Letter received from Payplan - 'Cover My Payments'

fermi · 9 April 2015 at 12:25PM

Deleted%20User wrote: »

Wonder if anyone has tried taking it to the Financial Ombudsman Service, reckon they should welcome this sort of complaint

andyfromotley wrote: »

Almost certainly realised that they are in the %h1t for selling this type of product and are trying their damnedest to head off a flood of claims!

Seems that way.

Worth complaining saying you will be taking it to the FOS if you think it was mis-sold.

chanz4 · 9 April 2015 at 7:11PM

Financial Conduct Authority not FOS, also they did everything for free that others would charge you for. This site just jumps at missold even when told its optional

rizla_king · 9 April 2015 at 7:22PM

Wrong. Its the FOS who would deal with any misselling complaint and who you should take it to. FCA is the competent authority and regulator and would be notified by the FOS of complainst but its the FOS you would have to complain via for redress or refunds.

chanz4 · 9 April 2015 at 9:30PM

Its not a financial insurance product, have a look at the bottom of their site

rizla_king · 9 April 2015 at 9:38PM

Still covered by the FOS. FOS covers more than just that.

Regulated by the FCA, but the ombudsman scheme to complain to is the FOS.

Former_MSE_Helen · 24 April 2015 at 3:02PM

Hi all,

If anyone has a copy of this letter, please send it to me: [email protected]

Thanks,
MSE Helen

Former_MSE_Helen · 5 May 2015 at 10:12AM

Letters sent by PayPlan cast doubts over whether people fully understood the membership schemes they were buying...

Read the full story:

PayPlan 'Cover My Payments' member? Check if you should ditch it

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

redpete · 5 May 2015 at 7:30PM

MoneySavingExpert.com's campaigns manager, Wendy Alcock, says: "The fact PayPlan has needed to write to its customers to remind them of the purpose of the policy rings alarm bells that it's actually of little value."

Why? Many of the similar letters from banks regarding their loans were not because they were of little value or in any way unsuitable but just because of minor technicalities on previous communications.

chanz4 · 6 May 2015 at 9:51AM

credit expert is of little value with the scores, does it write and tell us?

tain · 6 May 2015 at 10:49AM

I had both cover my payments and cover my life about 5-6 years ago. I remember speaking to them about it, saying that I didn't need their payment protection as I'd rather pay off more each month (totalled about £50 a month over 4 years). I also said I live with my parents who would be able to cover my payments if needed, plus if I did lose my job I would be happy to go bankrupt if needed. They then guilted me into the cover my life saying my parents would be dumped with my debt if I died, so I should be taking both out.

Really interested to see where this goes, and will be digging out the paperwork this weekend (if I can find it after 6 years... Eek!)

By it's very nature, shouldn't a debt management plan only be interested in clearing your debts in the fastest, most affordable way? If I lost my job, surely a renegotiation of my terms with the banks be in order, rather than a costly insurance plan??

I know very little about the life insurance one, so if anyone can cast light on to that I'd really appreciate it .

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Letter received from Payplan - 'Cover My Payments'

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