Help!!! I can't believe it!

TKL

At the end of November I was made redundant as the company that I worked for, for 10 years folded.
I started Job Seekers and started to go through my finances to start cutting back on things that I didn't need, I also went through the phone numbers of the banks telling them of my situation. But one bank that I have a loan with since June 2004 was my biggest worry because it's nearly 290 a month out of my account each month. I called to see how much in total to pay and would the insurance pay for the payments, they said that I have no insurance. I them asked for a full statement from the very first payment, this took sometime to come but when I looked at it there was a "about your account" at the top of the statement and it has Insurance payments +2,995.86
What do I do? I have not been in touch with them to ask where this money has gone, if I don't have insurance. I thought some one on here could give me some advice first.
I have been offered a job, and will start in January, but when I was really down and needed this insurance to help me and my family, it was not there, or was it!

kerri_gt

Check the inital paperwork and see what the T&C of this 'Insurance' that you have paid is - it may be that you were/are paying for some kind of insurance but it doesn't cover redundancy, or only the insurance or any number of other clauses. Then also call your bank and ask them what these insurance payments cover - how much you are paying each month etc etc. It could be that the person who told you that you didnt' have insurance were mis-informed - or perhaps you cancelled the insurance since you took the loan out?

veridisa_2

its ppi so claim it back there is a bord in the forum that will tell you how to go about it.

di3004

If you do not have the loan agreement for this, and as its an active loan, write to request a copy of the loan agreement, just write a simple letter ask them to forward you the copy of the agreement for the account number XXXXXXXXX by 12 days and enclose £1 cheque or postal order.

If you are being charged for PPI which covers for unemployment, then ring them and ask them for some claim forms, as you are made redundant and would like to make a claim.
They should send you forms to complete and they should also enclose forms for the last employer and the job centre to complete.

di3004

If your unable to make a claim, then let us know, cheers, and good luck.

roonaldo

you probably dont have insurance.....now. a lot of single premium on unsecure debt is a 5 year PPI policy.

TKL

Thank you all for your very quick responses, finding the original documents would take sometime (6 years is a long time bringing two children up in a small two bedroom house, got to get through the clutter!!!), so I'll ask for a copy of the agreement as di3004 has mentioned and see what I'm covered for. Hi kerri gt I have not cancelled the insurance since I took the loan out and if it only covers me for 5 years as roonaldo has mentioned then that's pretty much it really.
I do get some redundancy from the last place of work, do you think it best to get this payed off? it's about 3k to finish it off.