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PPI from Cedar Holdings
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ComputerUser
Posts: 14 Forumite
My husband took out a long term loan with Cedar holdings in 1973. At the time he was told he had to also have a Life Insurance Premium and that was all paid back as a lump sum over the 7 years. Does that count as misselling PPI and can he still claim?
thank you
thank you
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Comments
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Life insurance isn't PPI.0
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ComputerUser wrote: »My husband took out a long term loan with Cedar holdings in 1973. At the time he was told he had to also have a Life Insurance Premium and that was all paid back as a lump sum over the 7 years. Does that count as misselling PPI and can he still claim?
thank you
You can be miss-sold anything and indeed, complain about anything but you need to be accurate. Life insurance is not PPI and if, way back in the day, it was company policy for a long term loan to need life insurance then you would not be miss-sold.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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1973? Seriously?0
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Doubt there would be anyone left to complain to after 44 years and life insurance would not count as mis sell.
In any event, this would be well time barred.0 -
ComputerUser wrote: »My husband took out a long term loan with Cedar holdings in 1973. At the time he was told he had to also have a Life Insurance Premium and that was all paid back as a lump sum over the 7 years. Does that count as misselling PPI and can he still claim?
thank you
Life assurance is not PPI for starters. So, you cant be missold PPI when you dont actually buy PPI.
1973 predates financial services regulation by 15 years and insurance regulation by 32 years.
On top of that, you havent given a valid reason for mis-sale. Lenders used to insist on life assurance as security for borrowing. That is still allowed today. Although you only tend to see it on commercial borrowing nowadays.
So, in all, no. Nothing to complain about here.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 -
My husband bought his first lorry with a loan from Cedar Holdings in 1979, he was told he had to take out PPI or some sort of insurance like that.-, in order to get the loan. I queried if it covered self employed persons and was told, well no, you can't claim on it if self employed but its part of the loan agreement to have it. No insurance, no loan ! Would we have a
claim??
If we would how do I find them?0 -
1979 from a loan broker is pre-regulation.
It probably wasnt PPI either as PPI was barely available then and even the banks hadnt started misselling it until the early 90s. are you sure it wasn't life assurance as that was usually a requirement back then?
If it was compulsory, then it cannot be missold.0 -
40 years on there's no chance any records still exist.0
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Forget it.Non me fac calcitrare tuum culi0
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