Single Life Policy.. missold?

RexV

Took out a Black Horse secured loan in 2004, a joint loan with spouse £30k over 10 years.. int rate .79% per month
Was told I had to buy a single life policy for myself at a cost of about £3k.. added to the loan.

Do I have a case for misselling basis it was not optional..but a condition of the loan and the premium clearly extortionate. i had to accept it if I wanted the loan

or not...??

tia

di3004

RexV wrote: »

Took out a Black Horse secured loan in 2004, a joint loan with spouse £30k over 10 years.. int rate .79% per month
Was told I had to buy a single life policy for myself at a cost of about £3k.. added to the loan.

Do I have a case for misselling basis it was not optional..but a condition of the loan and the premium clearly extortionate. i had to accept it if I wanted the loan

or not...??

tia

Hi and welcome

In my opinion you have a case, if you were informed it was not optional and had to take it out if you wanted the loan.

Also if the loan was in joint names and only protected the first named, this is also unfair, because the 2nd account holder would still hold responsibility of the loan although not protected.

I would complete the reclaim questionnaire as on step 3 below.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Send to their complaints or main head office, keep a copy for yourself as well, allow 8 weeks for a decision, the best of luck.

RexV

waited the 8 weeks and got an unable to uphold your complaint letter.. basically 'during my interview the advisor would have done this that and the other'.. etc....

What do I do now.... any comments appreciated

roonaldo

You say it was a condition of the loan, but what evidence do you have to support the allegation or does it say this in the loan conditions?

RexV

I dont have any 'evidence', beyond the fact I was told at interview I would have to take out the insurance for myself [not my wife who was not working at the time]. It was clear if I wanted the loan.. that was required

RexV

the letter also says I cannot go through the FSA as my policy was between March 03 and Jan 05.. I have to go through the Finance and Leasing Association... does this make it harder to progress?

roonaldo

Thats before regulation came in to play, they may well have said that you had to take it.

I don't recall ever reading one success story with people taking complaints to the FLA.

magpiecottage

Who was the insurer?

RexV

I dont know who the insurer was.. wioll have to ask Black Horse.. is it relevant?