Scottish Amicable mortgage protection PPI ?

tabtrade
tabtrade Posts: 1 Newbie
in Reclaim PPI & other insurance
Sorry I'm new to all this, I took out a mortgage protection plan with Scottish Amicable back in 2001, it was very heavily sold to us and we were pushed in to it by a financial planning company, it was very expensive (£60 a month for a £30000 Mortgage) and we couldn't afford it so we only paid in to it for a few months, my question is would it be worth trying to claim this back as it was only paid for a few months and its over 10 years ago so i doubt they will still have records ?

Any help or pointers much appreciated.
Thankyou
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Comments

  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    Combo Breaker First Post
    Scottish Amicable is a life assurance company, not a PPI provider.

    So this seems to be a life assurance policy, possibly with Critical Illness cover.

    Unless there was an investment element involved, such a policy would not have been regulated at the time of the sale and, since it was not actually sold by an employee of a mortgage lender or insurance company, FOS would have no jurisdiction.

    In addition, it is unlikely that, after 11 years, any evidence survives.
  • scorpiorising
    scorpiorising Posts: 1 Newbie
    Hi,
    I was sold a Scottish Amicable endowment policy in 1998. We were heavily pushed to take Critical Illness Cover protection with this which I am continuing to pay. Can you advise if there is any recourse or grounds to pursue a claim in terms of this being misold this?. Advice appears contradictory re: time limits and regulation around time of policy being sold.

    Thanks
  • dunstonh
    dunstonh Posts: 116,342 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Can you advise if there is any recourse or grounds to pursue a claim in terms of this being misold this?

    It is pre-regulation. It isnt PPI and nothing you have said indicates any mis-sale. So, the answer would be no.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    Combo Breaker First Post
    dunstonh wrote: »
    It is pre-regulation. It isnt PPI and nothing you have said indicates any mis-sale. So, the answer would be no.
    It is an endowment so a 1998 sale would be regulated.

    However, it is almost certain a complaint about it would now have been timebarred.
  • dunstonh
    dunstonh Posts: 116,342 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    magpiecottage wrote: »
    It is an endowment so a 1998 sale would be regulated.

    However, it is almost certain a complaint about it would now have been timebarred.


    Sorry, I was looking at the first post and thought the new one was a follow up. I didn't realise it was a a different person resurrecting a thread from over a year ago about a different product to the one they hold.

    As it is an endowment, that means it would have been a need and put in place under an advice process and not a sales process. i.e. you have mortgage of £30,000 that needs paying off in x number of years. To do that you need to have a repayment vehicle. What you are going to use? Endowment, at that time, was a suitable recommendation to meet that particular need. Whether it had CI cover as part of it or not is irrelevant.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Les_Apted
    Les_Apted Posts: 2 Newbie
    I have a plan running started 2002 expiry date of 2027,the mortgage payment benefit termination date will be the earliest of ( one of which is )the plan anniversary preceding the life assured's 60th birthday , i will still paying after my 60th birthday i was not aware of this at time tacking the plan .Do i have a case for a claim ???
    Thanks
    Les
  • dunstonh
    dunstonh Posts: 116,342 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Les_Apted wrote: »
    I have a plan running started 2002 expiry date of 2027,the mortgage payment benefit termination date will be the earliest of ( one of which is )the plan anniversary preceding the life assured's 60th birthday , i will still paying after my 60th birthday i was not aware of this at time tacking the plan .Do i have a case for a claim ???
    Thanks
    Les
    Nothing appears to be wrong with what you have said, so what would you be complaining about?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Les_Apted
    Les_Apted Posts: 2 Newbie
    i will still be paying for a plan that will not payout after my 60th birthday.
    Thanks
  • dunstonh
    dunstonh Posts: 116,342 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Les_Apted wrote: »
    i will still be paying for a plan that will not payout after my 60th birthday.
    Thanks

    What makes you think it wont pay out after your 60th birthday?

    The policy will pay out on death or critical illness (if that option was selected) at any point during the policy term.

    http://www.pruadviser.co.uk/content/nav/about/26674/pghome/57189/57205/57239/49803/49827/49836/
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • davefairbrother
    davefairbrother Posts: 21 Forumite
    PPI Party Pooper
    Hi
    I am new to these forums and would like some help with a possible ppi complaint i may have

    I have a Royal Sun alliance Mortgage payment protection, which i was monthly for. It is dated back to 1998 but i have the original paperwork and agreements.

    I was thinking of taking this complaint directly to the FOS and let them deal with it ?

    Any advise would be greatly appreciated
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