Loan Protection

Jay_Tee

Hi, I've just registered as I have an issue with a loan and wonder if anyone could advise please.

I've been made redundant from my job and wondering how I deal with an issue with the loan protection. I phoned the insurance side of HSBC asking about making a claim due to redundancy, however they tell me that to make a claim I have to sign on for Job Seekers Allowance, which is all well and good, but as I'm disabled and get a War Pension at 60% I've applied for unemployability supplement which precludes getting JSA and as I have a small income already in payment I wouldn't get any payment from JSA. Plus because of my disability I think it's going to be very difficult for me to get another job

As my disability predates taking out the loan protection, it would seem I've paid out several thousand pounds for a policy which it was never possible for me to make a claim on.

Please help

Thanks

Donna

Rafter

Donna,

HSBC can't have their cake and eat it! Either they pay out on the insurance or they refund your premium for not explaining the exclusion given your situation.

R.

Jay_Tee

Rafter wrote: »

Donna,

HSBC can't have their cake and eat it! Either they pay out on the insurance or they refund your premium for not explaining the exclusion given your situation.

R.

Hi Rafter,

Thank you for your reply, I've just completed the first letter (from the template on this site) to claim back the cost of the PPI.

Donna

jonesMUFCforever

CHECK FIRST THAT THEY WILL NOT PAY OUT! - or at least work out which is better for you either refund of premium (+ interest ) or 12 months worth of loan repayments.

Jay_Tee

jonesMUFCforever wrote: »

CHECK FIRST THAT THEY WILL NOT PAY OUT! - or at least work out which is better for you either refund of premium (+ interest ) or 12 months worth of loan repayments.

The conversation on the phone indicated that I have a chance of a payout, but not a good one, as the reason I'm not confident of getting work is a pre-existing medical condition so on the face of it I'm unlikely to get anything, I'm a lot better off getting the premium back as it's more than 12 loan repayments without the interest. I've just over a year to go on the loan, so paying off the loan is an attractive option.

Also if I'm being pessimistic and I can get a job, I'm again a lot better off as the loan will have been paid off.