Advice Needed please help PPI

newwife01

Hi all

We are currently paying £48 per month to the Abbey for mortgage protection, however 4 years my husband decided to go self employed and never thought about the PPI and what it does and doesnt cover. Now work has all but dried up we have just discovered that the ppi doesnt count as it was for sickness and un-employment and not self employment. Do we have a leg to stand on? The bank knew he was self employed and have quite happily taken the funds every month without letting us know its worthless?

Please can anyone shed any light?

Thanks in advance
Joanne

di3004

newwife01 wrote: »

Hi all

We are currently paying £48 per month to the Abbey for mortgage protection, however 4 years my husband decided to go self employed and never thought about the PPI and what it does and doesnt cover. Now work has all but dried up we have just discovered that the ppi doesnt count as it was for sickness and un-employment and not self employment. Do we have a leg to stand on? The bank knew he was self employed and have quite happily taken the funds every month without letting us know its worthless?

Please can anyone shed any light?

Thanks in advance
Joanne

Hi Joanne

Yes I would try to reclaim on this on the grounds that it was worthless to you, as you would not have been able to make a successful claim.

For more information check here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is also a checklist of mis selling reasons on the above link, some of them may also occur to you, and template letters, you can use them or as a guide and obviously write in your reasons.
Post by recorded delivery is best, for your proof of posting.

Keep at them until they resolve your complaint, or until they issue you with the final response, the final response should give you details of the financial ombudsman service (FOS), you should be able to take your complaint to them if your not happy with the outcome of your complaint.

Good luck and keep strong, go for it, and let us know if you require any further help.;)

Di

newwife01

thanks Di

I was unsure as to how to proceed, as i am not sure the inital application was mis-sold, but surely they have a duty to inform us when we made the work changes that the policy would not cover self employment(i am so cross at myself that the ppi policy has not crossed my mind since it was purchased 10 years ago, and has been useless for the past 4! grrrrr)

will give it a go

many thanks

Joanne :mad:

di3004

newwife01 wrote: »

thanks Di

I was unsure as to how to proceed, as i am not sure the inital application was mis-sold, but surely they have a duty to inform us when we made the work changes that the policy would not cover self employment(i am so cross at myself that the ppi policy has not crossed my mind since it was purchased 10 years ago, and has been useless for the past 4! grrrrr)

will give it a go

many thanks

Joanne :mad:

You go for it Joanne.;)

And I know how you feel, the best of us on here have been in the same situation and then learning of these matters years afterwards, it can be very annoying.....:mad:.
Still, keep fighting and let us know if you need any help. Good luck.;)

Di
x

dunstonh

I was unsure as to how to proceed, as i am not sure the inital application was mis-sold, but surely they have a duty to inform us when we made the work changes that the policy would not cover self employment(i am so cross at myself that the ppi policy has not crossed my mind since it was purchased 10 years ago, and has been useless for the past 4! grrrrr)

I cant see a mis-sale here.

It was suitable at point of sale 10 years ago. Your husband changed his circumstances 4 years ago to being self employed. Most MPPI plans will still cover the self employed (unlike many loan PPI).

but surely they have a duty to inform us when we made the work changes

And how does the insurer know when you make changes?
Did you contact the insurer to let them know the new employment status?
Did you seek financial advice at the time of change to verify ongoing suitability?
Have you checked to see if the policy doesnt cover the self employed?