Thread: miss - selling of Insurnace?

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Thread moved to PPI forum.

Originally Posted by Mr Government

Hi,

Hope this is the right place for this thread.

Last year (may) I was sold an income protection policy from Lloyds Bank and Scottish Widows. The policy had a deferred period of 26 weeks in line with my works sick pay scheme.

The value of the policy was £1400 per month starting at 26 weeks. However my existing employer rights are sick pay from 26 - 52 weeks is 50% (£1100), which if you add the £1400 would exceed my normal monthly pay.

When recently reading the policy documents I noticed a clause that the policy will not pay anything more the 50% gross. Therefore my policy is invalid.

At the time of my review with the bank they had my works sick pay benefit. And the advisor stated that their policy paid the £1400 from 6 months as well as 12 months. Based upon that one statement I took the policy instead of getting other quotes.

I have a copy of my review which shows that the bank had all the facts, I now have a policy that will not pay out what I have insured, so I have being paying £36 month for over year on a policy thats crap. What should I do?

I have already written to the bank and asked them too investigate, but should i be doing other things, like demanding a full refund of all paid premiums. Am I right in thinking that I have been miss sold this policy?

If you do not have all the paperwork you should start by sending a Subject access request the fee is £10 (postal order is good).

Please read through the stickies at the top of this forum to learn more. When you are happy you have all the facts then proceed to claim back the PPI premiums plus contractual interest charged and 8% statutory interest.

Best to be prepared so get the data and off you go.

Post up any further questions as you proceed along the reclaiming path.

aa