News1 min ago
Can I have some views please? 4 years ago I took out a loan with Lloyds TSB, this was covered bu insurance. For the past 3 months I have been claiming because of sickness. The insurers have phoned me today to tell me that the loan will finish on 26 April so only half the amount of insurance will be paid for the last month. Thing is on 1 May the last loan payment will be taken from my bank and it will be a whole month, when I queried this, they explained that when I took out the loan, insurance started immediately, whereas the first loan payment was not taken from my account until the 1st of the next month, in other words making the insurance period end before the loan ends. Am I right to feel aggrieved? After all I hardly needed insurance cover at the start when I hadn't paid anything, but now I'm not working and will have to find �210 to pay the bank the last bit of the loan.
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Feel a little peeved but take some blame yourself, you are allowed to read the paper work before signing it. You could have insisted that the dates coincide. Congratulations by the way, It's extremely unusual for them to pay at all on these loan insurance policies, they nearly always find a way to get out of it so I suppose you've had a result.