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Shark

Mis-selling of loan insurance policy

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Hi Guys!

 

I had taken out a secured loan for 25K last year, with this came the PPI and interest charges which would total around 35K after 25 years.

 

I clearly explained to them on the telephone before taking out the loan and PPI that my employment is on a temporary short contract. I am now unemployed and proceeded with a claim for unemployment.

 

They said I did NOT meet their criteria for my claim to proceed because of my employment status.

 

I contacted their insurance department to look into my case as I believe I was mis - sold an insurance policy.

 

They investigated by listening into the telephone conversation which clearly stated my employment status and now they have agreed to issue a cheque for £3000. (I am awaiting this through the post)

 

On the basis of this, I was wondering if there was any possilbility of cancelling the whole loan as I am having difficulty getting any Unemployment Protection cover.

 

I did NOT want the loan unless I was COVERED.

 

Is there anway to make the loan Unenforceable due to the appalling mis-selling of the loan and insurance policy? I await any feedback, hope you can advise me.............

 

Best wishes for the New Year!

 

Shark

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I don't know the answer, but will be watching to see what is said about this as I had something similar.

 

When I took up a Halifax One credit card a couple of years ago, I also took the insurance. At no point did anyone mention how useless that would be when I needed to claim.

 

I was also on a temporary contract, which was being renewed every 3-4 months. Then funding was switched away and I was suddenly out of a job. The insurance lot said I didn't have a 'proper' job so couldn't claim a bean.

 

As such I became liable for the repayment, despite being unemployed and not even able to claim benefits. Not a happy bunny!


Be good to those who give you advice that helps - click the star to give them your thanks by way of a reputation credit.

 

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Shark, Have you got the total back that you paid. If so, you should be claiming interest on that too.

 

As regards cancelling the whole loan, this is a tricky one. I think you should pm someone like Zooman.

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You have two threads running for the same thing! Its better to just have the one thread so as not to get confused.

 

It would seem that you already have your answer. I would ask for contractual interest on the payments made a breakdown of the settlement figure and argue any penalty charges for early settlement.

 

I understand what you are saying, but you are going to have to pay back the remainder of the actual loan. I cant see a way out of it.

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