Payment Protection Insurance

loopyloppy

Hi..... Please can you help! Not sure where i stand.

I have unfortunately been made redundant from the bank after 15 years and have been paying PPI on my credit card since i have had it. I made a claim in 2007 for 12 months, which they made my monthly payments. After this time, I have continued to pay the insurance premium, but have been told that i would not be able to make a claim anymore whilst i am out of work. I feel that from the date of my last payment made by them, i have been paying for a insurance that has been no good to me! They are saying that i can not get a refund as i have been covered for sickness, which i was not aware of!

di3004

loopyloppy wrote: »

Hi..... Please can you help! Not sure where i stand.

I have unfortunately been made redundant from the bank after 15 years and have been paying PPI on my credit card since i have had it. I made a claim in 2007 for 12 months, which they made my monthly payments. After this time, I have continued to pay the insurance premium, but have been told that i would not be able to make a claim anymore whilst i am out of work. I feel that from the date of my last payment made by them, i have been paying for a insurance that has been no good to me! They are saying that i can not get a refund as i have been covered for sickness, which i was not aware of!

Hello and welcome.;)

May I ask for then you made a claim the last time was this also for unemployment, or maybe sickness.

I assumed this would start again after you returned to employment continuiously min of 3 or 6 months.

I would question them on this and try to check the policy out, if you do not have this, request that they send you a copy.

May I ask what bank this is? Thanks.

Anyway if you had done above and returned to employment for that time and they will not pay out now, you need to write to complain that its worthless to you, where you should not have to be paying out for someting that does not fully cover you - despite an older claim you made.
Give them the date of then you did claim.

For more info as well, check the link below, you will find useful info, templates etc, follow that through, and post all letters by recorded delivery, good luck and post up for help if required.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

loopyloppy

Hi thanks for your rapid response.

This payment protection insurance is with HSBC. The claim i made was for redundancy. They made payments for 12 months, which i continued to pay this PPI. I contacted them today and they confirmed that i would have to be back in employment for 6 months before i could make a claim again. I have been unemployed for 2 years making this payment, and feel i would have been better off them cancelling this, and starting it again when i am back in employment.

I will contact them and request copy of terms and send letter.

Will keep you posted - many thanks

di3004

loopyloppy wrote: »

Hi thanks for your rapid response.

This payment protection insurance is with HSBC. The claim i made was for redundancy. They made payments for 12 months, which i continued to pay this PPI. I contacted them today and they confirmed that i would have to be back in employment for 6 months before i could make a claim again. I have been unemployed for 2 years making this payment, and feel i would have been better off them cancelling this, and starting it again when i am back in employment.

I will contact them and request copy of terms and send letter.

Will keep you posted - many thanks

Hi there and your welcome.;)

Yes it will be a good idea to have the paperwork of the policy document/terms and conds, check them over and post back for help.
Good luck.

melorablack

These are the normal conditions of the cover. The insurance isn't wasted because you have benefited from it for 12 months.

If you know for certain you won't get another job then just cancel it.

You are very unlikely to get any money back from this because you have claimed for 12 months and what they have done is within the policy conditions - and anything you may get back would be reduced by the amount paid out by the insurance during your claim.

loopyloppy

Thanks for your comments. The issue i have is i understand they have paid out for 12 months unemployment pay, but they have continued to take payment for this cover after this has been paid. They have told me that i would have to be in work for another 6 months before i would claim again and have been paying this since last payment from them in Dec 2008. I have been paying since this date for something that i am not FULLY covered for.

melorablack

loopyloppy wrote: »

Thanks for your comments. The issue i have is i understand they have paid out for 12 months unemployment pay, but they have continued to take payment for this cover after this has been paid. They have told me that i would have to be in work for another 6 months before i would claim again and have been paying this since last payment from them in Dec 2008. I have been paying since this date for something that i am not FULLY covered for.

But you would be covered if you went back to work for 6 months. They can't just stop the insurance when you aren't working and start it again when you are in work. If you don't want to pay it anymore you need to cancel it now.

di3004

If you don't mind me asking, how long is it since you returned to new employment.


I know on my hubby's he can claim for up to 12 months, it will then stop but we still have to pay the monthly premium for this, if hubby returns to employment and this continues for I think 6 months, he will be eligible again to make a claim if he has to.;)
Something like that, some companies may be 3 months continued employment.

Hope this helps hun, good luck.