BOS Creditcare Gold Insurance Querey - URGENT!!!

22mitzy

Hi,

Sent off for paper work on an old loan I have since paid off from Bank Of Scotland.

I Took it out October 2001.

It was for £7000.

Being young and very very up the creek for personal reasons took this loan out costing 18.8% over the phone.

Looking at the agreement I have the creditcare gold insurance WHICH - wait for it - TOTALS £3349 ON TOP of the loan................. Then a WHOPPING £4880 in Charges for the Credit so therefore meaning I paid back £15000!!! (I had to consolidate to a cheaper on via my back as could not cope with this one and other debts.


Now my question is I believe I was told I had to take out this insurance to be accepted - though of course as done over phone I cannot rememebr the call, but why would I take out £7000 and then basiclly pay it back double??? Thats surely insane - oh and I was given "domestic helpline" at another £100!

Can I make a cliam for this? If so how? I just cant believe I would have signed for this if I did not believe I would have had to take it!

I do now all I worked out was that I could afford the repayments and that that wqas all that mattered at the time (I was 21 so not very with the ways of loans at that time - though no excuse)

I was also given a preference account which I have paid off too.

But at that time i only earned just over £15000 so why would I have taken it out??????

SOMEONE PLEASE HELP ME - FEEL SUCH A MUPPET!:mad:

dilus

22mitzy wrote: »

Hi,

Sent off for paper work on an old loan I have since paid off from Bank Of Scotland.

I Took it out October 2001.

It was for £7000.

Being young and very very up the creek for personal reasons took this loan out costing 18.8% over the phone.

Looking at the agreement I have the creditcare gold insurance WHICH - wait for it - TOTALS £3349 ON TOP of the loan................. Then a WHOPPING £4880 in Charges for the Credit so therefore meaning I paid back £15000!!! (I had to consolidate to a cheaper on via my back as could not cope with this one and other debts.


Now my question is I believe I was told I had to take out this insurance to be accepted - though of course as done over phone I cannot rememebr the call, but why would I take out £7000 and then basiclly pay it back double??? Thats surely insane - oh and I was given "domestic helpline" at another £100!

Can I make a cliam for this? If so how? I just cant believe I would have signed for this if I did not believe I would have had to take it!

I do now all I worked out was that I could afford the repayments and that that wqas all that mattered at the time (I was 21 so not very with the ways of loans at that time - though no excuse)

I was also given a preference account which I have paid off too.

But at that time i only earned just over £15000 so why would I have taken it out??????

SOMEONE PLEASE HELP ME - FEEL SUCH A MUPPET!:mad:

Hi 22mitzy,
This will have been a "single premium upfront PPI" which is a big no no as far as the FOS are concerned, this should be your main reason for mis sell, it is by far the most upheld type of PPI. It is difficult to prove you were told you must take it out as it was done over the phone and so long ago.
Stick to the single premium upfront payment that you have had to pay interest on throughout the loan period and you should get a result, you could also argue that it wasn't explained to you fully and that you were not given any option to shop elsewhere to get cover cheaper "Gold Cover" was simply added to your loan in order to get the loan If you had good employment benefits (6 months full pay, 6 months half pay) this type of PPI would have been of no benefit to you as you would not have been able to claim on it. It was basically a fraudulent policy that was designed not to pay out.

22mitzy

dilus wrote: »

Hi 22mitzy,
This will have been a "single premium upfront PPI" which is a big no no as far as the FOS are concerned, this should be your main reason for mis sell, it is by far the most upheld type of PPI. It is difficult to prove you were told you must take it out as it was done over the phone and so long ago.
Stick to the single premium upfront payment that you have had to pay interest on throughout the loan period and you should get a result, you could also argue that it wasn't explained to you fully and that you were not given any option to shop elsewhere to get cover cheaper "Gold Cover" was simply added to your loan in order to get the loan If you had good employment benefits (6 months full pay, 6 months half pay) this type of PPI would have been of no benefit to you as you would not have been able to claim on it. It was basically a fraudulent policy that was designed not to pay out.

Hi Thanks for reply - would you believe I have done this twice with the same company it turns out - last one 2006! again another load of single premium insurance. I also have found out that I held 2 preference accounts and they put a tick on for me to take out ongoing ppi with one and I did not tick the other ones box!

So how do i word this in my letter to them?


I looked on their website and they no longer allow this kind of insurance on their loans and have a whole page dedicated to making a complaint inc the questionnaire - so thats Tuesday nights fun sorted!!!

Thanks again and wish me luck!;)

amersall

22mitzy wrote: »

Hi Thanks for reply - would you believe I have done this twice with the same company it turns out - last one 2006! again another load of single premium insurance. I also have found out that I held 2 preference accounts and they put a tick on for me to take out ongoing ppi with one and I did not tick the other ones box!

So how do i word this in my letter to them?


I looked on their website and they no longer allow this kind of insurance on their loans and have a whole page dedicated to making a complaint inc the questionnaire - so thats Tuesday nights fun sorted!!!

Thanks again and wish me luck!;)

Ring them have your reasons for mis sell ready
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

08457 253 519 ppi claim line
.

22mitzy

Thanks - right, went onto their website which had a WHOLE SECTION on making a complaint - so i doubt its the first one they have had but at least they look like they are stepping up to the mark if nothing else.

Have filled in my questionairre (s) and posting today.

No word from EGG or Capital One about even sending my paper work but they have till end of next week - BOS to their credit did send it out with 3 days.

Looking at all 3 claims with this one company I have policies totalling a fair bit so fingers crossed by summer and if this gets resolved I could have my life a bit more back on track!

Wish me luck!

amersall

Good luck xx.

dilus

Good luck 22mitzy