Self employed with ppi can i claim ???

egghed

Good evening , my first post so please be gentle ! i hope im in the write forum as i have some questions .
I took out an unsecured loan in 2006 for 10k over 120 months with northern rock and im sure the person said to me on the phone that i had to have there insurance as im self employed , but how to prove that ? there insurance is called loanprotect (is this ppi) and they recommended silver (accident and sickness option) not unemployment cover . i phoned for a copy of original credit aggrement which they sent and i have since found all the original documents and letters first sent to me .
In there letter it states - we have identified that you have a need for our loanprotect insurance for reasons stated etc etc . then at bottom of letter it then says in making our personal recommendation you may have existing insurance with another company that may cover this loan etc etc , do i have a claim as i dont have unemployment cover ?
My payments are 150 a month . in my credit agrement they sent it shows my signature and ticked box for loanprotect .
My loan states 9.999.00 with interest of 3,199.80 plus loanprotect cost of 3,661.63 with interset of 1,170.77 ! so total repayment of 18,031.20 !!!
If i dont have a case as i dont have unemployment cover then can i cancell my loanprotect and if so would i get any of it back ?
Sorry for questions but im a bit confused about if i have a case even though ive been reading up about it on here !
Many thanks

magpiecottage

As the premium is added to the loan it is likely that a complaint will be upheld as this is generally considered bad advice. In effect, you were going £6,700 for a policy which was almost certainly never going to pay out anything like that.

egghed

So would it be worth me trying to claim or would i just be better of cancelling my loanprotect and would i get anything back for the 5yrs ive been paying it ? dont think it pays out until you have been off for 30days plus .

marshallka

You don't need to put in figures to make a complaint. Perhaps have a look through the reclaiming guide here

http://www.moneysavingexpert.com/reclaim/

and if it did not cover you then you could never use it anyway.

Good luck