Single Premium Policy - help please!

rae1982

Hi again,

Please bear with me...still trying to get my head around PPI! Just wanted to clarify that a single premium policy is one whereby you have the cost of the PPI added to your loan at the start and interest added, therefore forming one monthly cost???

ripoffbanks01

Yes that is correct!

rae1982

ripoffbanks01 wrote: »

Yes that is correct!

Thank you!

rae1982

ripoffbanks01 wrote: »

Yes that is correct!

Thank you!

Another quick question - is this currently discouraged by the FSA?

amersall

That didnt hurt did it? :D
Short and sweet :rotfl::rotfl:

ripoffbanks01

Lol. Is your question regarding taking out PPI? if so i think Im correct in saying that all banks do not sell PPi with their products anymore! Ppi is not a bad thing its just all about your needs to have it just in case ie you were sick from work and needed the insurance to pay your monthly premiums etc. However it is the way the banks have sold these insurances to the unsuspecting public is the big stumbling block.

rae1982

ripoffbanks01 wrote: »

Lol. Is your question regarding taking out PPI? if so i think Im correct in saying that all banks do not sell PPi with their products anymore! Ppi is not a bad thing its just all about your needs to have it just in case ie you were sick from work and needed the insurance to pay your monthly premiums etc. However it is the way the banks have sold these insurances to the unsuspecting public is the big stumbling block.

No I'm not taking out PPI. I ahve a loan from Everyday Loans taken out this year with a single premium policy attached and just wanted information about this type of policy - trying to strengthen my claim for mis sold PPI (I am claiming under the grounds that I was adequately covered by being employed as a teacher in a state governed school, having an additional pension - teachers pension and having life insurance)

ripoffbanks01

Oh right i got you! Yeah sounds like you have a case for being mis-sold to me. Go for it and good luck!

Niggly_2

rae1982 wrote: »

No I'm not taking out PPI. I ahve a loan from Everyday Loans taken out this year with a single premium policy attached and just wanted information about this type of policy - trying to strengthen my claim for mis sold PPI (I am claiming under the grounds that I was adequately covered by being employed as a teacher in a state governed school, having an additional pension - teachers pension and having life insurance)

Is the loan secured against your property?

N

rae1982

Niggly wrote: »

Is the loan secured against your property?

N

No it is an unsecured loan.

Niggly_2

rae1982 wrote: »

No it is an unsecured loan.

Well in that case you might want to read the following statement from the FOS banning sp PPI back in 2009.

http://www.fsa.gov.uk/pubs/ceo/loan_ppi.pdf

Technically they had until October 2010 but still its another reason why you can complain

N