We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can anyone help please?!!
toonbaz
Posts: 204 Forumite
Hi,
My mum took out a loan just under 6 years ago with one of these loan companies who charge ridiculous interest, i think it was with Welcome Financial but i will need to check. When she took it out, they said she had to take out insurance with it, she explained that she had a job with the council and if she was made redundant, she would receive enough money to cover the loan. They then said ok but she would have to take out insurance to cover her in the event of her death, which is what she took out. Can she still try and claim this back or is it just if you took out the whole PPI?
Also, the loan company changed over a while ago, so will she write to the new company with the complaint?
The loan is nearly paid off now, i think this months payment is going to be the last one.
I looked at the PPI questionnaire to send off but it seemed to be asking questions about your employment at the time which made me think that maybe my mum wasn't applicable to claim because she didn't take out the unemployment part of the insurance.
Any help is muchly appreciated.
My mum took out a loan just under 6 years ago with one of these loan companies who charge ridiculous interest, i think it was with Welcome Financial but i will need to check. When she took it out, they said she had to take out insurance with it, she explained that she had a job with the council and if she was made redundant, she would receive enough money to cover the loan. They then said ok but she would have to take out insurance to cover her in the event of her death, which is what she took out. Can she still try and claim this back or is it just if you took out the whole PPI?
Also, the loan company changed over a while ago, so will she write to the new company with the complaint?
The loan is nearly paid off now, i think this months payment is going to be the last one.
I looked at the PPI questionnaire to send off but it seemed to be asking questions about your employment at the time which made me think that maybe my mum wasn't applicable to claim because she didn't take out the unemployment part of the insurance.
Any help is muchly appreciated.
0
Comments
-
Sorry it wasn't with Welcome, it was taken out with CitiFinancial and now has been taken over by Moneyway.0
-
It would depend on the terms of the loan. Historically, Citi did require life cover for secured loans - although you did not have to buy it from them and their requirements may have changed.0
-
sorry, it was an unsecured loan. My mum is going to dig the paperwork out so I will have a look at it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards