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Could this be the free lunch...

Community Veteran
Posts: 7,149
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Registered: 30-08-2007

Could this be the free lunch...

we're always being told there's no such thing as?
My initial reaction was it probably isn't, but I'll try on you anyway.
This afternoon I received an unsolicited text message; it came complete with the senders phone number and, included a contact number which was an 08442 number.
The contents of the message said (paraphrased) that I could get multi-thousands of £ if I had been mis-sold a loan insurance policy.
Fact: I do have a loan that I have thought several times that the insurance was slightly suspect but, I have never complained to the bank who provided both the loan and the insurance policy. Having assumed that since it was a well known high street bank I would not be "turned over" by them.
Much against my better judgement I did call the provided 08442 number and got "all our agents are busy, please leave a contact number and a convenient time to call after the tone" I didn't and ended the call.
a) it sounded very plausible
b) how did they know I have a loan insurance policy?
c) is it a scam?
Towards the end of last year there was quite a lot of publicity on this subject in the media. As I recall it there was a deadline that those interested in pursuing a claim, which I thought had long passed.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
9 REPLIES
VileReynard
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Posts: 10,580
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Registered: 01-09-2007

Re: Could this be the free lunch...

(Probably) not a scam.
But if they get your cash back for mis-selling of income protection plan (say), they will take a cut.
However, if you just contact your bank and claim that your loan was mis-sold, then it won't cost anything and you get 100% of any settlement.

Community Veteran
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Registered: 12-08-2007

Re: Could this be the free lunch...

Martin Lewis' site, Moneysaving .com had something on this a while ago.  Worth a quick search.
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Re: Could this be the free lunch...

it's moneysavingexpert.com Smiley
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Re: Could this be the free lunch...

Quote from: Petlew
b) how did they know I have a loan insurance policy?

I doubt they did. They probably just refer to 'your loan' to make you think that they do know and that they can help and thus win your custom. It's quite a common technique in the phone sales biz as I've heard similar time and time again. Had one today about the home insurance..
I need a new signature... i'm bored of the old one!
Community Veteran
Posts: 18,544
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Registered: 12-08-2007

Re: Could this be the free lunch...

Quote from: adiewoo
it's moneysavingexpert.com Smiley

Quite right Wink Thanks for the correction.
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Re: Could this be the free lunch...

my pleasure Smiley
might be a free lunch for you but others will pay with higher interest rates etc
Will Moderate For Thanks
Community Veteran
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Registered: 30-08-2007

Re: Could this be the free lunch...

Following an "in depth" conversation with my bank, supplying them with more of the details in the original text than I gave in my OP. I can confirm that the bank was well aware of it and it is a scam.
I also reviewed the details of my loan protector policy, in particular one clause very important to me, and found all in order to my satisfaction.
So sorry! lunch is not on me this time...
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
VileReynard
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Posts: 10,580
Thanks: 190
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Registered: 01-09-2007

Re: Could this be the free lunch...

Loan protection is generally a con.
Bit like paying for extended warranties.

Community Veteran
Posts: 13,920
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Registered: 01-08-2007

Re: Could this be the free lunch...

They're always a con.. until you need them.
I need a new signature... i'm bored of the old one!