the funding corporation

boz66

Hi i purchased a car with my wife as joint applicant in january 2007,and it was financed through the funding corporation over a 4 year period.we took out all the insurances.Sadly in october 2009 my wife passed away unexpectedly and had i had to give up work to look after our 5 kids,1 who is only 2.Having to now rely on benefits through no chouice i am finding it hard to pay the £230 a month.
I wrote to the finance company shortly after my wife died explaining the situation,and all i got back was a settlement figure and told that they would take har name off the agreement.As she had no life insurance there was no way i could settle the debt.So I have just had to struggle paying every month.What is the point of me paying the ppi and other insurances on the loan when they are no good to me.
Does anyone know where i stand on this and what can i do
cheers paul

marshallka

boz66 wrote: »

Hi i purchased a car with my wife as joint applicant in january 2007,and it was financed through the funding corporation over a 4 year period.we took out all the insurances.Sadly in october 2009 my wife passed away unexpectedly and had i had to give up work to look after our 5 kids,1 who is only 2.Having to now rely on benefits through no chouice i am finding it hard to pay the £230 a month.
I wrote to the finance company shortly after my wife died explaining the situation,and all i got back was a settlement figure and told that they would take har name off the agreement.As she had no life insurance there was no way i could settle the debt.So I have just had to struggle paying every month.What is the point of me paying the ppi and other insurances on the loan when they are no good to me.
Does anyone know where i stand on this and what can i do
cheers paul

Hi, sorry to hear of the death of your wife. It must be very hard for you.

As you said you were insured could you not claim on the insurance when having to give up work? Was the insurance in joint names and what did it cover (ie life and sickness).

boz66

yes it covers life sickness and unemployment.but the wording is impossible to understand with" you "in bold throughout and this meaning me the 1st applicant.seems im on to a no winner here and they not interested

marshallka

boz66 wrote: »

yes it covers life sickness and unemployment.but the wording is impossible to understand with" you "in bold throughout and this meaning me the 1st applicant.seems im on to a no winner here and they not interested

Maybe you could make a claim then now being unemployed and if they dismiss it for reasons then maybe you could try for the misselling of the loan insurance.

I know it can be difficult in that you gave up work to "care" for your children and not because you were ill as such so I don't know how this would work? You say you took out the insurances offered and I assume you thought you were protecting yourselves and the loan repayments and you were not offered any "joint" life then I assume? Some loans offer joint life insurance and only single sickness cover. Are you sure that the life insurance attached was not joint?