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Post by jh on Aug 30, 2016 21:52:56 GMT
Does any one have any experience of a successful claim on this type of insurance or is it too new ?
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Post by mrclondon on Aug 30, 2016 22:35:39 GMT
If you are known at TC, then Jill is probably your best bet for an update on the viability or otherwise.
PG's are of course the final step of a recovery so any claim on the insurance will come when all other avenues of receovery have been exhausted, and will very likely be "years" after the loan has defaulted, so the newness of the concept means it probably hasn't been tested as yet.
In any case the only such product I've heard of has so many pre-conditions that the probability of a payout would seem minimal.
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Post by jh on Aug 30, 2016 22:39:40 GMT
Thanks, that is my opinion too, looking at the t&c's it looks tough to claim.
Will be interesting to see some claim stats in a year or two !
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david42
Member of DD Central
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Post by david42 on Aug 30, 2016 23:04:13 GMT
I hope that stevethatcher may be able to tell us whether there has been a successful claim on personal guarantee insurance. Steve created personal guarantee insurance and he has previously offered to answer questions on this forum. Apparantly there was a default with PGI on Thin Cats, but we have not been told the outcome: p2pindependentforum.com/post/101496/thread |
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Post by mrclondon on Sept 1, 2016 11:48:30 GMT
I hope that stevethatcher may be able to tell us whether there has been a successful claim on personal guarantee insurance. Steve created personal guarantee insurance and he has previously offered to answer questions on this forum. Whilst an update from stevethatcher would certainly be beneficial, he hasn't logged into the forum for over 13 months - he was only on the forum for ten days either side of the TC user conference in July 2015 when he presented the product to lenders. Part of his intended marketing approach was I think to whip up p2p lenders so they would demand that p2p platforms (and hence introducers) mandate the use of PG Insurance. Instead he was met with general scepticism, and I guess he decided lenders were not an appropriate sales lever.
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