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It struck me the other day what the legal position would be :


1. We go to the bank and take out a £10,000 loan under genuine intention to pay it back.

2. 2 years down the line,say, we default through no fault of our own having lost our jobs.

3. Irrespective of wether or not we take out personal PPI I am told by someone 'trustworthy' at the bank, the bank insures 'itself' against default.

4. It really charges 'us' for this insurance within the payment structure or APR.




1. Have we really and effectively insured ourselves albeit effected by a third party ?

2. Has the bank suffered any loss ? if not why are they entitled to pursue us for the remainder of the debt.

3. Could this be developed ?.


MODs please move to appropriate forum if this is not the right one.

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