Sounds like your agreement doesn't include insurance.On credit agreement in (important info for internal use ) it says no rpi.
You are describing RPI/PPI. It's an optional extra which is sometimes sold to borrowers as an "add on" to a loan (like the extended warranty on your microwave). Much like the extended warranty, it's got a high profit margin, so lots of lenders pushed them pretty hard.I understood loans were insured to protect in case of death and in case of sudden loss due to disability leaving the borrower unable to peruse an occupation in order to pay back the loan
Doubt we can answer this without seeing the exact text of an ad. If an ad was worded badly you might get Comreg (edit: ASAI) to give them a slap on the wrist, but that's no help to you.Is this a case of false advertising as I believed my loan was insured and was built into repayments without having to take out an extra policy.
Sounds like your agreement doesn't include insurance.
You are describing RPI/PPI. It's an optional extra which is sometimes sold to borrowers as an "add on" to a loan (like the extended warranty on your microwave). Much like the extended warranty, it's got a high profit margin, so lots of lenders pushed them pretty hard.
AFAIK lenders would never take it upon themselves to buy this insurance for a borrower. Even if it was legal for them to do so (I'm not sure) it is expensive, inefficient, and would require a bunch of your medical details.
Doubt we can answer this without seeing the exact text of an ad. If an ad was worded badly you might get Comreg to give them a slap on the wrist, but that's no help to you.
My amateur opinion is that unless you have some kind of written evidence that this insurance was in place for your loan, this will probably be a case of "buyer beware".
I stand corrected, that's pretty clear that some protection is provided from their "end". If "most" of the union's loans carried this protection as a matter of course, then the minority who don't enjoy this protection should be notified explicitly."Loan Protection insurance is the insurance the credit union provided on the lives of it borrowing members.
Should an insured borrower die or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is paid in full.
I stand corrected, that's pretty clear that some protection is provided from their "end". If "most" of the union's loans carried this protection as a matter of course, then the minority who don't enjoy this protection should be notified explicitly.
If it were me, I'd escalate to the manager and plan to seek legal advice if her answers aren't satisfactory and prompt.
I'd also be looking at facilities like Wayback Machine and Google Cache : independent records of websites' historical content.
Customer-bought PPI was an optional add-on, granted. The OP wasn't explicitly offered it, and didn't avail of it. No problem there.1. Any organisation does not have to{ explicitly } advise the minority of this PPI protection.
Remember ,It was an optional add on.
Transneoir.Customer-bought PPI was an optional add-on, granted. The OP wasn't explicitly offered it, and didn't avail of it. No problem there.
From the text OP quoted, the CU suggest that "most" of the CU's loans have got PPI "built in" from the CU's end. The OP was not made aware that this loan was an exception.
Transneoir.
He isn,t correct .
I think all Unions have protection added in on loans should customer die.
The PPI was an extra over and above death benefit, that customer could have had the option of availing of
,to my sure knowledge PPI was never nor could be {built into } any loan.
It would have been unfair to insist on extra insurance eg.PPI on any Union Loan.
I cannot see the Poster having a case here ?
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