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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 22403
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street Practice
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Have I any standing in claiming against the bank for loss incurred

Customer Question

Have I any standing in claiming against the bank for loss incurred with the cancellation of Life Cover for Mortgage Protection - Life Cover for Personal Protection - Term Assurance with Critical Illness Cover and Mortgage Protection Plan with Critical Illness Cover.

These policies were sold to me by the bank in 2005 and then cancelled after three years without my knowledge.
Submitted: 3 years ago.
Category: Law
Expert:  Stuart J replied 3 years ago.
Are you saying you would not have cancelled?
Customer: replied 3 years ago.

I would have wanted to have the Bank discuss the situation and certainly not loose all the money I had paid into the policies ,(approx total amount contributed was £19,500).

Expert:  Stuart J replied 3 years ago.

Why were they cancelled? Were the premiums all paid?

Why now if they were cancelled in 2008?

Customer: replied 3 years ago.

All premiums were paid for 3 years with great diffculty on my part. The Bank cancelled them and left me with no mortgage protection cover.


 


I have discussed this over the years, many times, with different officials of the bank , and to-day received a hamper with a note of apology. Does that say anything?


 


 

Expert:  Stuart J replied 3 years ago.


It tells me that they are
squirming a bit.

Are you telling me that all
the premiums were completely up to date and for no reason whatsoever, and they
will not give a reason, they have simply cancel the policies?



I still need to know what has
happened between 2008 and now.



Have you been writing to the
bank or trying to deal with this over the telephone?



Does the letter say more than
we are sorry?



I am struggling for background
information here

Stuart J, Solicitor
Category: Law
Satisfied Customers: 22403
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street Practice
Stuart J and other Law Specialists are ready to help you
Customer: replied 3 years ago.

I do have a letter which I sent to one of the officials of the bank - is there any way we could speak over the telephone. My number is XXXXX 734300.


 


Thank you for your help.

Expert:  Stuart J replied 3 years ago.

We are not allowed to have contact outside the site, sorry.

Can you send me the letter?

Customer: replied 3 years ago.

Yes I'll send you a copy - please would you let me have an address.

Customer: replied 3 years ago.

I don't have a scanner - how can I get the correspondence to you?

Expert:  Stuart J replied 3 years ago.
It is impossible I am afraid. We are unable to give our address is out on here.



. The site is hosted in San Francisco and I live in
Cheshire





If you just let me have the background details as to why
they cancel the if you give me the background detail surrounding the
cancellation, and what is being said in brief, I can give you an answer







Customer: replied 3 years ago.

To be perfectly honest I cannot remember all the details back to 2008 but did realise that £500 was not coming out of my account monthly. Whatever my bank manager said I did and trusted him to my detriment. Finance has never been a strong point of mine. A good dental surgeon I am but not a business man!!

Expert:  Stuart J replied 3 years ago.
I am just on my way home from the office and will get back to you as soon as possible.
Customer: replied 3 years ago.

Many thanks

Expert:  Stuart J replied 3 years ago.




Very useful, having a friend who is a dentist. One of my
friends was a dentist so he did my teeth and I did his legal work. I knew all
about buckles occlusals and distals and palatials. (Have I got that right.
Still?). He has had to retire sadly through ill-health.

Assuming that the bank for some reason known only to them
simply stop paying the direct debit, when there was money in there to pay it,
and you queried it, and the bank manager passage you on the head beatifically
and said it will be okay, don't worry, and it wasn't okay and you should have
worried than I think you have a claim.



I assume you have signed nothing accepting anything.



You are going to need to get together all the dates and
information, bank statements, letters, et cetera et cetera the whole lot
surrounding the details of what happened and when. You then need to write to
the bank's complaints department expressing your disappointment and holding
them liable.



Tell them that unless they resolve this to your
satisfaction, you will have no alternative but to refer the matter to the
Financial Ombudsman. To be frank, after all this time, I would simply refer it
to the financial ombudsman at the same time as you write to the complaints
department. Technically, you are supposed to wait until you have exhausted the
bank's own internal complaints procedure, but to be frank, I can see no point
in messing around any longer.



Your loss equates to whatever benefits you would have got
under the policy. The bank have the ability to reinstate the benefits or pay
you compensation or do whatever they think.



I was in life-insurance before I joined the legal
profession. Some years ago, one of the major high street banks did a similar
thing that happened to you to a life-insurance client. In that case, they took
the money from the client's bank, but didn't pay it to the insurance company.
It was hanging around in the ether somewhere. The insurance company was under
no liability whatsoever because they had received no premiums and had,
understandably, cancelled the policy.



Unfortunately for the bank, three months after the policy
had been cancelled with the bank still taking the premiums out, the
policyholder died. It cost the bank £50,000.



Do make sure when you write to the Financial Ombudsman
that you will lay out what has happened in detail and enclose any
correspondence. The Ombudsman will also request the file from the bank.



I can tell you that the ombudsman will find in your
favour if there is any element of doubt, but it is likely to take at least 12
months to resolve.



can I help further?



Please bear with me today because I will be online and
off-line.

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The thread remains open.

Thank you.



Stuart J, Solicitor
Category: Law
Satisfied Customers: 22403
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street Practice
Stuart J and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Firstly all the names you mentioned were correct ...well done.


 


You have really given me a job now to get all the information together, however I will do my best.


 


I am now 75 work only one day a week and the compensation would be extremely welcome and useful.


 


Look forward to hearing from you soon.

Expert:  Stuart J replied 3 years ago.




The most important thing is to put all the information
together in a structured format which I am sure you, is a clever, intelligent
person will be able to do.

Doublespaced the document and number, each paragraph



I would also have a timeline chronology of what happened
when.



Attach the above to a one-page letter and send that as
your complaint. Much easier to follow



Can I help further?



Customer: replied 3 years ago.

Thank you ........I will make contact in the next few days.

Expert:  Stuart J replied 3 years ago.
Fingers xd

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