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PTSB - bad advice - please help?!

  • 23-10-2010 6:58pm
    #1
    contenttypes
    Closed Accounts Posts: 279 ✭✭


    okay guys...need some advice..apologies for long post!!

    Have a personal loan with PTSB. In Feb 2010 I was temp laid off. At that time I had 9 payments left on loan so asked bank if I could get PPI to cover payments...manager told me that PPI would not cover for temp lay off! So he advised that I take a 3 month payment break to give me a chance to sort finances! In May I took redundancy and continued to make payments but now i find i'm struggling so i applied to bank 3 weeks ago for PPI to kick in! I got all paperwork sorted and went back to him. When I was with him, i asked if payments could be stopped until a decision had been made as I could not afford to pay this months payment, due to come out on 23rd but he advised that he should not stop payments in case it affected PPI, but would alter date to 31st so that it would give more time for decision to come back!

    I was overjoyed to get a letter from insurers stating that they would pay my claim...then I read the rest.....

    They informed me that they would backdate to my redundancy date..but that they would not be making anymore payments due past 23rd October as this was end date of policy!! Which means that they did not pay for the payment he altered last week!!! (400 euro!!!) and they will not pay for the months that the loan has now pushed on because of the payment break I had!!

    I was never advised by the manager that this would happen and feel that I have been given the worst advice which means that the little protection and help I had has now been undermined and taken away from me!!! What should I do??


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Complain in writing... registered letter.
    Await response.
    Then, insurance and / or banking ombudsman.


  • #3
    contenttypes
    Closed Accounts Posts: 279 ✭✭contenttypes


    Thanks for reply!
    Do i have a case to state that the banks advice and the fact that they didnt look into the implications of changing the end date has now ended up costing me money?


  • #4
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Mis-selling is a big issue on these types of products. However it seems your product worked exactly as it should have. If conflicting information was provided later you may be awarded a customer service error, or alternatively the ombudsman will side with the bank.

    You were not entitled to payment protection for February, March and April because you were not redundant for these months. If you view the PPI and loan separate, your PPI ended on the end date (as it should have), and your loan repayments for Feb-April were simply delayed (you were always going to have to pay them). I think there's a big chance the ombudsman will side with your bank on this.

    As for the payment date.. the bank knew if you missed a premium you would not be covered. But it did not take into account how changing the repayment date would affect your claim. But ultimately, you paid your premium for May, you paid your repayment in May, and you were on cover. You should tell your bank to sort it out between themselves and the insurer. There is no reason you should be out of pocket, particularly as it was your bank who advised you to change the date.

    Therefore, I reckon you will NOT be entitled to get paid for the three months you delayed. However, you should get paid for the one month that the bank delayed.


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