Income protection plans

lifescape

Hi, i had a loan a few years ago now from my local bank and was sold an Income protection plan (from another provider) instead of the usual PPI. Ive had loans before with this bank and have never bothered with any insurances as we have 2 wages coming in and could quite honestly manage with that.
The premiums are £10 pm which at the time would have covered the loan and with a VERY SMALL amount left over. However the Leau (sorry if spelt wrong) period was 6 months. I am still paying this £10 per month and will until about 2018 even though the loan has long gone.
I was made redundant in 2012 and was out of work for 6 months before i started a new job. I did contact them but they wouldn't make any payments as i wasn't out of work for a period over the 6 months.
I can cancel this plan but i'm wondering if there is any point in claiming against the bank who signed me up as it was really not required and indeed useless even if i were able to claim.

Any ideas on this would be appreciated.

Thanks, Mike

dunstonh

I can cancel this plan but i'm wondering if there is any point in claiming against the bank who signed me up as it was really not required and indeed useless even if i were able to claim.

You havent given any reason for complaint. The product is not PPI. It is standalone and that is good. Struggling to see anything wrong based on what you have said. Indeed, had the banks done it that way every time, they would not have this issue now

lifescape

Its only that the plan was 'sold' really without us wanting it it was 'sold' as a much better solution to PPI on the loan and was added to the paperwork virtually automaticly To be honest i had forgotten we had it (started over 8 years ago) coupled to the fact that it wasn't really suitable at the time as it would only just cover the repayments and according to the paperwork i have it would provide for other bills as well. As i said i've never bothered with any PPI or similar as any loans we have had in the past we can cover them if one or the other of us is out of work. I discovered we still had it running and i am cancelling it now. Just thought down to the fact that, i think it was mis sold, and that it was not an option as such, i would see if it is possible to claim against. It wouldn't amount to much money but it just the thought of how it was added to my expense at the time.
Many thanks for the info though.

Mike

dunstonh

ts only that the plan was 'sold' really without us wanting it it was 'sold' as a much better solution to PPI on the loan

It is a much better solution to PPI.

was added to the paperwork virtually automaticly

As a standalone plan, it wouldnt fall under the consumer credit act regulated loan documentation. It would have had its own needs analysis and a statement of demands and needs.

Just thought down to the fact that, i think it was mis sold, and that it was not an option as such, i would see if it is possible to claim against.

You can complain about anything. However, this would not be viewed as a PPI complaint and not handled by the team at the bank that deal with PPI complaints. Chances are this is advised sale by a regulated adviser and the audit trail on those tends to be much better. It doesnt mean it will be but the odds would suggest it would be.

and that it was not an option as such

What evidence do you have that says it was not an option? Easy allegation to make. Rare to have any evidence to support.

lifescape

Many thanks for the information you have provided. I think as you say its a different beast than PPI.
Its was just added to our 'pile of papers' to sign as we were told this is the better option.
As i say i am cancelling now, should have done this years ago, but its only £10 PM.

Many thanks for all your info.


Mike