Iva ppi

soggyme

Hi there,
I was recently in an IVA and forced to pay PPI during the whole term of the agreement, but I did have cover from work for being ill or out of work.
I feel that I was coerced into paying, can I claim it back?
Cheers

McKneff

How did they force you, how did they coerce you.


Work may have paid your sick pay but they wouldn't pay you if you were out of work ????

soggyme

Whilst I was in the IVA, I was told I had to have payment protection insurance called 'cover my payments' and this was a monthly charge separate to the regular agreement payments I made. I was told this payment protection was something I 'had' to have and was mandatory but I am rather doubtful as it was through a sister company of the one I was dealing with. Even in an IVA you tend to accept what these financial institutions are telling you.
As for work I am lucky enough to have had the option of full pay for up to a year off work if sick.

[Deleted User]

You can certainly complain if you feel the insurance was mis-sold to you. I doubt you'll be able to argue that your sickness pay negated the need for insurance , though, as you could still have lost your job through redundancy.

I do agree IVA companies selling "cover my payments" was a rather insidious tactic, given that those entering an IVA are already in financial difficulty. That doesn't make it mis-sold, however.

antrobus

See this old thread here
https://forums.moneysavingexpert.com/discussion/2911962

We forwarded the complaint to the FOS who have replied and basically said that as the Cover My Payments Scheme is not called an insurance of any kind and not covered by the FSA then they are perfectly in their right to sell the policy to you and it is not miss-sold. in other words you cannot claim your money back like a PPI.

[Deleted User]

antrobus wrote: »

as the Cover My Payments Scheme is not called an insurance of any kind

Seems to be insurance to me.:eek:

antrobus

Moneyineptitude wrote: »

Seems to be insurance to me.:eek:

Don't know myself.

I'm merely quoting what it said on the other thread; where the OP states that they took a complaint regarding the 'Cover My Payments Scheme' to the FOS, and the FOS declined any involvement.