loan insurance to stop

ruby1968_2

I am need of a bit of advice, I have a bank loan with natwest which was taken out when I was working full time,however I have been unable to work for the last 5 years and the insurance has been payment the repayments on the loan, the problem is that they have now said that after this month I will no longer recieve payment covered by the insurance as I have had the maximum amount due, although I will still be paying the insurance within the bank loan payment which is due to be discussed at CAB due to not be able to afford the repayments each month so we will be looking at a possible payment plan,

should I therefore ask for the loan to relooked at because the insurance is no longer going to able to claim on or should I let it go and settle for a payment plan not sure if I could claim under mis sold PPI

roonaldo

Let me get this right. You have successfully claimed on the policy for the last 5 years. Now you feel it could have been mis-sold to you?

If in the unlikely event it were mis-sold to you, they would deduct the amount of the (proper)claim they paid you and take this off any money owed to you, which is usuall nil.

You are very lucky that you took PPI. That is what is was designed for. Not a policy to scrounge back the premiums and interest years later.

You could check the terms and conditions as it may still be able to provide you with cover at a later date. However, you couldd cancel it to save money or see if they will remove the unemployment part of the PPI as that is useless.

As for the loan, you would have to speak to the lender/bank to see if they help you out.

ruby1968_2

roonaldo wrote: »

Let me get this right. You have successfully claimed on the policy for the last 5 years. Now you feel it could have been mis-sold to you?

If in the unlikely event it were mis-sold to you, they would deduct the amount of the (proper)claim they paid you and take this off any money owed to you, which is usuall nil.

You are very lucky that you took PPI. That is what is was designed for. Not a policy to scrounge back the premiums and interest years later.

You could check the terms and conditions as it may still be able to provide you with cover at a later date. However, you couldd cancel it to save money or see if they will remove the unemployment part of the PPI as that is useless.

As for the loan, you would have to speak to the lender/bank to see if they help you out.

the comment of scrounge back what not what I was looking for, as this is not my intention at all, but thankyou for your other advice I will look into it a bit further

amersall

Hi there, 5 years payout is very good for this ppi, you will still be paying this but you have life cover until the loan ends.

ruby1968_2

many thanks Amersall, I can say that the bank with all it's faults at the beginning have been pretty good and have managed to maintain a good relationship with them, but I'm more worried now that as the insurance ends we are unable to maintain the correct repayments as I am still not working we do however have a meeting with CAB on saturday to discuss our options further.

dunstonh

I'm more worried now that as the insurance ends we are unable to maintain the correct repayments as I am still not working we do however have a meeting with CAB on saturday to discuss our options further.

That doesnt mean you have a mis-sale complaint on the PPI though. Clearly you have benefited financially from being sold the PPI. So, to complain it was mis-sold to you is a pushing it.

As it happens they will consider complaints of mis-sale where there have been successful claims made on the policy. However, if your complaint is upheld, the amount paid on the policy is deducted from the redress payment. I suspect after 5 years of payments, you have gained far more than you have paid.