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I was mis-sold a side product - cost £1000 and was told that I had to have it with the loan I took out. 5 years later I was informed that I should not have been obliged.
The bank have written saying that as my overdraft was amalgamated into my loan they were correct in selling me this protection. (I think that is admittance) is it???:-?
I have a court case next week and am amending my documents N244.
What supporting evidence should I have (solely to support the misselling of this product).
Welcome to the site.
Obviously any paperwork that you have in relation to these arrangements will help.
What ammendments specifically are you wanting to make ?
Can you throw more light on what the "Side product " was ?
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The misselling of the loan product- I was told I had to take out loan protection insurance with a loan. 5 years later when I was struggling making my last four payments due to being out of work (ex employer owed me £30,000 +) I called to ask about my loan and mentioned that I have a loan protection which was forced upon me. I asked if I could use this laon protection to help pay for the last 4 payments.
Firstly they said I was over 65 years old so no I could not - I am 38.
Secondly they said that the product was for health insurance and not lost of incomings.
Thirdly they said that as my loan should have finished two months earlier then that insurance does not occur.
So I asked if one has to take out a loan protection product with a loan - as in my case I was told that I could not take the loan without the protection.
Then they said that I should have had the opportunity to take the loan with out the side product (which I wasn't) - that was by phone.
I took this up with the manager who wrote that as they amalgamated the overdraft with the loan the bank was correct in selling this loan protection. (what amalagamating an existing overdraft with a loan has to do with selling a health insurance policy - I am not sure). I certainly should have been given the opportunity to take out the loan without the side product?
I have settled the charges out of court - however was told by the solicitors of the defendents that I could not put in the loan protection as it is not a charge - and therefore I said temporarily OK (so to get my other money) however I would still go after the bank to return this money. I have a court case next week and am going to fill in the N244 to ask for the amendment to be made - stating that I have been missold a side product.
Supporting Evidence Please
was amalgamated into my loan they were correct in selling me this protection. (I think that is admittance) is it???:-?
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