Give the Thieves a call.

peter23468

The broker for a loan I took out in 2004 were loans etc. I settled the loan in 2005 but unbeknown to me the insurance that the broker sold continued to run AFTER the loan was settled.The sole and only purpose of the insurance was to cover the loan,I was not told at the time by loans etc that the policy would continue to be in force if the loan was settled early.

I have been talking to igroup who i had the loan with and they in a polite sort of way told me tough.

I spoke to loans etc. who where very understanding to start with and even agreed it was a rip off and i shouldn't be paying for a product i no longer use,that was until they had conferred with igroup and now say that the policy was sold to me as an individual not to cover the loan.

If any body has a few minutes this is the direct number through to Kate at loans etc. 01923 427647 and could you please ask her why they feel it's ok to rip people off on policys that they say are one thing but turn out to be another. that number again is 01923 427647 and ask for Kate,cheers.

jonesMUFCforever

I think they have a point and it looks like you did not read the terms and conditions of what you purchased.
What good will ringing Kate do?

peter23468

ejones-If you think they have a point why did kate agree it was a rip off until it looked like they were the ones in the wrong?

financial_solution

peter23468,

Was the insurance plan a single-premium plan? (ie) A lump sum added to the initial loan. These plans are often for a specific term of years (usually three or five). When the loan is redeemed during the term of the insurance the policy continues (you still have the cover) until the end of the term of the insurance. If the loan was £100 pm and you made a successful claim the £100pm would be paid to you rather than the lender.

If there is still some term left on the policy (eg if it was a 5 year policy) you "may" be entitled to a small refund.

good luck,

mark

Rafter

peter,

I think you need to clarify this with them. If you still have an income protection policy that you could claim on if you were taken sick or made redundant then fair enough. However, if this policy will not pay out because you have already repaid the loan to which it relates then I can't see that the loan or insurance company can expect you to continue to pay.

As Mark says it does sound like a single premium insurance policy which companies like loan etc love cos they make £000's in commission from it.

If you fee either loans etc or igroup are not treating your complaint seriously then make a complaint to the financial ombudsman service.

Good luck.

R.

PS - don't use any loan broker again! There is a reason they can afford to advertise on daytime tv, motorways, press etc and is doesn't have anything to do with offering good value products!

jonesMUFCforever

peter23468 wrote: »

ejones-If you think they have a point why did kate agree it was a rip off until it looked like they were the ones in the wrong?

I have no idea!
Why did you buy a product you obviously had no idea of what it was and what it has cost you?