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  • FIRST POST
    • skhturner
    • By skhturner 10th Oct 17, 8:49 PM
    • 8Posts
    • 1Thanks
    skhturner
    PPI reclaim - Friends Life
    • #1
    • 10th Oct 17, 8:49 PM
    PPI reclaim - Friends Life 10th Oct 17 at 8:49 PM
    Hi, I hope someone can help me (and thanks in advance).

    In 2011 I got my first mortgage (Santander). At the same time I took out a policy, with what is now Friends Life, for three things:
    1. to pay off the mortgage should my partner or I die
    2. to pay a fixed monthly sum should I be made redundant
    3. as 2 but for my partner
    I have been paying all three since I got the mortgage.


    Having read the PPI page on moneysavingexpert.com, 2 and 3 seem to be PPI. Is this correct? And if so might I be eligible to make a claim? The template MSE have provided don't mention Friends Life.

    Happy to provide more info if that's needed.
Page 1
    • dunstonh
    • By dunstonh 10th Oct 17, 8:57 PM
    • 89,900 Posts
    • 56,577 Thanks
    dunstonh
    • #2
    • 10th Oct 17, 8:57 PM
    • #2
    • 10th Oct 17, 8:57 PM
    Having read the PPI page on moneysavingexpert.com, 2 and 3 seem to be PPI. Is this correct?
    Yes

    And if so might I be eligible to make a claim?
    On what basis do you think there has been a wrongdoing?

    The template MSE have provided don't mention Friends Life.
    It wouldnt do.
    1 - You dont complain to Friends Life
    2 - Its a type of PPi that generally people dont complain about (you can still buy it today)
    3 - Its sold via a distribution channel that generally doesnt have issues with regards to missold PPI.

    So, again, why do you have a problem with it?
    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 an Independent Financial Adviser local to you.
    • -taff
    • By -taff 10th Oct 17, 9:37 PM
    • 7,170 Posts
    • 5,162 Thanks
    -taff
    • #3
    • 10th Oct 17, 9:37 PM
    • #3
    • 10th Oct 17, 9:37 PM
    How did you get your mortgage? Who sold you the policy?
    • skhturner
    • By skhturner 6th Nov 17, 12:58 PM
    • 8 Posts
    • 1 Thanks
    skhturner
    • #4
    • 6th Nov 17, 12:58 PM
    • #4
    • 6th Nov 17, 12:58 PM
    Sorry for the late response, it took me ages to figure out how to find my old post (I had to search under user name in the end).

    This was sold to us through Countrywide who the mortgage broker worked for. I don't think we were told it was mandatory (I can't quite remember) but it seemed risky to start a mortgage without it. We gave the chap a target figure for mortgage + insurance based on our monthly rent.

    I'm asking because the MSE PPI page states "Just having had PPI means you were mis-sold and are likely due a payout". If this covers the arrangement I've described then it's probably worth pursuing (no?)
    • zx81
    • By zx81 6th Nov 17, 1:01 PM
    • 14,389 Posts
    • 15,184 Thanks
    zx81
    • #5
    • 6th Nov 17, 1:01 PM
    • #5
    • 6th Nov 17, 1:01 PM
    I'm asking because the MSE PPI page states "Just having had PPI means you were mis-sold and are likely due a payout".
    Originally posted by skhturner
    Unfortunately, MSE can be very inaccurate/mis leading. The above isn't true in the slightest.

    You seem to have actively bought the policy - as a result, it won't have been mis sold.
    • antrobus
    • By antrobus 6th Nov 17, 1:06 PM
    • 15,297 Posts
    • 21,829 Thanks
    antrobus
    • #6
    • 6th Nov 17, 1:06 PM
    • #6
    • 6th Nov 17, 1:06 PM
    ,,,
    I'm asking because the MSE PPI page states "Just having had PPI means you were mis-sold and are likely due a payout". If this covers the arrangement I've described then it's probably worth pursuing (no?)
    Originally posted by skhturner
    And then it says;

    That's because a court ruling called Plevin means most who bought PPI – even knowingly – were likely to have been mis-sold because banks pocketed excessive commission.

    It's an opinion.

    Although in your case the MPPI was sold by Countrywide who are not a bank. I have no idea what commission arrangements Countrywide had with Friends
    • Moneyineptitude
    • By Moneyineptitude 6th Nov 17, 1:27 PM
    • 18,904 Posts
    • 10,122 Thanks
    Moneyineptitude
    • #7
    • 6th Nov 17, 1:27 PM
    • #7
    • 6th Nov 17, 1:27 PM
    The MSE article is giving the impression that everyone who ever had a PPI policy is entitled to a refund.

    This is plainly not the case, though there will certainly be plenty of additional payouts as a result of Plevin.

    The Plevin Ruling pertains to undisclosed commission of 50% and above. Not all PPI had commission charged at or above that threshold. It was mainly bank loans with single premium PPI which exceeded the 50% though credit card PPI was also sometimes affected.

    From what I can gather, Mortgage PPI commission was well below the point at which a Plevin refund becomes due.
    Last edited by Moneyineptitude; 06-11-2017 at 1:29 PM.
    • skhturner
    • By skhturner 6th Nov 17, 2:40 PM
    • 8 Posts
    • 1 Thanks
    skhturner
    • #8
    • 6th Nov 17, 2:40 PM
    • #8
    • 6th Nov 17, 2:40 PM
    Fair enough, thanks to all for clarifying
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