Loan Protection

KRISSY_2

Hi Can anyone help

I have Bronze Loan Protect on a Loan from Black Horse. This a secured Loan. The Bronze protect only covers for death on either myself or my partner and I took this protection as the seller at Black Horse advised me that this was necessary. Was it necessary? Can I make a claim for on this if not necessary to have the protection.

di3004

KRISSY wrote: »

Hi Can anyone help

I have Bronze Loan Protect on a Loan from Black Horse. This a secured Loan. The Bronze protect only covers for death on either myself or my partner and I took this protection as the seller at Black Horse advised me that this was necessary. Was it necessary? Can I make a claim for on this if not necessary to have the protection.

Hello and welcome.

I think like any other insurance, if you were pressurised into taking it out then you can make a complaint and request they refund you what you have paid.
So I take it this was added to the loan?

How long ago did you take this out (year)?

For more on reclaiming check the link below, you will find a check list of mis selling reasons and templates, if you require help from there please post up.
Good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

KRISSY_2

I took the loan out in Sep 2007 and I remember saying that I didnt want Protection as the quote was a substantial amount, the seller advised me I should at least take out the bronze protect as it would cover for death, because if either one of us died during the loan period the loan would end. We were in the understanding that if either of us died during the period of the loan the other would still have to pay if we did not have the protection! Is this correct?

di3004

KRISSY wrote: »

I took the loan out in Sep 2007 and I remember saying that I didnt want Protection as the quote was a substantial amount, the seller advised me I should at least take out the bronze protect as it would cover for death, because if either one of us died during the loan period the loan would end. We were in the understanding that if either of us died during the period of the loan the other would still have to pay if we did not have the protection! Is this correct?

Have you still got the Agreement for this, this should show who is covered, if both then fair enough, but in my personal opinion if it only protects the first person, the other would not be covered and would still have to pay out.
I would check your policy for these details as well, if you do not have these, they should supply them to you on request.;)
As they all vary from one bank to the other.