loudable

loudable

Hi all,
I have just joined this forum and tried to find some answers but after 2 hours looking through 100s posts I thought it may be quicker to ask.
I took an Industrial mortgage with Lombard and one of the conditions
was that I take PPI life ins. assign to them.I do not remember who arranged this ins.with Norwich Union, but it was over £120.00 p/m for 20years.
I would like to know: Is it PPI I can claim for? Who do I claim from
Lombard or Norwich ?
Now a different case.
I bought CNC milling machine through finance house. On the purchase agreement there is a section "CLOSEGUARD CREDIT PROTECTION INSURANCE"(to be completed if chosen by hirer)
The sales person told me that it is essential for me to take that life cover to get the loan, even I informed him that, I already have life ins. policies.
Yesterday I phoned the Company and the lady told me they never sold
PPI and I had some sort of life cover. Is there a difference between Credit Protection and Payment Protection? I am not born English but
it mean to me the same. I was forced to take it and this added £ 810 to my 3 year loan.

Thank you for any possible help.

roonaldo

PPI is a protection for your payments in the event of accident, sickness and unemployment.

Life insurance covers your life, so isnt ppi.

Due to the cost of the Lombard one, I would assume it covered Critical Illness too, possibly a joint policy.

Being told you had to have it wont stand any ground as there is no proof.

Re the Closeguard one, you may have a chance as it looks like it was a single premium sold to you, I would assume they never disclosed the full costs and interest to you, that could mean its mis-sold.

Do you have a wife and kids? as if you do, then you had a need for life insurance.

loudable

Thanks roonaldo,

Lombard mortgage was only life cover on so called reducing balance as I
was selfemployed. It was a written condition on the offer. The other loan insurance was practicaly forced on me although on the form it says I have a choice to take it or not. It is true that I never received any copy of the policy or a document I paid for.
I am married but kids were already grown up.
Thanks

antrobus

loudable wrote: »

...
I took an Industrial mortgage with Lombard and one of the conditions was that I take PPI life ins. assign to them..Is it PPI I can claim for?

Probably not, if it was an explicit condition of the loan.

loudable wrote: »

...I bought CNC milling machine through finance house. On the purchase agreement there is a section "CLOSEGUARD CREDIT PROTECTION INSURANCE"(to be completed if chosen by hirer)

Since, in this case, the insurance was optional, the salesman was clearly telling porky pies when he said it was "essential". That might well be the basis for a claim.

magpiecottage

antrobus wrote: »

Since, in this case, the insurance was optional, the salesman was clearly telling porky pies when he said it was "essential". That might well be the basis for a claim.

"Essential" is not the same as "compulsory". Third party car insurance is compulsory. Travel insurance is not but unless you can afford the cost of private medical cover and repatriation if necessary then it is essential.