is Lifecare 24 classed as PPI ?

[scorterooney]

HI,

 

Just a quick question really - I hve a loan with Welcome, it has 2 lots of Lifecare 24 Migrated charges on it for £180 each - making £360. It has been added into the loan at a cost of £6.59 per month over a 180 month duration making a total payment of £1186.20 ( possibly plus any monthly interest ? ) and to top it off from what i can see from the paperwork it was only valid for the first five years of the loan.

 

Is this classed as a PPI charge and can it be claimed back ?

 

Thanks,

 

Scort

[scorterooney]

surely worth a BUMP ? lol

[Bombaymix]

Hey scorterooney!

Hopefully somebody answers this lol. I also have that same insurance on mine. I put in a claim for both PPI and this other insurance. They paid out on the PPI but never even acknowledged the other claim.

 

I think I still have the spready that I originally sent to them, might be worth fishing it out and sending it to them again. Always worth the cost of a stamp

[ims21]

Lifecare technically isn't the same as PPI....it is a life insurance product to pay the loan in the event of death.

 

However, if this was added to your loan without your knowledge or was mis-sold in some other way then a claim for a refund should be made.

[Bombaymix]

Thanks Ims (sorry op for hijacking, I assume this information will help you also when/if you get round to reclaiming)

 

Do we include an FOS questionnaire with this reclaim? Or is that just for the PPI?

[Crapstone]

You can include the fos questionnaire and adapt to suit for most insurance cover.

[Bombaymix]

Thanks crapstone!

 

Doh, better invest in some more ink for the printer...

 

(actually, there's some penalty charges on these statements that have been well hidden... )

 

Welcome, I'm coming for you

[Crapstone]

Go for it . You have nothing to lose other than ink, paper and postage.

 

To scorterooney: Don't quote me but I think Welcome are using admin. companies now. Without checking, I'm sure my OH had a car loan from them and it's now Wessex that took over. He managed to wipe off a large amount just by negotiating with them for an early settlement. No PPI involved but it's something to keep in mind.

 

As a life insurance for the loan then you would need to look at what you would have been covered for with previous medical conditions and if you would have been covered by other policies. If it was automatically added, without telling you or giving notice of how to cancel, then you would have a case also.

 

Unless it was made clear a 5 year cover for a 180 month loan isn't really fit for the purpose IMHO if it was sold with the intitial loan.

Edited August 16, 2012 by Crapstone