He said, “The actions of Phoenix Life serve to undermine the confidence of Scottish Provident Policyholders.

“Those clients who were provided with high quality Scottish Provident policies throughout the late 1990s and early noughties have found themselves consigned to a company that focuses on administering existing plans and is not in the new business market.  This has concerned me for some time as it removed one of the prime reasons to be accommodating when considering a claim.  This concern solidified when, after 21 years, I encountered my first rejected claim.

“Let me be clear, Phoenix Life, in rejecting my client’s claim, has not acted illegally or failed to heed the precise wording of the cancer definition concerned.  However, as an industry, we strive to pay claims where possible and need to look beyond the precision that contractual wordings provide.    Other providers currently active in the market, says new comparison website Quote Critical Illness,  have intimated that they would have paid this claim, even though technically it could be declined.  Their attitude is shaped by customer consideration and the knowledge that each declined claim eats away at the industry’s assertion that it treats the customer fairly.”

“The actions of Phoenix Life serve to undermine the confidence of Scottish Provident policyholders, which is a shame as it is now hauling itself back up the quality table.  I am now looking to rebroke my Phoenix policyholders where this proves feasible because, like my client, I have lost faith in the firm to do the right thing.”

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With the explosion of online financial services and the uptake of more people being willing to use them, loan applications in principle can often be reached in a matter of a few minutes and, these days, borrowers can complete an online application form just as quickly and this can be done 24/7, 365 days of the year even from the comfort of your own home. The term in principle basically means that when an application is submitted, this immediately gets automatically cross-checked with the credit reference agencies which can then also automatically trigger a response back to the lender whose systems can then, in turn, inform a prospective borrower whether or not their application has been agreed in principle. With many brokers offering to compare the best loan rates on the market, a customer now has very fast access to the optimum deals available.

It is often the speed of the process which can determine whether or not a lender can secure the business which means that, once a prospective borrower has an agreement in principle, he/she can stop shopping around for alternative deals. Obviously, paperwork, be that in written form or online, will have to be completed before the loan agreement can be properly formalised but the technology does speed the whole process up which results in the borrower getting the money into their account far more quickly.

The actual speed of the quick decision will also depend on the type of loan a borrower requires. Secured loans those usually available to homeowners and which are secured against the equitable value of the home usually mean that the decision in principle can be reached more quickly. However, they usually take a little longer to arrange, in terms of having the money in the bank, as more facts and figures will be required in terms of the asset (usually your home) you are using as collateral. With an unsecured loan, the process of getting the money into your bank is far quicker as lenders will generally be able to gather the information they need, in terms of your ability to repay the loan, from information which they receive back from the credit reference agencies about your credit history and, therefore, their calculated assessment of your risk in terms of your ability to repay the loan.

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