I have been reading up on PPI and trying to decide whether to try to get some charges back. I have been through successful bank charge reclaiming (went in front of the judge to do it too) so I don't mind a good scrap.
The background
I am self-employed, and took out a personal loan that started in May 05 with A&L. Prudential Assurance Company is the company that are supplying the PPI on the policy. The PPI was totalled and interest calculated for the duration when the loan was taken out. The only cover the policy seems to offer is "Life Cover", i.e.
"if you die, the outstanding balance under your credit agreement will be repaid, up to a maximum of £50,000". Well how very reassuring...
So what next?
Well I really can't see the value of this insurance? If I die, then I won't have to repay? Would like to see them try to come and get the money...
In any case I have life insurance cover far in excess of the value of the loan, so it makes no sense that I would need it. When I signed up, I had assumed that this was a minimum requirement and opted against their advice of
"full insurance cover for Accident, Sickness, Unemployment and Death". It was presented to me as an either/or. In my view this is mis-selling. I would have opted out insurance that only covers me in the event of death if I thought at the time it was possible to do so.
Does anyone think this is a strong enough case to try to get my money back?
PPI: markx v A&L / Prudential Assurance Company 
