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Advice Needed - BOS Creditcare Insurance
Sharon30
Posts: 54 Forumite
Hi
I'm looking for some advice after lurking around and reading the forums!! I took out a £4000 loan with the BOS in 2002. After hitting some financial problems I defaulted on the loan, charges were added etc etc etc and it eventually was passed onto a debt collection agency (a few). I have had several health problems over the years which resulted in me losing my full time job etc. I have managed to pay some of the loan of over the years coming to agreements etc and continue to pay a small arrangement each month to date. I still have the original paperwork and just looked it out as I remember getting charged extra but at the time it wasn't explained to me as it was a quick loan application over the phone!!! I borrowed £4000 over 48 months and the BOS added Creditcare Gold Insurance onto it which totalled £1478.00 which meant a loan amount for £5478 over 48 months plus the charge for credit was £2268.24 which came to the grand amount of £7746.24!!! No wonder I'm in debt. I honestly don't remember being asked if I wanted this and I thought it was a must have in order to get the loan. Is this credit insurance the same as payment protection insurance and do you think I have a case to reclaim??
Any advice would be greatly appreciated
Sharon x
I'm looking for some advice after lurking around and reading the forums!! I took out a £4000 loan with the BOS in 2002. After hitting some financial problems I defaulted on the loan, charges were added etc etc etc and it eventually was passed onto a debt collection agency (a few). I have had several health problems over the years which resulted in me losing my full time job etc. I have managed to pay some of the loan of over the years coming to agreements etc and continue to pay a small arrangement each month to date. I still have the original paperwork and just looked it out as I remember getting charged extra but at the time it wasn't explained to me as it was a quick loan application over the phone!!! I borrowed £4000 over 48 months and the BOS added Creditcare Gold Insurance onto it which totalled £1478.00 which meant a loan amount for £5478 over 48 months plus the charge for credit was £2268.24 which came to the grand amount of £7746.24!!! No wonder I'm in debt. I honestly don't remember being asked if I wanted this and I thought it was a must have in order to get the loan. Is this credit insurance the same as payment protection insurance and do you think I have a case to reclaim??
Any advice would be greatly appreciated
Sharon x
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