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PPI sold by insurance company?

clyo123
clyo123 Posts: 1 Newbie
in Reclaim PPI & other insurance
My parents needed a loan to cover court costs in 1999. The bank (Allied Irish Bank) would only give them the loan if they took out an insurance policy. They didn't want to but had to. They got the insurance via a separate company. Are they entitled to claim this back? Any advice gratefully received Thank you

Comments

  • NCC-1707
    NCC-1707 Posts: 348 Forumite
    Third Anniversary 100 Posts Name Dropper Combo Breaker
    clyo123 wrote: »
    My parents needed a loan to cover court costs in 1999. The bank (Allied Irish Bank) would only give them the loan if they took out an insurance policy. They didn't want to but had to. They got the insurance via a separate company. Are they entitled to claim this back? Any advice gratefully received Thank you



    No, not wanting to take out insurance cover as a condition of getting the loan is not a valid complaint. If your parents did not want to take the insurance they were free to go to another loan supplier as they did for the insurance.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    clyo123 wrote: »
    The bank (Allied Irish Bank) would only give them the loan if they took out an insurance policy. They didn't want to but had to.
    This is not a mis-sale unfortunately.
  • dunstonh
    dunstonh Posts: 121,292 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    would only give them the loan if they took out an insurance policy.

    What makes you think that insurance policy is PPI? Most standalone plans of that era covering larger debts (especially secured ones) were life assurance.

    However, if it was a condition of borrowing then it cannot be missold.
    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.
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