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I had my own Income Protection. Can I reclaim this from my loan companies?
Painey
Posts: 4 Newbie
I recently found out that Lloyds had put PPI onto all 5 of my loans without my knowledge. The final 2 loans were so large that I specifically told them not to put PPI on them and I took out my own 3rd party income protection to cover me. Could I claim this back from Lloyds as well as the PPI?
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specifically told them not to put PPI on them and I took out my own 3rd party income protection to cover me. Could I claim this back from Lloyds as well as the PPI?
no you cannot. Lloyds are only responsible for products and services they put in place. Not those of third parties.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 -
Of course you can’t!
For what reason would Lloyds be responsible for a product you took out at your own volition from a third party?0 -
So you had PPI "without your knowledge" on three loans (even though it would have been clearly itemised in all the Agreements you signed), then failed to notice that PPI (which you didn't want) was also on the final two loans but then took out separate insurance anyway ???:eek:I recently found out that Lloyds had put PPI onto all 5 of my loans without my knowledge. The final 2 loans were so large that I specifically told them not to put PPI on them and I took out my own 3rd party income protection to cover me. Could I claim this back from Lloyds as well as the PPI?
I'm not even seeing the first three PPI policies were mis-sold, let alone the final two. On what basis do you think you would you be able to complain to Lloyds about policies that were not purchased from them?
Note also that Insurance is not somehow going to be refunded to you simply because you didn't suffer a claimable event...
You may well receive a refund of the PPI you purchased from Lloyds, but you have precisely zero chance of also having your Income Protection refunded by Lloyds.
If you also have a valid complaint about the Income Protection you chose to purchase, you need to complain to the seller- not Lloyds I'm afraid.0 -
I'm afraid it's a common myth spread by claims firms that PPI could somehow be added to your loan without your knowledge, finance doesn't work like that. When you sign the paperwork you agree to take it out. You did know about it, you've either forgotten or didn't read the paperwork in full.
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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