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My partner and I took out a 25k loan with PPI. All payments were made up to date until my partner died last year. Since then RBS have advised me that as the I was the only one insured on the policy as I was the higher earner, I am responsible for the loan and have to pay it. Currently they are making a claim for funds for the full term of the loan from my late partners estate.
You need to read the policy terms very carefully. What did you sign for? Was it what you had discussed with the bank?
How long ago was the loan taken out? Had circumstances changed a lot in the meantime? I mean, if at one point your partner was earning more than you, it would go a long way in showing that you would not have taken a loan to protect only you, for instance.
We were in a situation where we had to claim on our mortgagePPI, and NWB insurers would only pay 1/2 the claim, as we were both insured. When I said that wasnt right, since I hadn't worked for a long time (even though I had been when the mortgage and PPI were started), they transferred the totality of the PPI to my husband, and paid up in full. Obviously, it's different from your situation, as we transferred from 2 to 1, yours is a 1 to 2 covered. That's why it's vital you go through your policy line by line.
Often, loans are only granted on condition of the borrower(s) being insured. It seems unlikely that on such a large sum, they would have accepted the 2 of you being debtors and only 1 insured. Who's the underwriter, as a matter of interest?
It's worth remembering that when it comes to insurances, the Insurance Ombudsman is all the Banking Ombudsman is not: It takes its duty towards the people seriously.
If you're unsure about the policy terms, post it here, there's a few people I have noticed who are savvy in insurance.
Apologies to people who I was in the process of helping, I may be gone some time.
Thanks very much for your reply, The PPI insurance is with Halifax, the loan was taken out in late 2005 and my partner passed away in June 2006. Unfortunately I have always been the slightly higher earner here. The loan is for 10 years and the RBS are asking for the full settlement for the value that would have been out of the estate. Basically the loan was for 25k and the RBS are asking for 37k.
Ok thanks, the estate solicitor is dealing but he has been so useless I didn't want him to handle this side of it for me and of course there's the cost side which has taken a severe nosedive. I will try and talk to another solicitor.
If any one does have any information / advice though please do come back to me.
Thanks very much.
RBS Payment Protection
. All payments were made up to date until my partner died last year. Since then RBS
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