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  • FIRST POST
    tabtrade
    Scottish Amicable mortgage protection PPI ?
    • #1
    • 7th Aug 12, 10:40 AM
    Scottish Amicable mortgage protection PPI ? 7th Aug 12 at 10:40 AM
    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
Page 1
    • magpiecottage
    • By magpiecottage 7th Aug 12, 11:06 AM
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    magpiecottage
    • #2
    • 7th Aug 12, 11:06 AM
    • #2
    • 7th Aug 12, 11:06 AM
    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.
    It is a statement of fact, not an advertisement, that I investigate complaints against small firms of financial advisers for a living.

    That is why I know my way around both the FCA Handbook (for financial businesses) and the Conduct of Authorised Persons Rules (for CMCs).
  • scorpiorising
    • #3
    • 1st Oct 13, 9:58 AM
    Further Query
    • #3
    • 1st Oct 13, 9:58 AM
    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
    • By dunstonh 1st Oct 13, 12:26 PM
    • 83,734 Posts
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    dunstonh
    • #4
    • 1st Oct 13, 12:26 PM
    • #4
    • 1st Oct 13, 12:26 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • magpiecottage
    • By magpiecottage 1st Oct 13, 12:42 PM
    • 9,028 Posts
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    magpiecottage
    • #5
    • 1st Oct 13, 12:42 PM
    • #5
    • 1st Oct 13, 12:42 PM
    It is pre-regulation. It isnt PPI and nothing you have said indicates any mis-sale. So, the answer would be no.
    Originally posted by dunstonh
    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.
    It is a statement of fact, not an advertisement, that I investigate complaints against small firms of financial advisers for a living.

    That is why I know my way around both the FCA Handbook (for financial businesses) and the Conduct of Authorised Persons Rules (for CMCs).
    • dunstonh
    • By dunstonh 1st Oct 13, 12:55 PM
    • 83,734 Posts
    • 48,772 Thanks
    dunstonh
    • #6
    • 1st Oct 13, 12:55 PM
    • #6
    • 1st Oct 13, 12:55 PM
    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.
    Originally posted by magpiecottage

    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • Les Apted
    • #7
    • 13th Feb 14, 8:35 AM
    PPi Scottish Amicable Mortgage protection plan
    • #7
    • 13th Feb 14, 8:35 AM
    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
    • By dunstonh 13th Feb 14, 8:52 AM
    • 83,734 Posts
    • 48,772 Thanks
    dunstonh
    • #8
    • 13th Feb 14, 8:52 AM
    • #8
    • 13th Feb 14, 8:52 AM
    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
    Originally posted by Les Apted
    Nothing appears to be wrong with what you have said, so what would you be complaining about?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • Les Apted
    • #9
    • 13th Feb 14, 9:13 AM
    • #9
    • 13th Feb 14, 9:13 AM
    i will still be paying for a plan that will not payout after my 60th birthday.
    Thanks
    • dunstonh
    • By dunstonh 13th Feb 14, 9:48 AM
    • 83,734 Posts
    • 48,772 Thanks
    dunstonh
    i will still be paying for a plan that will not payout after my 60th birthday.
    Thanks
    Originally posted by Les Apted
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • davefairbrother
    • By davefairbrother 13th Feb 14, 1:22 PM
    • 18 Posts
    • 6 Thanks
    davefairbrother
    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
    • Moneyineptitude
    • By Moneyineptitude 13th Feb 14, 2:45 PM
    • 16,555 Posts
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    Moneyineptitude
    I was thinking of taking this complaint directly to the FOS and let them deal with it ?
    Originally posted by davefairbrother
    You have no access to the Ombudsman until you've allowed the seller of your insurance the allotted time to consider your complaint as per the correct complaints procedure.

    Read this article and follow the simple steps;
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
    • Brokerwise
    • By Brokerwise 13th Feb 14, 2:51 PM
    • 164 Posts
    • 67 Thanks
    Brokerwise
    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
    Originally posted by davefairbrother
    What is the basis of your claim ?
    • davefairbrother
    • By davefairbrother 13th Feb 14, 3:04 PM
    • 18 Posts
    • 6 Thanks
    davefairbrother
    Hi Brokerwise

    Thank you for your reply,

    I was not aware that ppi was placed on my policy, i already had ppi with my mortgage in place then and was told my policy would not include ppi. me and my wife were not aware of this policy altogether to be honest but thinking back we always used to decline ppi
    • antrobus
    • By antrobus 13th Feb 14, 5:10 PM
    • 13,687 Posts
    • 18,971 Thanks
    antrobus
    ...I was not aware that ppi was placed on my policy, ...
    Originally posted by davefairbrother
    Then what did cover did you believe was being provided by your "Royal Sun alliance Mortgage payment protection" policy?
    • davefairbrother
    • By davefairbrother 13th Feb 14, 11:00 PM
    • 18 Posts
    • 6 Thanks
    davefairbrother
    i was made to believe it has been put on there to help my application being accepted by royal sun alliance
    • Moneyineptitude
    • By Moneyineptitude 13th Feb 14, 11:17 PM
    • 16,555 Posts
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    Moneyineptitude
    i was made to believe it has been put on there to help my application being accepted by royal sun alliance
    Originally posted by davefairbrother
    Unless you can somehow prove this, your complaint is utterly weak.
    • antrobus
    • By antrobus 14th Feb 14, 1:15 PM
    • 13,687 Posts
    • 18,971 Thanks
    antrobus
    i was made to believe it has been put on there to help my application being accepted by royal sun alliance
    Originally posted by davefairbrother
    But you said before;

    ....I was not aware that ppi was placed on my policy ...
    Originally posted by davefairbrother
    and

    .... me and my wife were not aware of this policy ...
    Originally posted by davefairbrother
    which is something quite different.

    And what application were you hoping would be accepted by royal sun alliance as a result?
    • Moneyineptitude
    • By Moneyineptitude 14th Feb 14, 2:01 PM
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    • 7,304 Thanks
    Moneyineptitude
    And what application were you hoping would be accepted by royal sun alliance as a result?
    Originally posted by antrobus
    User "davefairbrother" seems completely lacking in any knowledge about how to make a mis-selling complaint or even what his complaint is actually about. I've put him straight on his other thread(s).
    Clearly, just as you imply, Royal Sun Alliance didn't provide his mortgage...
    Last edited by Moneyineptitude; 15-02-2014 at 12:00 AM. Reason: added user name.
    • magpiecottage
    • By magpiecottage 14th Feb 14, 11:50 PM
    • 9,028 Posts
    • 5,507 Thanks
    magpiecottage
    The OP seems completely lacking in any knowledge about how to make a mis-selling complaint or even what his complaint is actually about. I've put him straight on his other thread(s).
    Clearly, just as you imply, Royal Sun Alliance didn't provide his mortgage...
    Originally posted by Moneyineptitude
    Except that we are not talking about the OP.
    It is a statement of fact, not an advertisement, that I investigate complaints against small firms of financial advisers for a living.

    That is why I know my way around both the FCA Handbook (for financial businesses) and the Conduct of Authorised Persons Rules (for CMCs).
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