Advantages Friendly efficient service, local call rates
Disadvantages lending the premium on top of the loan and charging interest
When I initially took out a loan with the (as was then) T.S.B. The very helpful manager informed me that sickness/unemployment insurance was obligatory. I argued this point with him and pointed out that if I were to become unfit for work that for the first six months I would receive my full salary and therefore they would expect me to continue paying the agreed monthly amount.I went on, as I can, to explain that this would be reduced to half my salary and that the lender would still expect payment. If, God forbid, I were to die then my next of kin would receive 2 years salary and the debt would be paid off.
He assured me that this was wrong, after 15 continuous days of sickness or unemployment that they would take over payments as long as medical certificates or evidence of unemployment were provided. ‘Yes but! ‘ I cried, ‘I have an ongoing medical condition which would probably be the cause of any infirmary.’ I was informed that as my previous attendance had not been hampered then this would not matter.Yeah! I thought, sure. The cheeky bleeders then lend you the insurance premium and charge you interest on it.
Early this year we get to crunch time. I was admitted to hospital suffering form a collapsed lung (nothing to do with my emphysema but in the same area). When it became apparent that I was not going to return to work as speedily as I thought I sent for the claim forms.These, unfortunately, required my doctor to complete a section but he was on holiday for a month! I rang them to explain this and was told by a very helpful female assistant (I wish I had her name to thank her) told me not to worry this would not affect my claim. She also told me not to bother sending them in the pre-paid envelope but to take them to my branch who would forward them through their internal courier system.
Hang on! They have lost some forms before that way. I did as instructed and two days (yes only two) I received a letter explaining that the money would be in my account within the next seven working days. It was!I only wish that the other company Pinnacle were as helpful and quick as Lloyds TSB have been. That insurance policy is for more money.
I have to praise them for their fast efficient and polite service. I was fortunate enough to be able to continue my payments, some may not be in that postion and I can only imagine the distress that this could cause.SparkyDeighton 2002
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