PPi Help

roks

Hi new to this site

I have just paid off a big loan with high street bank with help from family
the loan was for 60 months but paid off after 14 there was insurance on this loan. I was made redundant in nove 08, but was very lucky to get a job with a agency but a claimed for 1 payment from the insurance because of this they are telling me I cannot claim any money back from the insurance. seems to stink to me the insurance was over 6.000 are they just fobbng me off ????

di3004

roks wrote: »

Hi new to this site

I have just paid off a big loan with high street bank with help from family
the loan was for 60 months but paid off after 14 there was insurance on this loan. I was made redundant in nove 08, but was very lucky to get a job with a agency but a claimed for 1 payment from the insurance because of this they are telling me I cannot claim any money back from the insurance. seems to stink to me the insurance was over 6.000 are they just fobbng me off ????

Hi there
And welcome.;)

So you made a claim for unemployment and it was successful?
If this is the case apparently its not seen as mis sold as such, but do check your terms and conditions of your policy to be sure on this, good luck.

Also see what other posters think of this as well.;)

roks

Please could you tell me if the terms did say if you were unemployed you couldn't claim, even if it was only 1 month do you think this is fair?
I don't.

di3004

roks wrote: »

Please could you tell me if the terms did say if you were unemployed you couldn't claim, even if it was only 1 month do you think this is fair?
I don't.

Hi there

I don't think this is fair either.
It just don't seem right.

You could contact the Financial ombudsman service (FOS) and ask what they think on this matter.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

roks

Should I write to the bank first? when I paid off this loan the bank manager said if he took off is bankers hat he would write aletter
to try and claim back some money.
I find this all very confusing and feel that people we should trust are just fobbing us off. any help in this matter would be greatly appreciated

Roks

melorablack

Ok have a got this straight? I'm not sure I understand? So you made a successful claim on the policy and they paid you for a month but now you say is was mis sold?

di3004

roks wrote: »

Should I write to the bank first? when I paid off this loan the bank manager said if he took off is bankers hat he would write aletter
to try and claim back some money.
I find this all very confusing and feel that people we should trust are just fobbing us off. any help in this matter would be greatly appreciated

Roks

Hi Roks

Yes do write to the bank first hun, and if you cannot find the address let me know.

Here is the link to reclaiming with templates, but write your own reasons, they have 8 weeks to respond in full.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Keep us posted, and in case another letter is required, because you need to keep on at them until they either resolve this in your favour, in the final response they should give you details of the financial ombudsman service (FOS) if your not satisfied with the outcome of your complaint.

Post all letters by recorded delivery, good luck.;)

roks

melorablack wrote: »

Ok have a got this straight? I'm not sure I understand? So you made a successful claim on the policy and they paid you for a month but now you say is was mis sold?

Yes they paid for for one month while I was out of work.
Not saying it was mis sold, but seems harsh to have to pay the full amount of insurance 60 months for one month.

melorablack

That's what insurance is though isn't it? I pay car insurance and house & contents insurance for a whole year but if I don't claim on it I can't get it back just because I haven't used it.

dawnylou

Usually if you settle a protected loan early you are entitled to a partial rebate of the insurance premium (which reduces during the term of the loan so that the longer you have had the loan the lower the rebate would be) so long as you have NOT made a successful claim against the policy.