Who do I apply to?

welshvgd

Hi we've only just realised we may of been sold PPI in error back in 2001. It was to protect a mortgage we no longer have. Also the advisor who sold it to us was given a final warning by the FSA in 2005. Do we send the form about our claim to him or to the insurance company (now Aviva)?

dunstonh

Do we send the form about our claim to him or to the insurance company (now Aviva)?

You complain to the adviser who sold it to you. Aviva have no liability (unless he was a rep of Aviva and that is unlikely given the year taken out).

Advisers have far fewer complaints on PPI than banks and MPPI also has far fewer complaints as well. Its about the only PPI deemed worth having. The biggest upheld reason for MPPI is single premium. You are paying monthly so that wont apply. So, you will need a strong reason for the complaint to be upheld. Verbal allegations without proof will be easily rejected.

welshvgd

thanks for that advice. We do have a letter from the advisor dated 16 Oct 2001 advising that we keep up our premiums of the PPI because 'our home may be at risk' if we don't. Previous experience of this man suggests if it left to him we won't get anywhere. But I don't give up easily!

dunstonh

We do have a letter from the advisor dated 16 Oct 2001 advising that we keep up our premiums of the PPI because 'our home may be at risk' if we don't.

Nothing wrong with that. Failure to have an insurance policy where you have a financial need leads to consequences. Losing your home is one.

You will need something more than that.

magpiecottage

welshvgd wrote: »

We do have a letter from the advisor dated 16 Oct 2001 advising that we keep up our premiums of the PPI because 'our home may be at risk' if we don't.

That is consistent with the stance taken by the Mortgage Code Compliance Board at the time.

Previous experience of this man suggests if it left to him we won't get anywhere.

If he followed the regulatory guidelines then he is entitled to stand his ground.

But I don't give up easily!

What is the firm?

welshvgd

Thanks for all the comments. I'm not prepared to give the name of the firm. it was investigated and found wanting by the FSA some years after this particular connection. Of course that doesn't suggest any wrongdoing in our case but it does perhaps suggest a lack of expertise. Perhaps we should take some independent financial advice.... but that's where we came in! Seriously though, taking further advice is the best course of action so many thanks for all the explanations.

dunstonh

The bottom line is that MPPI has far fewer complaints than other MPPI and adviser based sales not from banks have even fewer. The UK's largest IFA network/compliance company which dominates in number of advisers, had just 16 complaints about PPI at the FOS during the last period. It is not seen to be an adviser related issue as most advised sales can provide the required audit trail. This doesnt mean all were done right. It just means that the odds of a successful complaint are lower.

With MPPI, there are three areas which dominate with upheld complaints
1 - single premium rather than monthly (it should always be monthly premium)
2 - not eligible for cover (i.e. you had a serious illness that meant insurer would never pay out or you worked for less than 16 hours a week)
3 - no financial need (i.e. you had 6 months full pay, 6 months half pay)

Verbal allegations have little chance of success because it becomes he said/she said. You need a provable or factual failing to occur. If you are not failing in one of the above three, then the odds of success are slim.