Mis sold Critical Illness - Advice needed
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Trouncer2002
Posts: 4 Newbie
Can anyone help ? .......
I was sold 'Critical Illness' cover on two of my mortgages. It was to cover mortgage payment if I ver had CI. The forms I signed indicated I was of good health and no illness now or in the future (non-smoker etc.). I was also in full employment which would have paid at least 3 times my salary which would have covered the mortgage amount at the time. This was in 1997 !
The financial company was taken over by another finance company which, I believe, went into 'default' and to make compensation inquiries to the FSCS. However, the FSCS told me to fill in the online form. When I did this, and filled in the names of the company who advised me, it came back with the message :-
Sorry, you can't claim for compensation.
Was there a cut off date to make CI claims ? Do I not have any other option other than the CAB ? Has anyone been to the CAB on something like this and had feedback ? Success ? .......or should I forgot this whole thing ?
If anyone could help it would be much appreciated otherwise will I just have to accept I lost money from the mis selling CI to me ? - Thanks
I was sold 'Critical Illness' cover on two of my mortgages. It was to cover mortgage payment if I ver had CI. The forms I signed indicated I was of good health and no illness now or in the future (non-smoker etc.). I was also in full employment which would have paid at least 3 times my salary which would have covered the mortgage amount at the time. This was in 1997 !
The financial company was taken over by another finance company which, I believe, went into 'default' and to make compensation inquiries to the FSCS. However, the FSCS told me to fill in the online form. When I did this, and filled in the names of the company who advised me, it came back with the message :-
Sorry, you can't claim for compensation.
Was there a cut off date to make CI claims ? Do I not have any other option other than the CAB ? Has anyone been to the CAB on something like this and had feedback ? Success ? .......or should I forgot this whole thing ?
If anyone could help it would be much appreciated otherwise will I just have to accept I lost money from the mis selling CI to me ? - Thanks
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Comments
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How could you sign a form indicating that you would never be sick in the future?Trouncer2002 wrote: »The forms I signed indicated I was of good health and no illness now or in the future
That assumes that you would continue working for that employer, something you could not predict 20 years ago.Trouncer2002 wrote: »I was also in full employment which would have paid at least 3 times my salary which would have covered the mortgage amount at the time.
So Pre-Regulation of General Insurance.Trouncer2002 wrote: »This was in 1997 !
FSCS could only help if the alleged mis-selling took place after January 2005. Your sale was eight years prior to that.Trouncer2002 wrote: »the FSCS told me to fill in the online form. When I did this, and filled in the names of the company who advised me, it came back
In all honesty, you don't appear to have had a valid complaint and have no one left to complain to anyhow.
It's game over.
Sorry.0 -
As Moneyineptitude says above you are not going to get anywhere with this.
Your reasons why were you were miss sold don't make sense, you wouldn't have got 3 times your salary from your employer if you were unfortunate enough to suffer a critical illness, it would only be if you died.
If you hadn't have been in good health when you applied for the cover you probably wouldn't have been accepted for the cover. I worked in insurance for 20 years and have never seen an application form that asks about your future health??0 -
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Duplicate thread : http://forums.moneysavingexpert.com/showthread.php?t=5755183
If a board guide spots it, please can they mergeI 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 -
Critical illness pays out in a lump sum?? Usually your remaining mortgage balance. The health questions relate to your health at commencement. I agree (think you are relating to Death in service benefit) with usually runs alongside your private pension.0
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