Loan Insurance...

Orville

jonesMUFCforever wrote: »

No the other way round! The last payment would take into account when the first claim was made.

I give up.............:D

How long does my Personal Loan Payment Protection Insurance run for?

Your cover will continue for as long as you have a loan agreement and continue to pay your
monthly premium on time but it will end when you reach 65 or when your loan agreement
ends. The policy is designed to cover your monthly loan repayments so you do not need to
review the level of cover. The premium is reviewable and we may change the rate or terms and

conditions of the policy by giving you 30 days’ notice in writing.

zppp

Put it this way.

What they have done, is given you the money to meet your repayments, and arranged to adjust your final repayment in lieu of the fact you claimed part the way through the month. What they could have done is pay you less on your first repayment following the claim, but that would not keep your loan paid and would be senseless, which is the reason for them doing it this way.

Orville

zppp wrote: »

Put it this way.

What they have done, is given you the money to meet your repayments, and arranged to adjust your final repayment in lieu of the fact you claimed part the way through the month. What they could have done is pay you less on your first repayment following the claim, but that would not keep your loan paid and would be senseless, which is the reason for them doing it this way.

Yes but i still had to meet the repayments while the claim was being processed. It took them a month to sort out, so i had to pay a months money, but when the claim started it was backdated to 2 weeks after i first put in the claim. By the time it was sorted i paid the extra months money but because it was backdated they infact sent me a cheque for the extra 2 weeks i paid for while the claim was processed.

TBH looking at the policy summary it does kida contradict itself. It says here http://www.alliance-leicester.co.uk/customer-service/pdfs/ppiPolicySummary.pdf?a=1 under the benefits of the loan section that it only pays for 12 months if you are unable to work 30 days in a row. Would you take that to mean if made redundant or does that refer to you if say you fall ill..?. If you read here http://www.alliance-leicester.co.uk/loans/loan-repayment-insurance.aspx under Optional Loan repayment insurance benefits is says you are covered for unemployment for upto 18 months..?

zppp

Right, I would suggest you contact A+L, ask when you lodged your insurance claim and put it up on this post, along with the date of redundancy and also the details of the loan. Once we have the information it may be easier to explain, because we are all trying to explain it hypothetically to you, and it isn't helping you.

Orville

zppp wrote: »

Right, I would suggest you contact A+L, ask when you lodged your insurance claim and put it up on this post, along with the date of redundancy and also the details of the loan. Once we have the information it may be easier to explain, because we are all trying to explain it hypothetically to you, and it isn't helping you.

I was made redundant on 26-06-09. On the 29-06-09 the payment went out as normal. I am sure i first phoned A+L and said i would be making a claim on insurance either on the day i was made redundant or the following Monday.On the 30-07-09 payment went out as normal. 20-08-09 Alliance and leicester transferred £252.06 to cover the 2 or so weeks i paid out of my own pocket while the claim was being processed. If memory serves me right they don't pay for the first 2 weeks after redundancy.

jonesMUFCforever

They wouldn't pay the first 2 weeks anyway.

I give up too - good luck in trying to get more money from them but IMO you won't get any.