Mis-sold PPI reclaim???

leeb74

Hi All
I'd like some advice please.
I'm thinking about reclaiming PPI on our mortgage.
I took out the mortgage with the PPI back in March 2002. The PPI ran upto 2007....i think.
I have no paperwork anymore on the PPI.
Both the mortgage and PPI were set up by an Independant Financial advisor who worked for Brandford & Bingley at the time. The PPI was with Scottich Provident.
Who do I send my letter of claim to????...The guy who mis-sold me the PPI or Scottich Provident who I had the PPI with???
Thanks

Lee

di3004

leeb74 wrote: »

Hi All
I'd like some advice please.
I'm thinking about reclaiming PPI on our mortgage.
I took out the mortgage with the PPI back in March 2002. The PPI ran upto 2007....i think.
I have no paperwork anymore on the PPI.
Both the mortgage and PPI were set up by an Independant Financial advisor who worked for Brandford & Bingley at the time. The PPI was with Scottich Provident.
Who do I send my letter of claim to????...The guy who mis-sold me the PPI or Scottich Provident who I had the PPI with???
Thanks

Lee

Hi Lee

You could try to request for your paperwork by requesting for a subject access request (SAR), they have 40 calendar days to comply and send all they hold on the account, mostly though only going back the last 6 years, some however do supply data going back even earlier sometimes.
You enclose £10 cheque or postal order for this request...
And there is a SAR letter template here:
https://forums.moneysavingexpert.com/discussion/1475553


When it comes to reclaiming, you write/pursue the ones who set up and sold you the policy from the start, they are responsible.

Hopefully Dunstonh who is very helpful in this area will post up with some help and advice for you sometimes today.

Also just to state that, you can still make a reclaim, just as long as you have the account number.;)

dunstonh

I'm thinking about reclaiming PPI on our mortgage.

On what grounds?

Both the mortgage and PPI were set up by an Independant Financial advisor who worked for Brandford & Bingley at the time.

So it was done under an advice process. This means there should be a good audit trail for them to refuse your complaint.

The PPI was with Scottich Provident.

Are you sure it was PPI?

Scot Provident are a life assurance company. Their product is normally life, critical illness and/or PHI.

leeb74

Yes.....my payments were protected agianst unemployment, long term sickness.....redundancy......
I think it was an add-on to my life assurance policy.
Is that possible or am I barking up the wrong tree?

dunstonh

Is that possible or am I barking up the wrong tree?

I dont know. However, you have to have a reason for your complaint. You havent told us what that reason is.

loan PPI and credit card PPI were typically sold by unregulated staff using a sales process. That process was largely flawed and thats why so many people are finding it easy to get refunds.

However, MPPI was typically sold under an advice process by a mortgage broker or adviser. In these cases, you typically find that the reasons you can use for loan and credit card wont apply (i.e. you cant say it was sold by an unqualified person or that they didnt know your circumstances). Also, monthly premium MPPI does not getting interest added to it. So, that just leaves eligibility and financial need as possible areas where it could fall down. Both of which you would expect an IFA to have covered. Bank "pretend IFAs" do still have a poorer reputation to real independent IFAs. So, its possible there is wrong doing. However, statistically, its unlikely.

So, what would your reasons for complaint be?

leeb74

I was a first time buyer and I was told that by applying for the Life Assurance Policy was a must and would increase the chances of me being accepted for the mortgage. It was all already chosen before I got to the appointment and there wasn't a choice of policies. I was non-the wiser and just agreed......it wasn't until 2007 when I looked into it more and shopped around, that I found myself a better policy, without the PPI.

dunstonh

I was told that by applying for the Life Assurance Policy was a must and would increase the chances of me being accepted for the mortgage.

Thats dodgy and a reason for mis-sale but a damned difficult one to prove. You can bet your life they wont have anything on file to support that and you almost certainly wont either. Plus, it is a reason that is trotted out by many try-it-on complaints. So, by itself, if the audit trail they have is good, that wont likely succeed.

there wasn't a choice of policies.

An IFA is not there to give you a choice. The IFA is there to limit the providers and options for you to end up with the right product and provider to save you having to do it.

It was all already chosen before I got to the appointment

Easily done as the mortgage details contain virtually all the information needed to do the research.

I was non-the wiser and just agreed.....it wasn't until 2007 when I looked into it more and shopped around, that I found myself a better policy, without the PPI.

Not grounds for complaint though.

What other reasons would you have as its not likely to be strong enough as it stands. At present, you would have to rely on missing paperwork or errors in their records.