Terms and Conditions

CHF

Hi all

Is there a place where we have a collection of the various banks T+Cs for their PPI policies?

Thanks

dunstonh

Is there a place where we have a collection of the various banks T+Cs for their PPI policies?

I doubt it. It wouldnt be reliable if it was as policies get amended. You could have a version 1 whilst someone else has a version 2, 3 or whatever. Some insurers frequently amend their versions whilst others remain fairly static. Some have multiple versions depending on the distribution channel. Sometimes even within the same company (e.g. in the past LloydsTSB, post merger, still offered different versions of their products in ex lloyds branches and ex TSB branches even though they have merged)

The best thing to rely on is what is specific to what you have.

CHF

True, true but Im sure this condition is in the majority of T+Cs.

Basically Im thinking that PPI is usually cancelled when you go into arrears but im unaware of firms automatically refunding this or cancelling the premiums.

This may be another stick to beat the banks with, especially considering the JR.....

roonaldo

There would probably be hundreds! Besides its the responsibilty of the policy holder to keep this sort of thing

dunstonh

CHF wrote: »

True, true but Im sure this condition is in the majority of T+Cs.

Basically Im thinking that PPI is usually cancelled when you go into arrears but im unaware of firms automatically refunding this or cancelling the premiums.

This may be another stick to beat the banks with, especially considering the JR.....

I doubt that its the case with the majority as it certainly doesnt apply on the ones I have come across.

CHF

Hi Dunston - which part do you doubt is true? I can absolutely state that a lot of policies become void once you miss 3 payments.

eg (taken from Barlays Loan T+Cs

Your insurance will be automatically
cancelled on the date you fail to pay the
third of three consecutive unpaid monthly
premiums (unless this relates to a period
of claim and we have waived the collection

of your monthly premium

CHF

this is from a texco credit card

End Date – The earliest of the following dates:
• Your insurance ends or is cancelled
• Your 65th Birthday
• All payments due to the Lender under the Agreement have been paid
• The date of Your death
• You permanently retire (You must tell the Insurer if You retire before the age of 65)

• You miss paying 3 monthly premiums in a row

CHF

taken from Santander loan pol docs

The cover provided by this policy will end if:

You have not paid your premiums when they are due




So with the above in mind, what hapnes if you go into arrears on this loan? Are you still covered or do you get a juicy automatic refund.

CHF

So any opinions Dunston?

dunstonh

If you happen to have a PPI that has that restriction then you may have a good case for getting a refund if they have continued the premiums after that point. However, don't assume that clause applies to them all. It certainly doesn't.

CHF

Maybe i should be asking in the debt forum this specific question.

"Has anyone with a loan with single premium PPI, gone into arrears and had a refund of the unused portion of the premium?"

Similarly, anyone in a DMP/IVA etc would almost definitely have missed 3 payments