Credit unions

direct_del

Can anyone clarify if you can reclaim payment protection insurance from a credit union. Over the last few years i have had some small loans that the credit union has insisted that the insurance has been purchased to get the loans authorised. has anyone succesfully claimed from a credit union. It has been authorised by the FSA since 2002.

Cheers Del :beer:

dunstonh

Over the last few years i have had some small loans that the credit union has insisted that the insurance has been purchased to get the loans authorised.

If that is the case, then it is allowed. Its when its not the case and you are told they are compulsory that its wrong. Although its a very difficult thing for you to prove and you are largely reliant on the there being other failings.

jamesd

dunstonh, perhaps you'd re-read the quote and clarify what you wrote?

One of the credit unions I've seen has mandatory life assurance, no explicit add-on cost and no way to opt out of having it.

dunstonh

There is nothing wrong with a lender saying insurance is compulsory when it is. Lenders are allowed to insist on insurance.

Its only when they say it is compulsory when it is not that its wrong.

jamesd

Thanks. Interesting.