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Was i mis-sold loan insurance?


royal-marine
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I fully admit to ben ing terrible with my finances, my only defence is that ive been in employment constantly since leaving full time education.

 

I took out a replacement loan 2 years ago to pay off a £2900 loan

i took out a £4000 loan over 3 years

 

My question is as im in the forces full time am i entitled to any of my loan protection back??

 

I have had loan protection ever since the first loan back in 2001 and never missed a single payment ever.

 

I also seem to recall a lady in the Glasgow branch of h.s.b.c telling me once that i shouldnt be paying loan protection being full time in the forces??

 

Any light on the matter from you intellectuals is much appreciated

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Hiya RM welcome to the HSBC forum :) and thanks for the great job you and your mates are doing for us all around the world.

 

I'm not actually sure about the status of forces personnel when it comes to insurance, I cant see a standard HSBC PPI policy being particularly useful to you in your line of work :cool:. Have you asked your battalion's paymasters what they think?

 

I would have thought someone in the army must know where you stand with private life/injury insurance which is basically what PPI is.

 

Assuming the PPI policy is useless to you because of the nature of your occupation then you should be able to claim the premiums you have paid back because the policy was miss-sold. The standard loan application form would have asked you for your occupation so they were fully aware of what you do for a living but still sold you the policy :cool:.

 

pete

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Hiya RM welcome to the HSBC forum :) and thanks for the great job you and your mates are doing for us all around the world.

 

I'm not actually sure about the status of forces personnel when it comes to insurance, I cant see a standard HSBC PPI policy being particularly useful to you in your line of work :cool:. Have you asked your battalion's paymasters what they think?

 

I would have thought someone in the army must know where you stand with private life/injury insurance which is basically what PPI is.

 

Assuming the PPI policy is useless to you because of the nature of your occupation then you should be able to claim the premiums you have paid back because the policy was miss-sold. The standard loan application form would have asked you for your occupation so they were fully aware of what you do for a living but still sold you the policy :cool:.

 

pete

 

 

Thanks pete. and theres no need to thank me. i love these green and pleasent lands as much as everyone thats all the motivation i need.

 

As a marine im under the royal navy and the unit pay office isnt that most helpful at the best of times, but like i said when i went in for something unrelated a year or so again i remember someone commenting on it being mis-sold, but that was before id heard of the macca that is C.A.G

 

Thats the reason i was enquiring.

 

Thanks for answering

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Hi Royal Marine , welcome to the forum .....I'll echo pete's sentiments on the job you guys are doing ..... and I'm an ex- full-time regular myself (army).

 

If you are in the forces you still get paid if you're sick or unable to work , therefore I would say that the Insurance Company would not pay out - on the grounds that you are not losing the ability to pay... which is what the policy is for......

 

If you go to the PPI forum you'll find a fellow ex-marine there (Pompeyfaith )along with many others , who I'm sure would be pleased to help you - this is the link you need :

 

Payment Protection Insurance (PPI) - The Consumer Forums

 

But by all means come back here and ask if you're in any doubt ...:)

Edited by johnnymitch
tidying up ....

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Yup indeed we will give you all the help and advice you need.

 

PF

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Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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Thanks for picking up on this PF - I've tipped your scales , mate :)

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Thanks Johnny and yes the marines are doing a very important job right now and putting there lives on the line the last thing they need to be thinking about is there finances oh and that brings me onto another point why the hell are they paying taxes when out of the country this isuue is even more important and one i believe we should be fighting for them

Edited by pompeyfaith

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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Hiya PF I think those sorts of problem come about because forces personel arnt allowed to have a trade association and I honestly dont think their employers are that interested in that sort of issue.

 

Simple welfare issues for any other occupation are normaly delt with or at least raised by their trade association (yes ok union :rolleyes:) and resolved because they are supported by the membership paying a few pence a week which allows them to finance proper financial and legal representation.

 

I'm not particularly in favour of trade unions having lived through the 60's, 70's and 80's when unions became too strong and had political asperations but they can and do have a useful purpose too.

 

pete

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Hiya PF I think those sorts of problem come about because forces personel arnt allowed to have a trade association and I honestly dont think their employers are that interested in that sort of issue.

 

Exactly, So more the reason that this should be brought into the public eye if it is good enough for the American Troops its good enough for the British too.

 

Perhaps Joanna Lumley would be interested in fighting this cause after all she did such a fantastics job with the Gurkhas.

 

PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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Thanks Johnny and yes the marines are doing a very important job right now and putting there lives on the line the last thing they need to be thinking about is there finances oh and that brings me onto another point why the hell are they paying taxes when out of the country this isuue is even more important and one i believe we should be fighting for them

 

Hi PF ,

The reason they pay taxes when serving overseas is because it is still money from this country which is paying them ..... but they don't pay tax on the(LOA) Local Overseas Allowance part of their salaries.....:) only on the money they'd pay tax on in the UK anyway .... hope that clarifies your point, mate .......

I know what you're saying , but the government would only trim the salary to reflect the fact that they weren't paying tax........ :mad:

Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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