PPI changed to life assurance...

guiltrip

Hi everybody...

This is my first post...approx 12 months ago my wife went to her bank (LloydsTSB) to cancel her PPI on a loan which came to approx 20 quid a month for PPI...45 minutes later she came out with life assurance etc to cover loans etc instead of the PPI and she now is paying 50 quid a month for it...I have only known about this a few weeks and she says she felt a bit bullied into taking it out and did not really know what is was all about only that the advisor said it was better for her....

Does anybody know if she has a case for being missold this??

thnx Allan

[Deleted User]

guiltrip wrote: »

Does anybody know if she has a case for being missold this??

You haven't given any mis-selling reasons. Why would she have a mis-selling case simply because she bought extra cover at extra cost?
Does the new cover not apply to her circumstances in some way?

You'll clearly be able to cancel the new insurance, but I sincerely doubt you'll get any refund of the policy paid so far.

dunstonh

Does anybody know if she has a case for being missold this??

Lloyds retail their life assurance through an advised process. So, your wife would have gone though a factfind, needs analysis and been issued with a letter given the reasons for the suitability.

Nothing you have said in your post indicates any mis-sale and life assurance does have a very low mis-sale rate (simple product, most people have a need for). So, why do you think it was mis-sold? Cost is not a valid reason.

Brokerwise

guiltrip wrote: »

Hi everybody...

This is my first post...approx 12 months ago my wife went to her bank (LloydsTSB) to cancel her PPI on a loan which came to approx 20 quid a month for PPI...45 minutes later she came out with life assurance etc to cover loans etc instead of the PPI and she now is paying 50 quid a month for it...I have only known about this a few weeks and she says she felt a bit bullied into taking it out and did not really know what is was all about only that the advisor said it was better for her....

Does anybody know if she has a case for being missold this??

thnx Allan

No idea but for heavens sake do not send her into any other financial institutions in the future

roonaldo

mis-sold life insurance in 2013 by lloyds? nice try. all the banks completely changed the way they sold insurances in the last few years to avoid mis-selling and people hopping on the bandwagon. there will be a fact find and all sorts of documents completed and issued during the sales process.