Proof Insurance was missold ! Now what

Broken_hearted

We have been paying back Liverpool Victoria for 5 years now since they did not pay out on the PPI, finally after repeatedly asking why not and for them to look into it we received a letter today stating that they had miss-sold the PPI and it is therefore invalid but as a gesture of goodwill they will refund the £400 premiums paid on the insurance (as opposed to covering the 6 grand balance owing).

Now I say the insurance was taken in good faith and all information supplied and correct and they took the payments for it for nearly 2 years without any problem so they should pay out.

Where do we stand and what should we do next?

davek1

you could respond by saying that you are not happy with their offer of repayment and that you are looking for a more substantial offer that will cover the entire debt. Failure to respond or do as asked should result in a claim in the county court. You can do tyhis simply at moneyclaimonline.

having said that i really don't think you will get all you asked for but if you push you will get a damn site more than £400. the other avenue available to you is the FSA and the Ombudsman.

Dave

Tiglet

Gesture of goodwill?:mad::mad::mad::mad:

If they have mis-sold the PPI then you're entitle to be refunded whether they like it or not.

The policy isn't invalid because it was mis-sold - it was mis-sold because it is invalid.

If you found out about the mis-selling through making a claim, I would say you could argue that you have suffered a loss by relying on their advice and that you are entitled to the amounts the insurance would have paid out if it hadn't been mis-sold. Check the terms of the policy to see how long it would have paid out for - many policies only pay for a year, although that would probably be more than the premiums.

Broken_hearted

It looks like a big fight coming up, should I keep up my DMP payments or put them on hold.

davek1

i would deffo keep up your dmp payments otherwise that may strengthen their position.

But deffo pursue it and get back everything you can

bathgatebuyer

Gesture of goodwill for mis-selling? Some institutions have had several thousands of pounds worth of fines for that and they're talking 'goodwill'??? I think not.

Seconds out, round 2!