I took out a Mortgage in 2004 with Lloyds, Life cover not taken when offered, I already have several policies, but did take PPI.

Told that as Self employed / contractor / driver, for international carrier, that I would have to take out Business cover.

Appointment made, 30 min consultation, later found out consultation fee was £1,700.

Policy is called “Mortgage & Business Cover with Critical Illness”

This policy also covers my wife.

Policy now administered by Scottish Widows..

Today I phoned Scot Wid to see if I could change policy, I will soon no longer need Business cover.

Have been told that its not possible to drop the business cover portion, It is a “Life Insurance Policy”, that covers critical illness , business and unemployment.

Was told this policy has no relevance to my self employment status.

Was advised that if I think I was miss sold policy, then contact Lloyds.

Mortgage payments of £205 per Month, & paying £75 per month for a useless “tailor made” policy, makes me feel like a really dumb prat !

I could never have even been able to claim unemployment anyway, to declare myself “non self employed”, would be classed as voluntary unemployment.

Was I mis sold, or am I a Dumb Prat?

Any help or advice, would be gratefully received.

As I have had a nil response so far, I guess Ime just a bumb prat.

Hi there,

This falls outside my area of expertise, but I would imagine you were mis sold.

If you are paying for insurance but cannot claim from it should you need to, then the policy was not right for you. The person selling the cover should have known this, but mis sold you the policy on the pretence you could utilise the benefits should you need it.

Craig, thanks for your reply.

I dont know how these "Mis Sold" claims work.

Although ive mistakenly thought for years that it was a business cover policy,

Will the company not put the case that i should have read the details of the policy at the time?

I know NOW, that its no good for a claim, was it not my fault for failing to see what i may need in the future ? Will they not say that ive had life insurance for 6 years that could possibly have been paid out?

Im still at a loss for knowing what to do.

cheers.

Hello. I think your claim that you were mis-sold would start with the people who sold you the policy, Lloyds if I read your first post rightly. You could ask for a copy of their complaints procedures and take it from there.

If after going through that you're still not happy, you can go to the fos [Financial Ombudsman].

Does that help you?

HB

PS There's also a PPI forum on CAG.