aib loan protection nightmare

pontia

i have a personal loan with aib which i stupidly took out loan protection on,recently ive been out of work and tried to enact policy,its with an english company which i wasant told,3 months later im still no nearer getting a penny,every form i fill out leads to another one.aib dont want to know.its not down to us ect even though they sold it to me.im banking with aib since the 80s.sick of it at this stage.good mind to walk away from loan.im sure they will be quick enough to contact me then

BuffyBot

Unfortunately, it isn't an AIB product so they are correct on that front and walking away from your responsibilities is a bad idea in many, many ways.

Insurance claims of any kind are always a nuisance to deal with. Payment protection plans are notoriously so. Alas people only figure this out when the time comes. Insurance companies tend to make it as tough as possible to make a claim, but the key to success is perseverance.

pontia

i was sold the policy in an aib branch,no mention of it being a third party.is it not similar to buying a sony tv in xtravision then it breaks down to be told ring sony,nothing to do with us ? whatever way you look at it they dont give a toss about customers

chris85

I wouldnt walk away fromt the loan. From a legal standpoint they are correct. You owe AIB the money and the insurance company, i think they use Genworth if I am correct, are your insurer. Bank basically act as a broker, all covered under intermediaries act 1995 I think.

I would suggest formally complain to the bank and Genworth. The bank will often put pressure on the insurer to get the matter sorted. AIB put a lot of business their way so Genworth will notice a bit more if they start complaining about.

pontia

its twg,cant get someone who will do anything in aib.deal with 1 person,assured they will sort and call back,as usual nothing,no call back.persons on holidays when i ring back,deal with someone else then annual leave kicks in.3 months loan paid in,not a penny refunded,still no nearer,

Audioslaven

How about the regulator as the bank sold the policy See http://www.financialombudsman.ie/making-a-complaint/