this.

For more information check this link here with templates to follow:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will have more of an idea on this policy and about mis selling on the link added, check it out and if any of it occurs to you, then there is no harm in trying to reclaim.

Good luck and hopefully someone who will know more about this one will post up soon with some info and advice for you.

dunstonh

There is no claim here. You have a life assurance policy (with critical illness cover bolted on, as many do). Its not payment protection and it would not cover employment. It would be pretty pointless if it did. So, its good to see they have recommended and sold the correct type of cover.

Unlike most PPI, the life assurance would have been sold after a factfind and suitability report. This is where they record your current circumstances and your need areas and document the reasons why it is suitable. Unless there is no justification for having it, you are very very unlikely to get it upheld. If you already had enough life cover then its possible as there has to be a need for it. Otherwise no point complaining.

Cliptine

Thanks for the info. These forums are brilliant. Saved me making a fool of myself claiming for something that is ok.

Again Many thanks

Cliptine

Cliptine

Thanks so much for input but as you can see from last post don't have a claim. Never mind, as they say "nothing Ventured..."

Cliptine