Independent loan protection

Waylander1

Hi, I'm not sure if this is posted in the correct section but I'll give it a go!

My wife has a car loan with nationwide building society. She did not take out insurance/ppi on the loan with nationwide but sorted it with a broker (griffen) I think. Unfortunately she is now on long term sick and has just gone to half pay, she hopes to be back in June.

When she approached Griffen to see about getting her payments covered while she was ill they informed her that they had sold her insurance to cover a mortgage!! So wouldn't pay out.

This must be there mistake as we have a joint mortgage all covered and thankfully paid due to the cover we have on it.

Just wondered if we have any recourse or do we try and scrape the payments togethor.

Thanks in advance.

Scott

~Beanie~

What does the policy document say?

Apples2

How did you pay for this insurance? Lump sum or are you still making payments each month?

opinions4u

Was she sold the policy, or did she just buy the policy "off the shelf"?

Waylander1

Hi, just been in the loft! It appears that they have provided a policy to cover mortgage payments! They told my wife that because of this it wasn't valid and made her cancel it.

As a follow up should she have claimed for the mortgage payment, even if we are already covered for this via the mortgage lender?

As I see it it was set up to provide a certain amount if she was off on long term illness, should it not still pay up?

Very confused, this thing has been running for years!

Waylander1

She was sold the policy via a broker, she says she clearly stated she wanted it to cover a personal loan she has for a car. The Broker was Griffen financial services and the cover was with Payment sheild, it was payed for via monthly Direct Debit.

Scott

Apples2

Was or is?

Are you sure his policy is still running?

magpiecottage

It sounds like the policy was unsuitable and therefore a missale unless there was no advice and the information provide was clear, fair and not misleading.

However, Griffen Financial Services is not listed in the FSA register.

Check you have the correct spelling and let us know their address.

Waylander1

Hi, sorry wrong spelling. Its actually Griffin Financial and the address is:-

Griffin House
35 Sherwood Street
Warsop
Mansfield
Nottinghamshire
NG20 0JR

Because my wife was suffering with cancer at the time she wasn't up to a full blown fight which I can assure you would have been the case in the past! So, when they advised her that the product she had been paying for for over ten years was for mortgage protection and not a personal loan she was advised to cancel it and she did a couple of months ago.

rs65

Waylander1 wrote: »

So, when they advised her that the product she had been paying for for over ten years was for mortgage protection and not a personal loan she was advised to cancel it and she did a couple of months ago.

That sounds odd. Loan protection would normally last the length of the loan. Surely a car loan didn't last over 10 years?

gb12345

Waylander1 wrote: »

Hi, sorry wrong spelling. Its actually Griffin Financial

There are a couple of matches on the FSA register for "Griffin Financial" at the addrss you give, so what was the exact name of the company you dealt with? Was it Griffin Financial Services or Griffin Financial Management Ltd?

Waylander1 wrote: »

So, when they advised her that the product she had been paying for for over ten years was for mortgage protection and not a personal loan she was advised to cancel it and she did a couple of months ago.

When exactly did your wife take this policy out? Has she really had a 10 year car loan? Something doesn't add up here.

Also, who advised her to cancel it?