I requested PPI but am making a claim - feedback welcome this is my story...

Gary_SSS

I had a well paid job. I had a lot of unsecured debt (neary £100,000) which i COULD afford to pay the repayments.

I purchased PPI on everything i had just in case i lost my job through redundency - i just wanted "piece of mind" in case i was out of work - sickness was already covered so i didnt need that but the poilicy covered both redundency and Sickness.

Well, i had been paying PPI for years and i was made redundent a few years a go. It was a shock but i had the "piece of mind" (i thought) that my insurance would cover me for up to 12 months until i found another decent job.

I requested claim forms from all of my creditors (10 in total) it was then i was advised that to make a claim i had to sign on for Jobseekers allowence - fair enough i thought even though i wasnt going to sign on originally.

After an interview with Jobseekers people i was advised that i would have 13 weeks to find a job that match my last salary and skill set.

After 13 weeks i would have to take a job that was the first one offered as i was able bodied and ok to work.

I explained my situation and debt level to the Jobseekers people and it didnt make a difference - I said if i took a much lower paid job i would struggle to make my normal payments and would very quickly get into a situtation that i couldnt make my repayments - they seemed dissinterested in this.

So basicall after 13 weeks i was forced to take a much lower paid job and therefore couldnt claim on my PPI after 8 weeks of being out of work. (30 day waiting period included)

After a couple of months in the new job i couldnt afford all the re-payments on my debt as i was in a much worse financial position - this meant i then had to go to CCCS and get all the interest stopped and work out a payment plan.

This obviously had a massive negtive impact on my credit rating and life to be honest. It caused me untold stress and ended with the break up of my relationship and i have been battling to pay the amounts back over the years but im nearly there now

NOW, im not asking for sympathy - my debt levels were managable but could have been avoided - it was my fault thinking i was secure in my job (i was there for 16 years)

My complaint is that the insurance would NEVER have covered me for 12 months for being out of work through redundency (not sickness) i had to wait 30 days before i could claim and that only left me 9 extra weeks before the Jobseekers forced me to take a low paid job

Through either ignorance or naivety i didnt realise this could happen - i thought i could actively claim on my insurance until i found another good salary job so i could carry on paying my debts as usual.

I was devistated to realise that the "Piece of mind" i thought my £1000's had paid for in PPI over the years didnt count for much - im no sherker and was activiely seeking a job - i wasnt about to sit on my !!! for 12 months and let the insurance pay for it all - i just wanted there to be a good period of time to find my job that suited my financial needs at the time.

i was so angry i had no one i could complain to about this situation - i have now raised this to all my creditors and to finally ask them to look into this - If i receive no money then so be it, but i want to raise awareness to people that ANY insurance that says you can claim for 12 months redundency when basically ALL insurances make you sign on for Jobseekers and the Jobseekers tell you to take a low paid job after 13 weeks if you are able bodied - any insurance that says you can claim for 12 months is basically wrong to say this...

I welcome your feedback and wonder if anyone else has been in this situation before?

Thanks for your time

dunstonh

My complaint is that the insurance would NEVER have covered me for 12 months for being out of work through redundency (not sickness) i had to wait 30 days before i could claim and that only left me 9 extra weeks before the Jobseekers forced me to take a low paid job

Your assumption is incorrect. You have to sign on but the payments on the insurance are not dependent on when the type of job seekers allowance is payable.

Through either ignorance or naivety i didnt realise this could happen - i thought i could actively claim on my insurance until i found another good salary job so i could carry on paying my debts as usual.

Even with the insurance, you cannot sit back and wait 12 months to find the job you want. You have to be actively looking and be prepared to prove it.

i was so angry i had no one i could complain to about this situation

You did have someone to complain to but it sounds like you needed someone to speak to rather than jump to an incorrect assumption.

i want to raise awareness to people that ANY insurance that says you can claim for 12 months redundency when basically ALL insurances make you sign on for Jobseekers and the Jobseekers tell you to take a low paid job after 13 weeks if you are able bodied - any insurance that says you can claim for 12 months is basically wrong to say this...

I'm sorry but it is you that is wrong.

Gary_SSS

"Even with the insurance, you cannot sit back and wait 12 months to find the job you want. You have to be actively looking and be prepared to prove it."

I was activley seeking work - i said this and also said i wasnt going to sit around and let the insurance pay it off - however i would never have had more than 13 weeks to find a job that suited my needs.

"I'm sorry but it is you that is wrong. "

Im not wrong - i couldnt calim on this for 12 months if i was able bodied - only 13 weeks!

Gary_SSS

i do appreciate your feedback though -

[Deleted User]

I doubt you'd have a successful complaint with this reason.
If you want to complain about mis-selling go here
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You may wish to consider whether any of your policies were "front-loaded" as a more valid reason for complaint.
There really is no doubt that the designers of this insurance made certain that it was geared to make the most profit and the least payout.

Gary_SSS

Well 8 weeks has passed and i was expecting some replies - today i received my first reply. It was from RBS regarding my Natwest Credit card that i had had for years 1995 - 2005 - RBS Upheld my complaint and have sent me a letter today offering me a very good settlement!

Id like to thank MSE and RBS for the advice and from RBS point of view their understanding on this matter!

I wish anyone well who went through the pain that i did

Cheers...

[Deleted User]

Happy for your success!

Gary_SSS

thanks, and thanks for taking the time to reply to me with advice - much appreciated!!! Roll on the next claims - maybe will get some more nice letters tomorrow and the rest of the week!