Black horse loan

willwba

Hi

Just alittle advice needed

I took out a loan in 2010 for 10K not long after I went self employed this lead to me defaulting on some of payments they put me on a plan to what i could afford to pay off...
Only looking back now when they called to see what you can actually pay off each month they ask your in's and outgoings, I told them that i was defaulting as a result of going self-employed so if I have PPI on the loan why didnt they say then did you know you had this insurance and it will not cover you now your self-employed?
What do you think I should do? as its not really a miss sell is it????

societys_child

I took out a loan in 2010 for 10K not long after I went self employed

Needs a comma (or full stop) somewhere in that line. Just to clarify, were you self employed when you took out the loan?

DevCoder

I read the OP as going self employed after taking out the loan.

You are correct OP, its not a mis-sell, obviously ideally they should have informed you the change to self employment might affect the policy.

Are you sure the policy didn't include self-employed? Some did.

Insider101

willwba wrote: »

Hi

Just alittle advice needed

I took out a loan in 2010 for 10K not long after I went self employed this lead to me defaulting on some of payments they put me on a plan to what i could afford to pay off...
Only looking back now when they called to see what you can actually pay off each month they ask your in's and outgoings, I told them that i was defaulting as a result of going self-employed so if I have PPI on the loan why didnt they say then did you know you had this insurance and it will not cover you now your self-employed?
What do you think I should do? as its not really a miss sell is it????

If it was in 2010 you wouldn't have had single premium PPI as all the banks stopped selling it in 2009. That leaves the possibility of a regular premium policy but many banks never offered them. A lot of PPI had been withdrawn from sale by then anyway as the misselling scandal was well in swing by that date and many of them had taken a commercial decision that it was more trouble than it was worth to offer it.

Do you have reason to think you had PPI or is yours just a speculative enquiry? You don't really say in your original post.

willwba

hi all
thanks for your helpful info, i wasnt at the time of taking the loan but not long after i went self employed. Yes I do have PPI on the loan thats why I was asking the question but as I stated I reaslised I wasnt mis-sold. To be honest I didnt realise it didnt cover for self-employed until all this came out. Just annoyed they didnt tell me when I was trying to sort out repayments with them that I wasnt covered but left me to still pay it.
Anyway going to try and sort it with the bank today see if i can get it stopped..

[Deleted User]

willwba wrote: »

Just annoyed they didnt tell me when I was trying to sort out repayments with them that I wasnt covered but left me to still pay it.

It was your own responsibility to check if your change of circumstance caused your insurance to be invalidated I'm afraid.
However, are you certain the PPI does not cover the self-employed? This would certainly account for why the Bank failed to tell you the insurance had become null.

You took out this cover relatively recently (2010) and there had been a number of "improvements" made to policies in the wake of complaints prior to the whole later mis-selling scandal. It's very likely, therefore, that your PPI does cover self employment.

willwba

ok thank you for your advice.