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
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
Please don't forget to positively rate my answer service (even if it was not
what you wanted to hear) and I will follow up any further points you raise for
If you don't rate it positively, then the site keep your deposit and I get 0
for my time. It is imperative that you give my answer a positive rating. It
doesn't give me "a pat on the head", "good boy" (like ebay), it is my
If in ratings you feel that you expected more or it only helped a little,
please ask me for further info before rating me negatively otherwise I don't
get paid at all for my time and answer.
The thread remains open.