loan with life insurance

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

newbie1980

im sure the refunds are for ppi not life insurance so maybe there correct

barba

How old is your son and what type of car is he getting?

dunstonh

Life assurance is not PPI. It would have also been arranged under a factfind and advice process (unlike PPI). So, it will be a difficult complaint unless you have no financial need for life assurance.

busajohn

dunstonh wrote: »

Life assurance is not PPI. It would have also been arranged under a factfind and advice process (unlike PPI). So, it will be a difficult complaint unless you have no financial need for life assurance.

Thanks for your reply . but the Lloyds employee states that unless you take out the life insurance policy the loan would be declined they never said about no lump sum if anything dreadfull happened only that if payee died the loan would be payed or if payer of the loan was diagnosed with brain tumour and cant work anymore it would be cleared we wasn't told we could stop the policy we did say we didn't need it but was told if you don't take it we don't get the loan.John

dunstonh

but the Lloyds employee states that unless you take out the life insurance policy the loan would be declined

And what evidence do you have to support that allegation? You can bet the bank will have nothing to support that allegation.

we wasn't told we could stop the policy

You wouldnt expect to be.

we did say we didn't need it but was told if you don't take it we don't get the loan.

Again, an unprovable allegation.

Your complaint is all hearsay. Almost certainly, they will look at the financial need unless there is a failure you havent mentioned or are aware of.

roonaldo

busajohn wrote: »

. 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

This is also an allegation you cannot prove. A recollection of "he said" "she said" conversation from years ago holds no weight now.

You need to have a reason why you shouldnt have taken out this life insurance policy.