PPI Reclaiming Discussion Part 5

-taff · 31 July 2019 at 4:22PM

If the financial advisor sold it to you then you complain to them. However, there is a business model whereby you 'pay' the advisor by buying insurance in lieu of direct payment or the conditions of the mortgage required it.
I'd suggest asking first if it was either of these before you complain.
Is the financial advisor still in business?

Chooby · 31 July 2019 at 4:33PM

-taff wrote: »

If the financial advisor sold it to you then you complain to them. However, there is a business model whereby you 'pay' the advisor by buying insurance in lieu of direct payment or the conditions of the mortgage required it.
I'd suggest asking first if it was either of these before you complain.
Is the financial advisor still in business?

It doesn't look like the advisor is still in business, but basically it was a help to buy scheme and the builders (Crest Nicholson) had this financial advisor who was sorting out the mortgages for everyone going on the scheme to buy in the flats. And they definitely said I need to take out the insurance for the mortgage/help to buy scheme to be accepted

There were no fees that i had to pay or pay for any service from the financial advsior as Crest Said they would be paying their fees and handling any costs to them

SonOf · 31 July 2019 at 5:09PM

Chooby wrote: »

I took a mortgage out about 9 years ago and part of the condition was that I had to take out Income protection and life/illness protection. Can I still claim even though I had to sign up to those things to get my mortgage and i was aware of it? Also, the insurance was with Bupa, however I went through a financial adviser who set everything up, so would my claim (if I should claim) be against Bupa rather than the financial adviser?

Neither of those things are PPI.

BUPA also did not operate any link to any lender and didnt have their own salesforce. So any condition of those would not be from the lender but by the adviser.

It is quite common for mortgage advisers to have the requirement to buy insurance from them to get free mortgage advice. That model is allowed as long as the insurance is suitable.

So, it doesnt appear to be a missale.

System · 31 July 2019 at 6:15PM

I saw the FCA advert on the telly over the weekend, which said I could claim with just my date of birth and current and past addresses. However, when I went to the FCA web site it showed me a list of hundreds of banks ETC. How do I know which of those I might have had ppi with? Do I need to send a claim to all of them? Won't that take a very long time typing it all?

SonOf · 31 July 2019 at 7:04PM

Dinard wrote: »

I saw the FCA advert on the telly over the weekend, which said I could claim with just my date of birth and current and past addresses. However, when I went to the FCA web site it showed me a list of hundreds of banks ETC. How do I know which of those I might have had ppi with? Do I need to send a claim to all of them? Won't that take a very long time typing it all?

your "claim" is actually a complaint about wrongdoing. There is actually nothing wrong with having PPI. Indeed, you can still buy it today. The whole issue was about whether the banks sold it correctly or not.

There is no data on whether you had PPI or not or whether you were missold or not in the public domain. The only way you find out is your memory or your records or by phoning those you think you may have had it with.

Once you find out you had it and who sold it to you, you then make a complaint to each seller. A lot of places will use the FOS form for PPI complaints. So, you could fill that out once and then print it multiple times and post to each provider. Or you can use Resolver

Technically, you do not require any records to make a complaint. However, that is in the hope the firm you are complaining about has records and your complaint reasons are easy to see and provable. Some allegations do require evidence. Such as if you complain that you had 12 months sick pay but the seller has a database of employers that shows the sick pay was 1 month. The seller will often ask you to prove your sick pay was 12 months as they have evidence that says otherwise. A rough guess is that 90% of PPI complaints are settled with no evidence being required.

System · 31 July 2019 at 9:38PM

Thak you. That FCA ad seems a bit misleading then as it says you can claim with just your date of birht and addreses. Even if I could find out who owed me the money I dont know how i could prove it was misold or even know if it was. no point the likes of me nothering I think!

System · 31 July 2019 at 9:48PM

But it would be a little odd to complain about having something you may not have.

Why is that? Isnt that the point of what the FCA site does - we send messages to the banks ETC to see if they misold us ppi?

System · 31 July 2019 at 9:49PM

you'll have to show that it was somehow mis-sold to you.

how doe we do that please? Does most of us have detailed recors from when we did this?

steviebuk · 1 August 2019 at 7:04AM

Has anyone done one of these for Sentinel Gold? Already got money back from the Sentinel Gold scam back when that discovered and enough people voted for it. But there is mention if you have already gained money back from PPI you could get more.