Help with PPI claiming

NickRB

Hi, Please could someone be kind enough to advise me on the next steps.

I took out an endowment mortgage with Barclays back in 1997 and I took out PPI. I still have the paperwork for this so can I still claim it?

I also took out PPI on a mortgage in 1999 with HSBC and then with the old ABBEY in 2002 but I have no paperwork for these. Could I still claim?

I also had a small loan with HSBC about the same time as the mortgage with them, would it be possible to claim this as well even though I cannot find the paperwork for this too.

Do I need to just ring them and gain the info even though all my accounts with them are now closed.

Any help would be highly appreciated

dunstonh

I still have the paperwork for this so can I still claim it?

If you have suffered a claimable event, like sickness or unemployment or another event covered by the policy then you can claim. Or do you mean complain?

I also took out PPI on a mortgage in 1999 with HSBC and then with the old ABBEY in 2002 but I have no paperwork for these. Could I still claim?

If these policies are no longer in force then you cannot claim. You can still complain though.

Assuming you mean complain, what would you complaint be? You cant just say you had PPI and want a refund. You need to identify your reason(s) for complaint.

NickRB

On the Barclays PPI I was made redundant during the mortgage period and when I went to claim I was then informed that I couldn't actually claim for 60 days from the day of redundancy. I was then told I'd have to wait a further 30 days before any payment was made. Something I wasn't told when taking out the policy. It left me in a position where I couldn't even claim housing benefit to assist me in my mortgage payments because I had an insurance policy in place. They both cancelled each other!!

As for HSBC, I was also made redundant again and was told again I would have to wait 30 days before making a claim after redundancy and again i'd have to wait a further 30 days before a payment was made. Again this wasn't explained at the point of taking out the policy. I never ended up making any claim!

With Abbey, I was made redundant for a third time (lucky me) but this time I made a claim, but it took them over 60 days to make any payment to me, I was then informed they would only pay for a max of 12 months. My understanding was you take out the policy and it covers you until you return to work no matter what length of time it takes to do so...

Luckily on all of these I returned to work pretty rapid but I basically ended up paying my mortgage's using whatever redundancy money I was given.

dunstonh

I was then informed that I couldn't actually claim for 60 days from the day of redundancy. I was then told I'd have to wait a further 30 days before any payment was made. Something I wasn't told when taking out the policy.

What proof do you have to support that allegation? They will have policy schedule and brochure issued (on a non advice case) and factfind, needs analysis and report (on an advice case).

It left me in a position where I couldn't even claim housing benefit to assist me in my mortgage payments because I had an insurance policy in place. They both cancelled each other!!

That is an incorrect assumption. If no benefit is paid out then it is not included in the means test. Its not whether you have a policy to protect you but whether it pays out that matters.

As for HSBC, I was also made redundant again and was told again I would have to wait 30 days before making a claim after redundancy and again i'd have to wait a further 30 days before a payment was made. Again this wasn't explained at the point of taking out the policy. I never ended up making any claim!

Same again for evidence?

With Abbey, I was made redundant for a third time (lucky me) but this time I made a claim, but it took them over 60 days to make any payment to me, I was then informed they would only pay for a max of 12 months. My understanding was you take out the policy and it covers you until you return to work no matter what length of time it takes to do so...

Again, evidence?

With all of these you are making allegations that are probably impossible for you to prove. All the of policies seem to be set up correctly and doing what they should do (PPi typically has a 30-60 deferment period and pays out for a maximum of 12 months- some 24).

NickRB

dunstonh wrote: »

What proof do you have to support that allegation? They will have policy schedule and brochure issued (on a non advice case) and factfind, needs analysis and report (on an advice case).

I have all the paperwork/brochures associated with this policy and there is not one part within it that states the length of time you would have to wait.


That is an incorrect assumption. If no benefit is paid out then it is not included in the means test. Its not whether you have a policy to protect you but whether it pays out that matters.

Again this policy had no mention of the length of waiting time! It did however mention the length of time it would pay out for..


Same again for evidence?


Again, evidence?

With all of these you are making allegations that are probably impossible for you to prove. All the of policies seem to be set up correctly and doing what they should do (PPi typically has a 30-60 deferment period and pays out for a maximum of 12 months- some 24).

How can you say they were set up properly? If they were you should be covered from the day you were laid off not 30/60/90 days later. Not one of these policies gave any sort of back pay from the day you claim!! Why not? If I take out any insurance I expect it to cover me from the day of the event. If I was to have a car accident & was off work due to it, I would be able to claim loss of earnings. So why does PPI not offer the same?

dunstonh

How can you say they were set up properly?

Your post indicates they were set up with monthly payments (one of the major complaint reasons is single premium with interest added)

If they were you should be covered from the day you were laid off not 30/60/90 days later.

That is not how the product works. It is like saying your car should include a rotor blade to allow you fly away if you get stuck in a traffic jam. The product does what the product does. Wishing it did more does not make it set up correctly.

Not one of these policies gave any sort of back pay from the day you claim!! Why not?

Because that is that these ones do. There are ones available via IFAs or mortgage brokers that do repay back to day 1 once you hit the qualifying period (30 days typically). However, bank products are typically lower quality and more expensive than IFA/independent mortgage broker products.

If I take out any insurance I expect it to cover me from the day of the event. If I was to have a car accident & was off work due to it, I would be able to claim loss of earnings. So why does PPI not offer the same?

If that is what you want then you bought them from the wrong place. You dont go shopping in Aldi and expect Waitrose quality. That is what you have done here (except you have paid waitrose prices and got aldi quality )

Banks are tied agents of their own products. Their remit is to give you their product. You should never buy from a bank. However, you did. I doubt you will again but that doesnt make it a complainable event.