CPP no partial refund for multi-year policy?

steady123

Hi all

I've got a CPP policy - I don't believe it was mis-sold to me and I took it out voluntarily through a travel insurance policy. I signed up for multi-year insurance in March 2013 but having read various posts on MSE I decided to cancel. They are saying that I can't get a partial refund even though the policy isn't due to expire until 2016 and that it's not allowed under their terms, which had a 60 day cooling off period from the start of the policy last year. I've never come across a company not offering a partial refund for a multi-year policy. Is this acceptable? Any comments welcome - thanks!

[Deleted User]

You've bought and paid (in advance) for the insurance. No refund will be forthcoming.

Shanti1981

I had cpp and have done exactly as Martin said and thought it was something to do with PPI. I applied for PPI and got a letter back advising I was entitled to compensation and it was a significant amount of money. However I went bankrupt in 2010 and they said it would go to the official receiver. I am wondering if it is worth me claiming for CPP or whether the same will happen again? Thanks for anyone that can help

[Deleted User]

Any money awarded to you by CPP is regarded as a pre-bankruptcy asset and would go to the Official Receiver.

Bankrupts cannot benefit personally from the mis-selling of financial products, unless the mis-sale takes place after bankruptcy (unlikely, I know).

steady123

Thanks - worth checking!

Shanti1981

Thank you, I had a feeling that maybe the case. It is most frustrating though as with the PPI and CCP payouts combined it would have cleared nearly half my debt and if this had happened pre bankruptcy I probably wouldn't have had to go bankrupt!