PPI Reclaiming Discussion Part 5

dunstonh

Does this count as PPI?

No. It is life assurance. Different type of product issued by the different type of insurance company.

Any product can be mis-sold though. Problem is that the audit trail for term assurance is going to be much stronger than PPI. Plus, it is a post 2005 case. So, a statement of demands and needs will be in place. It is also considered good advice to put in place life assurance on debts where you have a spouse/partner and/or children. It would also have been monthly premium from your current account.

unless you have evidence to support your allegation that you were forced to have it or you are single, living alone with no children, then you would expect rejection

amersall

tiredmumof2 wrote: »

I do have all the paperwork - I sent them copies with my claim. Thankfully my Husband keeps documents like this and we came across them when we moved in July - hence why we've just submitted the claims.

So - I have the paperwork which clearly shows I have paid PPI when I didn't ask for it and Martin states 'if its longer than 12 years you can still claim but it may be a little more difficult'.

It was jay_whahey that I was responding to regarding no paperwork with HSBC from 12 years ago.

greenb

dunstonh wrote: »

No. It is life assurance. Different type of product issued by the different type of insurance company.
.......
unless you have evidence to support your allegation that you were forced to have it or you are single, living alone with no children, then you would expect rejection

This information is very much appreciated!
I was unaware what I'd signed up to, so thanks for clarifying.
Like you say, I can't really prove what the chap said at the time, but I was living alone, with no children and single (I think!), so I guess it's just one of those things!

Again, thanks so much!

Bob

Mita_N

dilus wrote: »

Hi DrowninginDebt,
Yes it would probably be swallowed up against the debt, which is well within the banks right but if you feel you were mis sold go for it. Anything you can do to claw some cash back would be well worth it if successful but PLEASE, PLEASE do it yourself. Do not use a claims company as you will probably end up not only, not seeing any cash yourself but also end up with a bill from the CC that you would have to swallow
You would not be wasting your breath, just ink out of a pen and £2 in postage for recorded delivery

Hello - Apologies for my bad english.

My husband took a mortgage with A+L in 2005
In the meeting the advisor recommend him to take optional MPP plan (I have the letter) because it will cover the unemployment +accident and sickness and that we must pay premium rate. Now in the key facts it say optional insurance with the amount of the payments
in their mortgage contains your property.

My questions are
Do I have a PPI claim? if so What papers should I look?

antara

Moneyineptitude wrote: »

The most successful reasons are the valid, verifiable and TRUTHFUL ones.

I think you have misunderstood my question. I am looking for GENUINE reasons that they will pay out on. I am not very well versed in this matter and was only looking to get some friendly advice.

[Deleted User]

antara wrote: »

I am looking for GENUINE reasons that they will pay out on.

Yes, that was my point.
No one can tell you your reasons for complaint, as they have to be genuinely your own.
You can look for reasons which may apply to you here;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Do be aware that "hearsay" type complaints, in which the complainant makes unsubstantiated allegations, are the weakest.

monstermuncher

I got a rejection from Capital One today. I ticked no to PPI on the form, but was sold it when I called to activate the card. I don't remember much about the phone call but from what I've seen it appears they only had manned call centres for card activation specifically to sell more stuff.

They've said I was eligible for cover (I only worked part time, I didn't need it, plus I had a pre existing medical condition which I know now would have excluded me) and it was a non advised sale.

They told me I needed the product, I was naive about financial stuff and I don't see how actively selling anything can be literally 'non advised', regardless of what they call it.

I worked at a bank call centre for a bit (after taking the card) and left because we were supposed to be customer service but had sales targets for loans, overdrafts and credit cards. The whole basis of sales is convincing people they need something!

I wonder if it's worth going to the FOS. They sound like they've covered themselves by calling it non advised, so whether they were pushy is irrelevant.

From a personal point, I wasn't well at the time (mental health) and was very easily pressured into things. It doesn't affect my complaint practically, but I think morally pushing a financial product on people who may or may not be vulnerable is abhorrent. If I rang them asking for PPI, that's one thing, but I'd chosen not to have it they broached the subject and recommended I take it. That's advised in any normal language, but I bet they had a line in their small print saying it wasn't, therefore absolving themselves of all responsibility for selling expensive, complicated, unnecessary products to vulnerable and easily manipulated people. I'm shocked that financial institutions don't have higher standards.

-taff

If you were sold it during a telephone call, it was an advised sale.
You can write back and tell them that they haven't invesitgated your complaint fully if they have made a basic error like that [although if you've been sent the FOS leaflet, they're unlikely to look at it again, but you can try]

nee666

amersall wrote: »

Not too sure with cards to be honest but I think the interest amounts could be the 8%, ask the bank.

With CC redress they take the card back to zero balance to calculate the redress, any month that the card had a credit balance, the 8% is not given so this may be the case here, the only way to be sure is to ask the bank.

I've done some number crunching, they've refunded the ppi premium for each month & the interest charged on it until the card was closed (2003) that's what there offering, are they supposed to pay 8% pa from 2003 until today on that amount??

Buzzby_2

I have had (I believe) 4 loans since 1997 ish onwards. May be more, as there were at least two for cars, and at least two that were for debt consolidation.
However, I don't have any of the original loan agreements.
I do however know that I had PPI on all but one of them. That was the last one, by which time I had realised that it was optional, previously I was under the impression it was compulsory.
I am still with the same bank, still have the same account number etc. Is it possible for me to claim, and if so, how do I go about it without the loan agreement details? Will the bank still likely have details given that it is still the same account, and will they share them with me?
I do believe it was mis-sold, as I was not made aware it was optional, and feel it was forced upon me. Being younger back then, I never questioned it, or the fact that I probably didn't need it as I was entitled to sick pay in my job, and also had privately purchased health insurance.

Where do I start? And can I even claim?