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Additional Details
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James W | I took out a loan with Natwest and they have charged me for insurance on it when I never asked for it? |
I can't find the original paperwork, can I claim the money back or what can I do?
Additional Details
I have subsequently paid it off but can i still make a claim to perhaps the financial ombudsman? |
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gerrifriend
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In my experience the financial ombudsman will take a very long time to decide that the bank were in the right. No doubt somewhere in the small print of your contract the insurance is mentioned and now you've paid the loan off it's probably a bit late to claim it back. Chalk it up to experience and make sure you read the small print next time. As Nat West say in their adverts "there is another way" what they don't tell you is that their way is just as rubbish as every other bank. (Yes I do bank with Nat West) |
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SunnyDays
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You should have filed the paperwork carefully as its your contract with the bank. Without that to prove your case it will be hard for you to take this up. You may find that it was part of the agreement and that you had to opt out by ticking a box, or that it was only accepted because you agreed to take the policy. The only thing you can do is to make an appointment to speak with someone calmly and carefully at the bank to get to the bottom of this |
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julie t
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it standard to include this is many loan policies it insures agains redundancy and loss of earning so you will have signed for this if you dont want it contact them and ask for it to be removed if possible if not you will be stuck with it |
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richard_beckham2001
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Have you spoke to there customer service team? When you took out the loan it would have stated if the insurance was included.
You would have signed them before they gave you the money. Ask them if they can send you another copy. |
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Henkrik
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There a bunch of scamming ****. They often miss sell to meet targets. You will have signed for it - I got stung the same way and when I actually realised I was tied in for the life time of the mortgate to the tune of about 15k. Get a solicitor to write to them in a friendly way saying you were missold - they'll probably bottle it let you cancel it and give you a preportion of the money back (as good will) without ever admitting liability. |
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Distorted Vision
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It's called "Loan Insurance" and it's mandatory at most lending institutions, especially for home loans or mortgages.
Contact the bank and get a copy of your loan documents.
Are you sure it's not title insurance? If it is, and this is a home purchase, then you WANT title insurance, as it means if there is an existing a lean on the property you don't end up owing hundreds of thousands of dollars for a home you no longer own. |
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add_townsend
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Normal you get 30 days from when the loan completes to canx the insurance. But if its longer than that, just kick up a fuss and say that you will go to the FSA and report them for misselling of insurance! Plus your payments will be alot cheaper too!! |
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lou lou
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Yeah, ring up tell them how completely unhappy you are with the whole situation, demand your money back and if they are reluctant threaten to take your loan elsewhere (therefore losing them lots of money in interest). This has happened to us before with Natwest and eventually they give in! Good luck xx |
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NATALIE W
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It should have been properly explained at the time of taking the loan out,you should have been given repayments terms with or without the protection,because this wasnt done,you have been mis-sold a policy and are entitled to go the financial ombudsman. Get in touch with natwest cust services and explain what has happened ,if they dont resolve it,get in touch with the ombudsman,who will investigate it.You should get a full refund. |
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k2col
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This is commonly known as PPI (Payment Protection Insurance) and it's one of the biggest scams in personal finance in the UK. It is massively overpriced and generally does not provide the levels of cover that consumers have been led to believe.
You have the right to cancel without charge within 30 days of signing on the bottom line. You could call the helpline but I'd say don't waste your time - write a letter stating you wish to cancel with immediate effect and either hand in to your local branch or send via recorded delivery to the contact address on the loan agreement. |
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claremont9
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Ask them to see a copy of the loan agreement you signed. That should tell you whether or not you signed for insurance. If you did, either they didn't explain it properly, or you didn't understand what you were being told. I doubt if youv'e signed for it whether you will get a refund. Check with the bank. |
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jamie
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This has happened to me with natwest, you can cancel the insurance straight away just phone them, but getting your money back is another fight on its own, because they said to me that i could have claimed against it as it was a live insurance, the only thing they could do was to stop it from when i phoned them.
hope it didnt go on to long be for you noticed.
give them a ring !!
hope this has helped
good luck |
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