RBS Loanguard Insurance on an overdraft

hectorb

Hi people I'm a newbie and this is my first post so hope it's in the right place. Basically I've been living in my overdraft off and on for over 6 years now. When I took my overdraft I was told I had to take out the RBS Loanguard insurance for it. So basically I'm wondering if it (a) falls into the mis sold category (b) can I reclaim & (c) how do I go about it?

di3004

Hi there & welcome

Hopefully someone will know about this and post up soon, but in my opinion if you think it was mis sold just like an insurance reclaim, give it a go with your reasons you have.

I am not sure of the reclaiming questionnaire would be the right way to make a reclaim on overdraft insurance, unless someone can clarify otherwise.

But otherwise write to them and request they refund you what you have paid plus interest etc, give your reasons, and ask they can do this by 8 weeks, this is the normal timescale for complaints.

If you do end up completing the reclaiming questionnaire (this replaced the template letter on this site), then as you do if you were sending a reclaim letter, send to the head office of the bank who set this up.

Keep copies of all you send and receive in case you need to refer to this again at some point.

Check more details on how to make a reclaim on Martin's link below.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Maybe someone will be along soon as well, good luck.

hectorb

Can anyone advise on this please?

zppp

I can confirm that the overdraft insurance that used to be offered used to come out by direct debit on a monthly basis as a standalone product.

I imagine this will be viewed differently to a loan, as when an overdraft was approved, an information pack would be sent about the insurance, with a DD mandate and form to fill out. Therefore it was not sold on an advised basis and likewise wasn't coupled with the lending.

On what basis did you feel it was missold OP?