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Life and Critical illness Policy
MartinWanger
Posts: 1 Newbie
I took out a POLICY IN 2012. The bank has confirmed in writing it was miss sold to me and they have offered a settlement figure of £895.70. In this figure they have added interest at 8% which they say in line with court settlements. My question is am I entitled to compensation because is all they are doing is 'as they say' is restoring the status quo.
If any body can give me answer it would be appreciated.
Thanks Martin
If any body can give me answer it would be appreciated.
Thanks Martin
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Comments
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The 8% is your compensation, for not having had use of the money for that time.0
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My question is am I entitled to compensation because is all they are doing is 'as they say' is restoring the status quo.
Have you lost a leg or an arm?
Compensation is to cover some sort of loss or distress. You have not suffered a loss as you are being returned to the position you would have been had it not existed and you have not suffered any distress. However, they are adding 8% interest. That is far higher than you can get had the money been in a bank account. So, you should consider that your compensation.
You are not entitled to anything else.Thanks Martin
Martin does not post on the board.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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Moneyineptitude wrote: »"Martin" is the OP of the thread!
He is missing a comma then if he was referring to himself.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Well done Martin for reclaiming the money for a policy that was mis-sold to you.
Shame you had to be preached at for using the wrong word and missing a comma0 -
addedvaluebob wrote: »Well done Martin for reclaiming the money for a policy that was mis-sold to you.
Shame you had to be preached at for using the wrong word and missing a comma
You can surely see the issue given so many posts on the board say "thanks Martin" when talking about successful complaints, so when a user is called Martin it gets mixed up!Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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addedvaluebob wrote: »Well done Martin for reclaiming the money for a policy that was mis-sold to you.
Shame you had to be preached at for using the wrong word and missing a comma
Where is the post preaching about the wrong word and comma?
Must have been deleted as I don't see it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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