Can I claim Accident insurance miss sold by Everyday loans same way as PPI ?

Lipa_PL

Back in October 2010 I have shoot myself in the foot with 4k loan @ 63,2% APR over 46 months with Everyday loans. We were desperate wanting to get our business back on feet and Lloyds didn't want to lend us any more money. We have paid everything off Years ago and still have all paperwork and just looking through it now.

I remember that the salesperson was trying to sell PPI but we managed to dodge it somehow. Right after that they have pushed to sell life insurance, accident insurance and critical illness insurance.

We weren't interested in buying anything, just wanted the loan. We had life insurance with Lloyds and were assuring that our parents and assets would easily help us make payments on time in case of accident or illness. After typical salesperson pantomime of leaving the room to ask managers permission, saying that chances are very slim bla bla bla... Just to get the loan we have agreed to buy personal accident insurance.

Now the question is, if we can claim on miss sold personal accident insurance same way as PPI?


ps: We have successfully claimed miss sold PPI of Lloys personal loan that we had same time.


Regards
Robert

[Deleted User]

You don't appear to have been mis-sold anything..
Even if the life cover you have with Lloyds overlaps with the policy in question, both would still pay out after a claimable event.
The loan company are allowed to "push" extra financial products and it was up to you whether you bought it or not.

You don't receive a refund of life insurance just because you haven't died!

dunstonh

Now the question is, if we can claim on miss sold personal accident insurance same way as PPI?

You can complain about anything you like. However, you have a much harder case with the process used for life assurance and CI. Those would have required a factfind to completed, along with a needs analysis. A shortfall would need to have been identified and a recommendation made. This would also be provided in writing and I believe Lloyds get you to sign a copy of it. So, they should have a pretty good audit trail.

You can give it a go but the odds are far lower than PPI.

magpiecottage

dunstonh wrote: »

you have a much harder case with the process used for life assurance and CI. Those would have required a factfind to completed, along with a needs analysis.

Strictly speaking, life assurance and CI are governed by ICOBS (part of the FSA handbook at the time and the FCA handbook now) the same as PPI, rather than COBS (the part of the handbook relating to investments) in most cases - the same as PPI.

However, that does not mean it is any more or less suitable.

Lipa_PL wrote: »

After typical salesperson pantomime of leaving the room to ask managers permission, saying that chances are very slim bla bla bla... Just to get the loan we have agreed to buy personal accident insurance.

That would seem to be misselling but difficult to prove - and as you were taking the loan for business purposes it would not be covered by the Consumer Credit Act.

Lipa_PL wrote: »

Now the question is, if we can claim on miss sold personal accident insurance same way as PPI?

You can claim on an insurance policy if you suffer a misfortune that it covers, whether or not the original sale was compliant with regulatory requirements or not ("not" meaning a missale of one form or another).

However, I suspect you mean can you complain about a missale.

The answer to that is "yes you can". That does not mean it will necessarily be upheld.

As it is a business transaction, whether FOS can look at it will depend on whether your business qualifies as a "microenterprise". To do so, you need to have less than ten employees, annual turnover and assets each of less than the sterling equivalent of €2 million.

ps: We have successfully claimed miss sold PPI of Lloys personal loan that we had same time.


Regards
Robert[/QUOTE]

[Deleted User]

Lipa_PL wrote: »

Back in October 2010 I have shoot myself in the foot

Oh dear.

Lipa_PL wrote: »

we have agreed to buy personal accident insurance.

Under the circumstances, that seems very wise.

Lipa_PL

Yes, buy cover and shoot myself same day same office

Lipa_PL

magpiecottage wrote: »

Strictly speaking, life assurance and CI are governed by ICOBS (part of the FSA handbook at the time and the FCA handbook now) the same as PPI, rather than COBS (the part of the handbook relating to investments) in most cases - the same as PPI.

However, that does not mean it is any more or less suitable.

That would seem to be misselling but difficult to prove - and as you were taking the loan for business purposes it would not be covered by the Consumer Credit Act.

You can claim on an insurance policy if you suffer a misfortune that it covers, whether or not the original sale was compliant with regulatory requirements or not ("not" meaning a missale of one form or another).

However, I suspect you mean can you complain about a missale.

The answer to that is "yes you can". That does not mean it will necessarily be upheld.

As it is a business transaction, whether FOS can look at it will depend on whether your business qualifies as a "microenterprise". To do so, you need to have less than ten employees, annual turnover and assets each of less than the sterling equivalent of €2 million.

ps: We have successfully claimed miss sold PPI of Lloys personal loan that we had same time.


Regards
Robert

[/QUOTE]
Yes, we were wondering if we could complain about a missale of personal accident insurance on the grounds that we were lead to believe that if we wouldn't buy it then we wouldn't be approved with the loan

Yes we were "microenterprise"

I can't remember if we have been asked what are the monies needed for and I can't see it anywhere on my documentation.

Paperwork state that we have said: "opted for 20k insurance as this will cover 1 year salary and pay out a lump sum in the event of an accident also hospital cover"

When on the very same document we have stated that our annual salary is 45k (joint application of my and my wife).

Thak you for your help and time