FSCS To Help Your Health Plus Losers

by Stewart Douglas

Story link: FSCS To Help Your Health Plus Losers

The FSCS has today announced it will be intervening for the benefit of customers in the Your Heath Plus insurance saga to prevent further loss, and offer assistance to, those that were affected by its recent administration.

Insurance company Your Health Plus have recently run into financial difficulties which have seen them fall into administration for the benefit of trade creditors, with the potential for liquidation in order to satisfy existing obligations.

The situation is expect to have a significant effect on around 100 policy holders throughout the UK that have paid up premiums on the SafetyNet product, which it has said it will be unable to return in whole or in part to those customers.

The FSCS has pledged to help out those worst affected by the situation, today calling for anyone who bought that product after January 2005 to get in touch. Whilst it is unlikely that the trouble will be far reaching, it will certainly mean there are customers left out of pocket with paid up premiums and a lack of insurance cover.

The commercial impact of situations like this has also not gone by unnoticed, and the FCSC has warned anyone that may have had a policy with the company to consider placing alternative measures of cover to keep them protected whilst it attempts to find some compensation.

It is possible that those policies on the SafetyNet line that were not directly set up by Your Health Plus could receive some form of recompense for their premium payments, and the advice states that contact should be sought as soon as possible in order to best guarantee some form of return, with most claims being handeled in around four weeks from the date of first receipt.