Can I reclaim if I claimed on the insurance?

Mattman

I'm going to guess the answer is no but its worth a shot. I took out a 5 year loan with Lloyds when PPI was included in the monthly fee, I lost my job whilst holding the loan and was out of work for 12 months so I claimed the insurance to pay the loan during this period. Does anyone know if I would still be entitled to try and reclaim?

di3004

Mattman wrote: »

I'm going to guess the answer is no but its worth a shot. I took out a 5 year loan with Lloyds when PPI was included in the monthly fee, I lost my job whilst holding the loan and was out of work for 12 months so I claimed the insurance to pay the loan during this period. Does anyone know if I would still be entitled to try and reclaim?

Hiya

It have been done, depending on your reasons, there is a also a bit of a write up of Martin's on his guidelines.....
as below...

Have you already claimed on the insurance?
Until Jan 2010 it had been generally assumed you could not make a misselling complaint if you've already made a successful insurance claim because that would indicate the policy was suitable. Yet proposals from the regulator now mean more people could be entitled to compensation.

Anyone who has claimed on a PPI policy can still submit a misselling complaint, though the chances of success are unclear. However even if you're not successful you may be able to cancel your insurance.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

marshallka

Was your insurance a single premium though of a monthly premium?

dunstonh

Obviously, if you have claimed, you cant claim things like you didnt need it or didnt know you had it or were not eligible for it. So, you are limiting the reasons you can complain about. This can make it more difficult to succeed in a complaint but not impossible. Also, the redress, if any, would be reduced by the amount of the claim. So, if your payout was higher than the premiums paid then its not worth complaining.