Black Horse PPi claim rejected - self employed claimant.

[hijinkx]

Sorry looking at this I feel I should clarify what I am looking for . If I have had additional charges added to my original agreement ( ie Key Man Insurance)

paid up front with interest added , does this add up to miss selling ?

[ims21]

Hi

 

Adding a single premium to the front of a loan and charging interest on it is not in itself mis-selling. As you are probably aware, the bank lend you the money to pay the single premium and thus charge interest on it over the life of the loan. If this happened without telling you the true cost then that is one reason why it could have been mis-sold, i.e. you were unaware of the true cost.

 

Now to your specific situation.

 

You were under the impression that this was PPI becasue you were told it was PPI.. It turned out that it wasn't...it was keyman insurance.

 

PPI is generally of no use the self employed but keyman can be.

 

So what I am saying is that of they told you it was PPI but it was keyman then you have been mis-sold keyman on the basis that you were told it was one thing and they provided you with another thing.

 

Had they stuck to their word and put a PPI in place then that would have been mis-sold on the basis that as a self employed person you would not have been covered.

 

So your claim will hinge on the fact that the keyman should be paid back to you because you were told it was PPI. If it was PPI (which it wasn't) then your claim would be on the basis that you were self employed.

 

So the question to ask the bank is "why was I told it was PPI and yet the policy is a keyman?"

 

"As I was told it was PPI, you mis-sold me keyman which I didn't need because I had adequate cover already and you therefore misled me."

 

"If you say it is PPI then you have mis-sold me because PPI would not have covered me because I was self employed"

 

Looks to me like you can back them into a corner here.

[hijinkx]

Hi Ims- Thank you, the Agreement had within it a Second Schedule which identified it as PPI , although it was Key Man. I think you are right, had i been told it was straight life insurance which I had in place I would n't have taken it. Interestingly the later Agreements taken out in Blackhorse offices were PPi

ones. This original one was taken out in a dealership. So many thanks . Hijinkx

[ims21]

Hi

 

Hope I've helped...."why" is a great question to ask in a case like this. You can ask the question in the right way and there is a chance that you can get them into a position that they cannot get out of.

[hijinkx]

Hi - very belatedly I am to get a very small refund for the keyman insurance taken out. A moral victory but not very remunerative. But a win is a win. Many thanks.