banks... loan protection plan... not told about it....

[Dupont666]

I got a loan and sorted out a payment... apparently they added a loan protection plan to it.... when I was made redundant and saw the financial planner, I wasnt told about this.

Today the nice call center person told me i have this protection and shouldnt be paying the loan as im covered due to being redundant.... cue me thinking WTF.... why wasnt i told about this when i left the employment of the same bank

Call the insurance company and the only thing that they accept as proof of unemployment is applying for job seekers allowance... now didnt want to do this as i didnt want to be a burden on the government and I cant find the job im qualified for in a job center and have a team of recruiters looking for me instead.

So Im not allowed to back date it even tho i can prove on the P45 that i was made redundant and i have no money coming in at all....

Thanks a fking lot....

Im now trying to sort out registering for job seekers allowance, so I apologise to all the folks out there that im about to start claiming....

[V8mate]

I think you can register as a Jobseeker, get the NI contributions but elect to not take the cash benefit.

Though if you've contributed, I'd say you're considerably more deserving to receive it than a good proportion of work-shy benefits addicts.

[Dupont666]

V8mate said:

I think you can register as a Jobseeker, get the NI contributions but elect to not take the cash benefit.

Though if you've contributed, I'd say you're considerably more deserving to receive it than a good proportion of work-shy benefits addicts.

Thats what im doing now... its the only way to get my loan protection plan to kick in.

[Tony*T3]

Why no register? Is it a 'pride' thing? Surely the only way to hold the government accountable is to ensure the statistics are accurate?

If no one registered we wouldnt know how bad things were.

And then theres the 'sorry sir you have a break in your contributions....' years down the line.

[Dupont666]

not a pride thing.... just didnt see the point as i would have to go in to be interviewed to do jobs that have no relevance to my career and then have to go and do interviews for said jobs.

Looks like i dont get a choice now

[qprgav]

Hi,

If you had payment protection added to a loan and you did not know about it or request it you are able in many cases to claim it back, so it might be worthwhile calculating how much you have paid out on the PP element of your loan to date and reclaiming it.

This may outweigh claiming job seekers and using the PP to pay the loan (you will still have to pay the loan amount though even if you do reclaim so worth weighing up the options and what will be most beneficial for you and what you can afford to do.

My other half does this for a living although her company do charge 50% of the amount that is reclaimed.

I do not think it applies to loans applied for and completed online, i.e. no physical document signing.

Let me know if you want their details.

QPRGAV