PPI advice

thunders79

Hi

Can someone tell me if Single life cover on a loan is the same as PPI? Cos I have noticed that I had Single Life cover on a previous loan but did not request it.

Thanks

dunstonh

Can someone tell me if Single life cover on a loan is the same as PPI?

No.

PPI is short term insurance offered by general insurance companies. Life assurance is long term insurance offered by life assurance companies.

Cos I have noticed that I had Single Life cover on a previous loan but did not request it.

Unlike PPI, life assurance is underwritten after asking you medical questions and GP details. It is pretty hard to get signed up for life assurance without knowing it given the amount of personal data that is required to be supplied.

thunders79

This seems a bit confusing to me because neither myself or my husband had (or have) any medical issues when taking the loan out. Therefore IF we were asked any medical questions (I don't remember) we would have answered 'no'.

I keep copies of everying and don't have any paperwork relating to this? seems to be a mystery. Does it mean we don't have a case for claiming it back?

Kim60

Hi there,

I am considering trying to reclaim PPI on a loan I had from Clydesdale Bank.. however at the time I got the loan I was working for National Australia Group and so it was a 'staff' loan.

I was told (as I believe all staff were) that without taking PPI we would not get the loan approved.

Does anyone know if I have a chance of reclaiming even though i was considered staff?

Many thanks!

dunstonh

Does it mean we don't have a case for claiming it back?

To have a case for "claiming" it back, you have to have a complaint about it. As of yet you havent given any grounds for complaint. Having a product (of any type) is not grounds for complaint.

Does anyone know if I have a chance of reclaiming even though i was considered staff?

You ought to use your own thread and not hijack others as that can take a thread off topic and that is not fair on the original poster and considered rude. However, I will give a quick answer...

Staff get less consumer protection than consumers. It can depend on what your role in the bank was and if you were aware of the product. It also depends on whether you were sold it under advice or you bought it. So, it doesnt mean you cannot complain. However, you need to be prepared to put a better case to the lender than the average consumer.

magpiecottage

dunstonh wrote: »

Staff get less consumer protection than consumers. It can depend on what your role in the bank was and if you were aware of the product. It also depends on whether you were sold it under advice or you bought it. So, it doesnt mean you cannot complain. However, you need to be prepared to put a better case to the lender than the average consumer.

I have seen complaints by staff upheld - not necessarily about PPI.

I once upheld a complaint by an employee of an insurer who worked in its kitchen, for example.

On the other hand, I was asked to help when another complainant became abusive and demanded an extra £7,000 redrees. Idiscovered he was a financial adviser and had actually sold himself the policy. Instead of getting an extra £7,000 he cost himself £80,000.

Kim60

Thank you both for your replies.. just want to apologise, I've never posted on a forum before and didn't realise I was interfering in another discussion thread! Sorry and thanks for your replies.

In response to my position at the time of the loan I was a clerical assistant in the IT department.. not anything to do with the banking side of things.

Again sorry.. I will try and figure out how to post my own thread now!