loans with life insurance help

busajohn

Hi can someone help me plz.. we took out 2 loans about 7 years ago . We went to Lloyds for the loan and was told we had to take out life insurance from Scottish widows or we wont be accepted for the loans .. we ended up paying £38 pound a month for about 6 years. We had to get a loan again in November for our son to buy a car for work and when we said do we have to have the life insurance again he said no we told the bank loans man we had to take 2 out in the past he said to claim it back as we were mis sold them .We have contacted Scottish widows and they said we wernt entitled to any refund and we said this wasn't good enough so they said they would phone us back tomorrow 6.01,2015 to give it to someone else to look at but was told it will be the same outcome you wont be getting a penny ..Are they in the right we wont get nothing back.Thanks

Tixy

The reclaiming section on the forum has a guide to seeing whether you may have been missold insurance, and details the process to reclaiming depending on whether you have the relevant paperwork or not.

Have a look here - Reclaim PPI & Other Insurance
and if you think that you may have a claim.

busajohn

Tixy wrote: »

The reclaiming section on the forum has a guide to seeing whether you may have been missold insurance, and details the process to reclaiming depending on whether you have the relevant paperwork or not.

Have a look here - Reclaim PPI & Other Insurance
and if you think that you may have a claim.

I cant find out anything about life insurance .help

Tixy

Was this definitely life assurance, paying out a sum directly to your chosen beneficiary in the event of your death?

Were the loans secured loans?

jonesMUFCforever

I think OP is saying that since Lloyds stopped selling PPI the next best think was to refer them to Scot Widows for life cover to cover the loans.
The consultant would have carried out a fact find and made recomendations based on this.
This will have been documented - unless OP was forced to sign under duress he will find it difficult to prove a missale as the loan would have already been drawn down and he had every opportunity to cancel the policy at any time.

busajohn

Tixy wrote: »

Was this definitely life assurance, paying out a sum directly to your chosen beneficiary in the event of your death?

Were the loans secured loans?

The only thing we was told is that if payee drops down dead or get clinically ill and cant work the loan would be cleared .1 loan was secured on the house , but the point is Llodys employee said unless you take the life insurance policy out they would decline the loan ,,,John

busajohn

jonesMUFCforever wrote: »

I think OP is saying that since Lloyds stopped selling PPI the next best think was to refer them to Scot Widows for life cover to cover the loans.
The consultant would have carried out a fact find and made recomendations based on this.
This will have been documented - unless OP was forced to sign under duress he will find it difficult to prove a missale as the loan would have already been drawn down and he had every opportunity to cancel the policy at any time.

Llodys employee said unless you take the life insurance policy out they would decline the loan ,,,John

busajohn

Tixy wrote: »

Was this definitely life assurance, paying out a sum directly to your chosen beneficiary in the event of your death?

Were the loans secured loans?

no lump sum or they didn't tell us that all they said is that unless you take the life insurance out the loan would not go thru

jonesMUFCforever

busajohn wrote: »

Llodys employee said unless you take the life insurance policy out they would decline the loan ,,,John

Can you prove this?
If so proceed with your complaint.
But if they don't lend to you there is no need for cover is there?

busajohn

jonesMUFCforever wrote: »

Can you prove this?
If so proceed with your complaint.
But if they don't lend to you there is no need for cover is there?

Scottish widows said they wernt prepared to give us anything we said fine well go to the onbusman then they said well take another look and get back to us in 2 weeks .John

jonesMUFCforever

busajohn wrote: »

Scottish widows said they wernt prepared to give us anything we said fine well go to the onbusman then they said well take another look and get back to us in 2 weeks .John

Where is your copy of the fact find and recommendations made?