Claim back loans insurance
If you have taken out any kind of personal loan or mortgage in the past ten years you were probably offered some form of loan protection or insurance. This type of cover is supposed to protect the loan holder by taking over repayments if they cannot work due to sickness, accident or involuntary unemployment. Unfortunately, this cover has been widely mis-sold meaning many people have been left paying for cover they cannot use or do not need. As a result, many people have sought to claim back loans insurance from their lender.
If you are unsure whether your policy was mis-sold you should start by thinking about what happened at the point of sale when you purchased your policy. Were you given information that later proved incorrect or were you mislead in some way regarding the degree of coverage offered by the policy? If so then your policy may have been mis-sold and you may be entitled to claim back loans insurance.
Alternatively, were you sold a policy that was unsuitable for your needs? A good example here is customers who were unemployed, in full time education or retired when they were sold a policy. Why would someone without full time employment require loss of employment cover? In certain instances your circumstances may even make you ineligible for the cover, for example if you were aged sixty-five or over or self-employed at the time of sale.
The good news is if you were mis-sold a policy you have the right to make a complaint and you could be eligible to claim back loans insurance from your lender. If you would like to find out more about the claiming process, complete our quick claim form and we will send you out a claims pack in the post.