Plz help, PPI claim or missold on forgotten policy

mikegilbert

I have a PPI with First Direct loan of £15k, taken out in Dec 04. I completely forgot about its existance. Last Feb I lost my job and thanks to my union took a compromise package from ex employer. Prior to this I was sick from July 07 until Feb 08. Sorting through paperwork I found Loan agreement indicating I had PPI. As I said I didnt even know or remember I had it otherwise would have claimed on it at time. I sent off a unemployment form to them and they phoned to say that I wasnt covered for payment as the compromise agreement and payment isnt covered in policy. Tried to explain that I did not resign but took severance compromise package and was sick prior to end of employment. They now want proof from my doctor regarding periods of sickness and if my leaving was benificial to health. All this costs me money. Would you advise that I claim misselling as it does not suit my needs ie was being paid when out sick and of no use to me now. Also I have never seen a copy of the terms and conditions of the policy itself. Please someone out there help me where to go and which direction to turn, Mike

mikegilbert

The more i think about this the more confused i get, why would i take out a PPI that covers me for sickness payment when my employer paid sickness?. getting more worried as I am paying over £50 month for this still whilst unemployed which they wont pay for so wheres the benifiit of having it?

marshallka

mikegilbert wrote: »

The more i think about this the more confused i get, why would i take out a PPI that covers me for sickness payment when my employer paid sickness?. getting more worried as I am paying over £50 month for this still whilst unemployed which they wont pay for so wheres the benifiit of having it?

If this is of no use to you then it was probably missold. It up to you to make the decision. If you used a broker for the loan then perhaps the broker is the person to make the complaint to. That is what we have been led to belieive but I think others on here may say otherwise. Its up to you. Also as this was in 2004 then you would have to find out if the broker/lender were covered by the FOS if they do not uphold your complaint if you are going for misselling. You can check with FOS by calling them and asking if they were members of any of the other schemes (mainly GISC or a BANK) before the regulation of the FSA in 2005 when all sales of inusurance were covered.

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

mikegilbert

Thanks for advice, First Direct are govrned by FSA, worried that reasons are not acceptable to them, but will try anyway as I am sure they will use some lame excuse. Can I request transcript of original phone call when I took loan out and will they provide it