Redundancy insurance on Mortgage, advice please

Hoolibooli

Hi Everyone

I took out redundancy insurance 4 years ago when I remortgaged. The Lloyds advisor told me that if I was made redundant I would be covered if I could not find employment for up to a year. I told her that I had a small self employed income (as an artworker) and would that prevent me from claiming? She said no that would be fine. I now find that this is not the case and any income would prevent me from claiming. Does this come under PPI miss-selling? Do I have a case as it is my word against hers? (nothing in writing) she has retired by the way. Any help would be much appreciated.

thanks
Hoolibooli

dunstonh

Does this come under PPI miss-selling?

yes

Do I have a case as it is my word against hers? (nothing in writing) she has retired by the way.

it is not a case of her word against yours. It is a factual situation. You should be able to prove you were self employed at the time as well as being employed. So, no doubt will exist.

-taff

Hoolibooli wrote: »

Hi Everyone

I took out redundancy insurance 4 years ago when I remortgaged. The Lloyds advisor told me that if I was made redundant I would be covered if I could not find employment for up to a year. I told her that I had a small self employed income (as an artworker) and would that prevent me from claiming? She said no that would be fine. I now find that this is not the case and any income would prevent me from claiming. Does this come under PPI miss-selling? Do I have a case as it is my word against hers? (nothing in writing) she has retired by the way. Any help would be much appreciated.

thanks
Hoolibooli

Was she working for LLoyds, as in employed by them, or was a she a broker?

Hoolibooli

She had a Lloyds biz card so I assume she was an employee

magpiecottage

Hoolibooli wrote: »

She had a Lloyds biz card so I assume she was an employee

Probably an employee but almost certainly a Representative - so Lloyds TSB is responsible.

Unusually for mortgage PPI - I think your complaint is likely to be upheld.

WonderWabbit

I took out a similar policy, to protect in the event of redundancy.

However i took it out via a broker (i presume) who i found online : webmoney.co.uk
They sold me a policy that was as i took it: Income Protection -
Pay a set amount monthly, and get a lump sum if policy activated.
On receipt of policy I rang their agents who confirmed this policy was suitable for my purposes. I chose this policy specifically for safe guarding my out-goings in the event of being made redundant, opting for this rather than the standard Mortgage-only protection policy. Their agent verbally confirmed the policy sold could be used in this way.[FONT=&amp]
[/FONT]Now, since being made redundant, they say my policy (one that they made a change to, not my choice) is mortgage protect, and not to expect the full level of pay-out i am requesting.
I've read it's advisable not to accept settlement of monthly pay-out or i won't be able to Claim miss-selling of PPI ?
As my policy was purchased through a broker and not a bank, can i still claim miss-selling?
I have not rung, written, or agreed to defer from my choice of policy..
They not only have changed the nature of my policy,
but have sold me a policy that is not suitable for me, ie. doesn't cover my expenses.
[FONT=&amp]
regards
Stephen[/FONT]

dunstonh

As my policy was purchased through a broker and not a bank, can i still claim miss-selling?

You can as long as it was after 14 Jan 2005. You would also need to have bought it on an advisory basis. You say you bought it online and whilst you phoned to ask some questions, that does not mean you are given the same consumer protection you would have got on an advisory basis.

but have sold me a policy that is not suitable for me, ie. doesn't cover my expenses.

They dont appear to have sold you anything. You appear to have bought it.

If you have further questions/comments, it is more suitable to do this on your own thread and not hijacking someone elses. It isnt fair on the OP.