Is it PPI and can i reclaim it??

alirob12

we took out a mortgage with lloyds and was sold life cover with critical illness insurance by Scottish widows.... Is this something that we can claim for? We have a couple of reasons we think we have the case:
1 the salesmen was very pushy and made us uncomfortable - we felt we couldnt say no
2 we didnt actually realise what the cover was until we have looked at it recently.

We are also in financial hardship and it costs a lot a month to keep it going... Any help and advice would be much appreciated. Thank you

[Deleted User]

Life cover and critical illness is not PPI, does not suffer from the same mis-selling as PPI and is rather a useful insurance. You can only realistically complain you do not need it if you are immortal and immune to illness.

You can, though, cancel the insurance if you are struggling to pay-but you'll receive no refund of your payments so far.

dunstonh

we took out a mortgage with lloyds and was sold life cover with critical illness insurance by Scottish widows.... Is this something that we can claim for?

If you die or suffer a critical illness then you can claim. If you mean complain then that is a different matter.

We have a couple of reasons we think we have the case:
1 the salesmen was very pushy and made us uncomfortable - we felt we couldnt say no
2 we didnt actually realise what the cover was until we have looked at it recently.

1 - Lloyds only retailed the life & CI under an advice process. An adviser is required to disturb you on your financial needs and for some people that can be uncomfortable. There is a line that shouldnt be crossed but you wont be able to prove it was.
2 - So, the illustration issued, report issued, medical questionnaire completed etc slipped you by? Perhaps you just forgot as most people are more interested in the mortgage and not the required insurances.

We are also in financial hardship and it costs a lot a month to keep it going..

Just think how hard it would be if one of you suffered a claimable event then.

Any help and advice would be much appreciated.

It is not PPI and does not suffer the same issues. That said, Scot Wid through Lloyds is expensive so if you are still in good health, you may well be able to get it cheaper via an IFA or whole of market protection adviser.

KevoHam

Hello

I took out an interest free loan with DFS and was missold PPI...we paid off the loan before the PPI / interest kicked in...can I claim for the principle of mis-selling PPI eventhough I didn't actually pay any PPI

societys_child

KevoHam:
Hello

I took out an interest free loan with DFS and was missold PPI...we paid off the loan before the PPI / interest kicked in...can I claim for the principle of mis-selling PPI eventhough I didn't actually pay any PPI

I'm sure you can . . . (complain about it if you wish)
and if you get anything back, it will be exactly what you paid in PPI (plus 8% simple)




Need a lay down now.

KevoHam

DFS has sent me a letter saying

"I am happy to confirm that by way of our final response we are happy to offer to refund the PPI payments you have paid and also include the 8% interest...to enable to proceed your refund we do require a statement / proof of payments"...

Because we paid off the interest free lump sum loan before the interest or PPI started, we were unsure whether we were entitled to some compensation in principle of the fact we were 'sold it'...does anyone know if a precedent has been set about this issue please?? (I can refer to this in my response to them)

many thanks

societys_child

KevoHam wrote: »

DFS has sent me a letter saying

"I am happy to confirm that by way of our final response we are happy to offer to refund the PPI payments you have paid and also include the 8% interest...to enable to proceed your refund we do require a statement / proof of payments"...

If they have no record of any payments, it's normal for them to ask you to supply the details from your own records to enable them to work out any redress.

Because we paid off the interest free lump sum loan before the interest or PPI started, we were unsure whether we were entitled to some compensation in principle of the fact we were 'sold it'...does anyone know if a precedent has been set about this issue please?? (I can refer to this in my response to them)

many thanks

Don't think a precedent has been set. What losses have you suffered to warrant compensation?

dunstonh

Because we paid off the interest free lump sum loan before the interest or PPI started, we were unsure whether we were entitled to some compensation in principle of the fact we were 'sold it'.

Nobody gets compensation for something they havent paid.

.does anyone know if a precedent has been set about this issue please?

The FCA set the guidelines on mis-sold PPI. You get a refund of premiums paid plus interest. In your case, your compensation is zero.

alirob12

Brill thank you all!!

Ok, couple of things... we will certainly be changing a provider - to get it cheaper... looks like we can get the same cover a lot cheaper than SW. I certainly dont want to go without it.. i just want to ensure an appropriate cover for the right amount...

Does anyone know the best place to compare CI and Life cover policies?

Many thanks

[Deleted User]

alir!!!2 wrote: »

Does anyone know the best place to compare CI and Life cover policies?

Contact an Independent Financial Adviser or a Whole Of Life Protection adviser.