Personal Loan Protector Insurance Refund

ComplyOrDie

In April 2006 I applied for my first loan (for car). When I was in the office with the reprehensive of the bank she was asking me questions so she could fill out the forms. I was asked what my occupation was and I told her I was a full time student with a part time job. She asked me did I want to add the Personal Loan Protector insurance for x amount extra each month (in case I lost my job etc) I said yes.
My point is this insurance is ONLY for people in FULL time employment

http://www.ulsterbank.ie/roi/personal/borrowing/loans/loan-options/personal-loan/loan-protector.ashx

They were aware I was a full time student, so if I fell sick would I have been eligible for this insurance. I have since cancelled this insurance; however, I am wondering am I entitled to a refund as I never met the insurance requirement and I paid this fee for years.

Complyordie

daheff

I'm sure you have grounds to talk to the Financial Ombudsman regarding misselling of financial products.


Firstly send a letter to Ulsterbank laying out your grievance /concerns. Detail how much you have paid for this product. Also detail how you have now (3 years later) been made aware that you were never eligible for this product and that you shouldnt have been sold the product.

If they respond unsatisfactorily for what you expect, write another letter details what you require from them to resolve the issue. Request a FINAL RESPONSE from Ulsterbank on this. Only at this stage can you go to the Financial Ombudsman

dudara

Moved to Banking & Insurance & Pensions.

I think that you would have grounds for a complaint here. Banks are now required to make sure that customers are fully informed of all T&Cs. If you were not informed at the time, then you may well have a valid complaint.