Help with overdraft loanguard cover

allanmackay

Hi all,

Bit of a sticky situation that i need help with.. I have an overdraft with the RBS to the sum of £2500 i've had this for the past 10 years and remember being told by the bank representative at the time that unless i took the loanguard cover the bank would not give me the £2500 limit.

Despite being on a very secure wage in excess of £40000 per year i find myself every month in my overdraft and have been paying the charge for loanguard cover...

Has anyone out there tried to reclaim this charge and how did you get on? I would estimate that over the 10 years the bank may owe me 100's in re-claimed charges for un-neccessary cover.

Thanks

di3004

allanmackay wrote: »

Hi all,
Hi and welcome.

Bit of a sticky situation that i need help with.. I have an overdraft with the RBS to the sum of £2500 i've had this for the past 10 years and remember being told by the bank representative at the time that unless i took the loanguard cover the bank would not give me the £2500 limit.
I think this should be optional myself, but if you can get hold of any terms and conds for this, check them out, the bank should supply them to you on request.

Despite being on a very secure wage in excess of £40000 per year i find myself every month in my overdraft and have been paying the charge for loanguard cover...
I'm sure someone will have experience of this in regards of loanguard and will hopefully post up with some useful info/advice for you on this.

Has anyone out there tried to reclaim this charge and how did you get on? I would estimate that over the 10 years the bank may owe me 100's in re-claimed charges for un-neccessary cover.

Thanks

As stated above, hopefully someone with experience of this will post up, but if you were told you had to have this with not being given an option, you may be able to try and make a reclaim on this, but this is just my opinion.

However, for more information on reclaiming, as you do with PPI, check this link out here below, its very useful.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck with this and please keep us posted, as this may possibly help others as well that are or have been in the same situation, cheers.;)

Did find a little bit of info here:
http://www.rbs.co.uk/business/borrowing/g2/overdraft.ashx