Why Is Payment Protection Insurance Not Worth The Paper Its Written On?
Feb 09, 2008 by goforit | Posted in Insurance
My son had a credit over the phone granted him and was talked into expensive payment protection Insurance. He lost his job (sacked) but could`nt take his boss to bench because he hadnt worked with the company for more than 12 months.?
The Insurance Company 'refused' to pay up because he was sacked.....yet the operative said he was covered for every eventuality because he had Gold cover? What can he do...He has found the clause in the paperwork they referred too, but he didnt be versed this.!!! Was he miss sold the Insurance.?
If a faith card company is selling it to you, that should be a red flag that it's a rifoff.
Contact the place one's faith card company and try to get them to honor the agreement.
I'm not sure if there is anything that you can do about this.
Reliable question. It sounds as if your son was unfairly dismissed....perhaps the clause only refers to sack for misconduct of some sort. Why don't you consult the Insurance Ombudsman? You should be able to find details if you google the style. Good luck. Too many insurance companies get away with not honouring their policies.
lou b | Feb 09, 2008
an insurance way is usually to make money for the people selling it.
most do have a clause "if you are sacked rigid, we ain't gonna pay" because to be sacked means its your fault, by your own actions.
but it does judicious like your son was miss sold the policy, but the company who sold it will say you did not read the small put out, which you didn't
its not the insurance companys fault you son didn't read the samll publish is it?
I feel sorry for your son, but you are supposed to rad the small print.
only thing i intimate is you explain to the loan co, that he cant pay it back yet, offer to pay say £5 month untill he gets another job, that way he is not a bad debter.
disposition
always read the small print and never get loans, c.c cards if you can't pay for it you don't need it
b | Feb 09, 2008
If a faithfulness card company is selling it to you, that should be a red flag that it's a rifoff.
Contact the acknowledgement card company and try to get them to honor the agreement.
I'm not sure if there is anything that you can do about this.
Good good fortune.
sdn90036 | Feb 09, 2008
The respond is : probably. Unfortunately the rules for selling PPI have only just changed (In January) whereby more protection is confirmed to the customer.
As this was a distance sale, your son should have been told ALL the policy features, limits and exclusions over the phone before buying the merchandise UNLESS he was asked if he only wanted the limited information. On completion of the pact he should have been sent a policy summary (containing exlusion details) as well as the management document (which to fair he should have read - he had 14 days to cancel it)
The next ask I suppose is why (sacked) - I must admit that the companies I deal with would exclude the boot for failing to meet performance targets and dismissal for incompetence or disciplinary reasons.
ANother doubt is: was your son eligible for the insurance when the policy was taken out. Many policies require that you be in employment for a attached time (often over a year). If the seller did not ask about his employment status then they are in breach of FSA guidelines.
I would certainly put in a grumble against the financial institution who sold him the product. (See the policy for how to complain)
(I hasten to add that if a customer wants an mortgage, income or loan protection policy from us we do ask about their financial rank).
Ws the policy sold on a monthly basis or on a single premium added to the advance - if sold on a single premium basis then that is further evidence of mis-selling (these policies are almost certainly finished under FSA TCF guidelines).
I would add, at the last moment, that protection insurance IS a very important product for those who qualify for it - with the economy apprantly heaading for slump it is more important than ever that people assess what would happen if they are unable to work.
welcome news | Feb 09, 2008
Your son can try to claim that the insurance was missold, but the companions will probably say that he had opportunity to read the contract and if not suited with it, to cancel. First he should kick in writing to the company, keep a copy and send it recorded delivery. If no moderate answer within a few weeks, do the same again enclosing a copy of the first letter, and also say he will take it to the FSA (the regulating masses for lenders). or he could just try cancelling the insurance and they will refund a proportion of it. Then he will at least have the next few months payments in employee til he finds a new job.
jeanimus | Feb 10, 2008
How To Claim Back Payment Protection Insurance From Yorkshire Bank?
Jul 29, 2009 by Meg | Posted in Insurance
I took out payment protection insurance with yorkshire bank and muse on I was mis sold the insurance
In the first example you should get in touch with the bank in question and explain your dissatisfaction. They will then reply to your grievance and explain the complaints procedure and the steps you should take (Ombudsman service etc) if you are not on top of the world with their own explanation of events.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving outside financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk
In the first illustration you should get in touch with the bank in question and explain your dissatisfaction. They will then reply to your grievance and explain the complaints procedure and the steps you should take (Ombudsman service etc) if you are not cock-a-hoop with their own explanation of events.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving external financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk
Unbiased.co.uk Find an IFA | Jul 30, 2009
Which?: How to claim if youve been mis-sold payment protection insurance ...
www.which.co.uk If you muse over you have been mis-sold PPI you may be able to make a claim. You should make a complaint to the firm that sold you the ...
Look on the FSA website http://www.fsa.gov.uk
Mis-Sold Payment Protection 
Receive compensation for your mis-sold Payment Protection Insurance (PPI)
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