Do I have grounds for reclaiming PPI

nick_fish

Hello everyone, I'm new to this forum and i have a question.

I've just seen an advert on TV for a company offering to process PPI claims and it made me think.
In 2006 whilst changing my mortgage through a company, I was sold a block policy for PPI. The agent told me that legislation was being brought in in a few months that would make PPI on mortgages compulsory in the same way that building insurance is. I believed him and went through with the policy at a cost of £3060 which was added to the balance of my mortgage. Had he not made this statement I would not have purchased the policy.
The policy itself was for 5 years and ended 1/6/09.
The question is do i have grounds for reclaiming this premium?

Thanks in advance for any help given.
Nick

maxdp

Hi I am sure Donstonh will be able to answer this for you.

nick_fish

Hi maxdp.

Is Donstonh a user of this forum, i've just searched but the name doesnt show up?

Thanks

marshallka

nick_fish wrote: »

Hi maxdp.

Is Donstonh a user of this forum, i've just searched but the name doesnt show up?

Thanks

Blimey, you have got the hang of the forum quick. Yes dunstonh is a member and will most probably post back to you being a mortgage PPI although as this was a single premium PPI you should be able to make a complaint. Most PPI's sold with mortgages are not single premiums so therefore it is more difficult for them to be missold. If you take a look at the reclaiming guide
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
although mainly to do with Loans it may be of help in the meantime.

nick_fish

Thanks marshallka, i shall have a read.

dunstonh

I'm here.

single premium PPI added to the mortgage is considered a no no in over 90% of complaints dealt with by the FOS.

Dont use a claims company. Put your complaint in directly yourself. You can go via the FOS if you wish although the FOS will only forward your complaint on to begin with but you will be able to take it on with the FOS if the company reject the complaint or dont deal with it within 8 weeks.

This costs you nothing.

nick_fish

Thank you dunstonh, sounds promising, I've started on my letter.
Just realised I quoted the wrong year in my original post though it was June 2004, hope this doesn't affect things.