Bos Ppi

[snlc]

I took out a loan with BOS for £13000 over 5 yrs. I was sold their Creditcare Gold Insurance for £5956 and was added as part of the credit amount bringing the amount of credit to £18956. Interest was added of £5296.

I know the BOS insisted I take the insurance but haven't anything to back that up, but I was always angry they did charge me so much for a policy. However, my business collapsed and I went into depression and the policy paid out for a year (only) payments towards the loan, despite the fact I couldn't work for over 2 yrs.

Is this a suitable situation to claim mis- selling. I was also sole director of my own company at the time so was effectively self employed

[snlc]

bumpedy bump? Anyone?

[hellhasnofury]

Originally Posted by snlc

I took out a loan with BOS for £13000 over 5 yrs. I was sold their Creditcare Gold Insurance for £5956 and was added as part of the credit amount bringing the amount of credit to £18956. Interest was added of £5296.

I know the BOS insisted I take the insurance but haven't anything to back that up, but I was always angry they did charge me so much for a policy. However, my business collapsed and I went into depression and the policy paid out for a year (only) payments towards the loan, despite the fact I couldn't work for over 2 yrs.

Is this a suitable situation to claim mis- selling. I was also sole director of my own company at the time so was effectively self employed

Hello snlc,

So sorry to hear of your troubles and I hope you are feeling better now and ready for a fight.

Were you aware that the policy would only pay out for 1 year. How much in total did they pay out, was it anywhere near what they charged for the ppi and interest. If you had been informed of this would you have agreed, had you been given a choice.

You may have a bit of a fight with this one. They will state that you had the benefit of the ppi for 12months, so you had better come up with different arguements to argue with them. Possibly failure to disclose the extoriate price of the ppi as profits for them and very little for you.

[snlc]

Hey, thanks for coming to my resuce. I'm fine now thanks - I posted about this a long time ago and a girl came on who used to work in BOS selling these agreements, it was a telphone jobbie. She told me they were encouraged to push these but she has wiped all her posts off now maybe they got wind of her. To be honest, when you need the money you just run with whatever at the time and the sales girl told me to take the insurance. I didn't think much about it and what it covered other than if you got sick, but I didn't know about the 1yr until I had to claim and the London & Edinbrugh told me it stopped after 1 yr. I got £404.22 a month from March 2004-to March 2005 paid against the loan. So I did get that, but it seems one hell of a premium to have paid as part of the credit agreement. I don't know what the interest would be on £5956 policy, but it adds up to quite a lot I should think.

do you think it's worth a try?

[ReasonableRon]

If you got a claim paid out for depression then it must have been one of the better policies out there....

I don't see how you can claim back the premiums on a policy which you have had a (pretty big) benefit from. Not sure how the usual arguments would stack up here.

[snlc]

Actually, now you mention it, the company was not London & Edinbrugh they actually turned me down for another financial package I had but for the same depression thingy. It was St Andrews who paid up.

I guess you are right, I have had a benefit, but six grand price tag on a thirteen thousand loan ? that's obserd. A car insurance of £600 would pay out thousands, that's what insurance is about, spreading the weight of claims.

Profiteering is the name of that game with PPI. I'd still like to say I was conned.

[hellhasnofury]

Originally Posted by snlc

Actually, now you mention it, the company was not London & Edinbrugh they actually turned me down for another financial package I had but for the same depression thingy. It was St Andrews who paid up.

I guess you are right, I have had a benefit, but six grand price tag on a thirteen thousand loan ? that's obserd. A car insurance of £600 would pay out thousands, that's what insurance is about, spreading the weight of claims.

Profiteering is the name of that game with PPI. I'd still like to say I was conned.

and that you were, There are other ways to skin a cat (yuck) I will pm you.