Why is transmittal protection Insurance not worth the daily its written on?
My son had a loan over the phone granted him and be talked into expensive return protection Insurance. He lost his job (sacked) but could`nt pocket his boss to tribunal because he hadnt worked with the company for more than 12 months.?The Insurance Company 'refused' to compensate up because he was sack..yet the hand said he was covered for every eventuality because he have Gold cover? What can he do...He has found the clause surrounded by the paperwork they referred too, but he didnt know this.! Was he miss sold the Insurance.?
Answers: If a credit card company is selling it to you, that should be a red flag that it's a rifoff.
Contact the credit card company and try to get them to honor the agreement.
I'm not sure if here is anything that you can do about this.
Good luck.
an insurance policy is usually to fashion money for the people selling it.
most do enjoy a clause "if you are sacked tough, we ain't gonna pay" because to be sack means its your show disapproval, by your own actions.
but it does nouns like your son be miss sold the policy, but the company who sold it will say you did not read the small print, which you didn't
its not the insurance companys glitch you son didn't read the samll print is it?
I feel sorry for your son, but you are supposed to rad the small print.
merely thing i suggest is you explain to the loan co, that he cant repay it back even so, offer to pay cheque say lb5 month untill he get another job, that approach he is not a bad debter.
morale
other read the small print and never get loans, c.c cards if you can't retribution for it you don't need it
The answer is : probably. Unfortunately the rules for selling PPI enjoy only newly changed (In January) whereby more protection is given to the customer.
As this was a distance Dutch auction, your son should have be told ALL the policy features, limits and exclusions over the phone until that time buying the product UNLESS he was asked if he lone wanted the fixed information. On completion of the contract he should have be sent a policy summary (containing exlusion details) as well as the policy document (which to objective he should have read - he have 14 days to cancel it)
The subsequent question I suppose is why (sacked) - I must grant that the companies I deal beside would exclude dismissal for failing to meet presentation targets and dismissal for incompetence or disciplinary reason.
ANother question is: be your son eligible for the insurance when the policy was taken out. Many policies require that you be contained by employment for a fixed time (often over a year). If the seller did not ask something like his employment status then they are surrounded by breach of FSA guidelines.
I would certainly put surrounded by a complaint against the financial institution who sold him the product. (See the policy for how to complain)
(I hasten to add that if a client requests an mortgage, income or loan protection policy from us we do ask about their financial status).
Ws the policy sold on a monthly font or on a single premium added to the loan - if sold on a single premium basis later that is further evidence of mis-selling (these policies are almost to be sure finished under FSA TCF guidelines).
I would supply, finally, that protection insurance IS a very influential product for those who qualify for it - with the cutback apprantly heaading for recession it is more important than ever that those assess what would happen if they are powerless to work.
Yeah some insurances do have obscured catches. Here is a site next to some policies
http://www.insightempire.com/Rentersinsu...
I think it comes down to how he be sacked from the company - what be the reason for him disappearing?
Was he made redundant or was it due to a disciplinary hearing/action?
It may progress how the PPI views him if the principle for him leaving his opening is re-worded either by him on the claim forms or by his employer.
I regard as we need more info beforehand we can give definitive answers.
I will never ever hold these policies out although sorely tempted on occasion.
They have a particularly bad reputation and insurers give the impression of being unwilling to pay out lower than any circumstances. The seller of them get about 40% commission and explicitly why they are so keen on them brcause ythey trade name little on what you buy and much on the policies they sell
Insurance Ombudsman for you
I m trying to check status of my replacement order number-1001440579?
Answers: I'm trying to figure out tonight's lottery winning number. No one here can help you with this little information.
Does anyone know the facts concerning; Tenax Steamship Co. v Owners of the Motor Vessel Brimnes 1975?
I believe this case relates to withdrawal.Answers: http://law2.biz.uwa.edu.au/lproksch/Case...
follow this link to your answer.