PPI Reclaiming Discussion Part 5

hollowhead

So should I cancel the policy if I have put a claim in? I am not working so it's worthless, but don't want it to effect any claim.

jimmyb1984

hollowhead wrote: »

So should I cancel the policy if I have put a claim in? I am not working so it's worthless, but don't want it to effect any claim.

You can still claim if you have cancelled or no longer have a policy. Not all companies will let you cancel, but with others you may be able to get a small refund depending how long is left on the loan?
Was you working when you took out the PPI? (pretty important).
If you wanted to you can private message me the form you have sent, and I may be able to help further with all the information.

Lauren32

ohhhhhhh am still waiting to hear if my case is being sent back to FSCS its been in calculations for over 2 weeks according to Deloittes grrrr just need to know now

Landsdowne

Hi there, firstly many thanks for taking time out to read this. also apologies if this issue has been covered previously.

BACKGROUND: In June 2003 I signed up for a Mortgage Repayment Protector as part of a Mortgage package I took out with HSBC at '£250 a month entitlement'. I had at this point secured a job within the Home office so was entitled to the usual high level of sickness benefit (i.e. 6 months full pay, 6 months half pay).

In June 2005, I 'chose' (I certainly did not pro-actively seek to increase this benefit) to increase the benefit to £550 a month.

I feel that this benefit was mis-sold to me. Despite my recollection of the exact circumstances around signing the policy are not clear, however, if I had known what the policy offered me, I certainly would not have signed up for such a benefit, as it is effectively worthless (the policy clearly states that payment would commence 13 weeks from the start of this period).

I have asked for the funds to be repaid to me usaing the standard 'consumer questionnaire form'. After a number of months I received 'the knock back'. From the letter from HSBC I feel the following are relevant:

• The letter quotes that the cover is 'designed...to protect your ability to meet your mortgage repayments in the event of unemployment, accident, or sickness that prevents you from working for more than 30 days. The benefits cease after 12 months'-well why would I even have had it in the 1st place (had this been 'properly' explained to me) given the employment benefits I have?
• The letter goes on to state 'Our records show when you took out this policy, you did not receive any advice from HSBC in respect of this product'. Well surely 'no advice' is still 'mis-selling' if the bank have presented the product in such a way i felt it was necessary as part of my undertaking my mortgage with them, especially with them knowing my profession.
• The 'Evidence' is merely the 1st signed form in 2003, not the further one in 2005. Is this enough for them in terms of proving me wrong?

There is more referring to my ability to have read the brochure docs and also that as a result they feel 'adequate steps' were taken to inform me of 'the main features of the product'. I strongly refute this conclusion.

So, in terms of what I hope to gain from this 'sob story', any advice on:

• Do people feel I still have a genuine case to take to the Ombudsman?
• If so, any guidance on which areas to focus on i.e. the 'no advice', the missing 2005 doument, my employment benefits making the cover 'pointless'.

I am certainly no financial 'whizz', however, had this benefit been adequately explained to me at point of sale, I would have seen it as not worth the money it cost.

Thanks for baring with me (hope its not too rambling) and thank anyone willing to take time out to respond in advance. Any queries I will answer as soon as I can.

Kind regards,

Landsdowne

dunstonh

Do people feel I still have a genuine case to take to the Ombudsman?

You havent got any strong complaint reasons. You are not a serving police officer so you can be made redundant and redundancy payments have no restrictions on MPPI. Most MPPI plans will pay out in addition to employer benefits (unlike many other types of PPI).

Most banks did not retail their MPPI under an advice process. So, there are fewer requirements placed upon them. They didnt have to check whether you had a financial need for it as an adviser would. However, they still had to make sure you were eligible on non-advised cases.

We dont have the benefit of documentation here but we do know that mortgage PPI has the lowest uphold rate of any type of PPI and tends to be less restrictive than other types of PPI. So, weak complaints like yours are less likely to succeed unless you get lucky with an auto payout or there is a failing elsewhere that we are not aware of.

Cooper123

Just thought this may be interesting to some or you if you are considering trying to claim back PPI on a Burtons Store Card or similar but have no paperwork.

I had a Burtons Store card way back in 1998. I couldn't remember if I had PPI or not. I didn't have any account details, statements or anything, just remembered that I signed up for it in store and paid it off a couple of years later.

I decided that I would write to Santander, who are the people that have taken over GE Capital. I had no account details or anything just gave my name, date of birth, address at the time and had taken it out sometime in 1998.

To be honest, after reading the threads here, I thought there is no way they are going to have any details going that far back but gave it a go anyway.

Two weeks later, Santander sent me a copy of the agreement I signed in 1998 (in a Burtons Store)!

It turned out I didn't have PPI but it just goes to prove that some of these banks do keep records going back longer than 6 years but I do wonder if I had of taken out PPI, would they have been able to find the paperwork then I wonder??

Sel76.2006

Hello, I was wondering if someone could help me please. I am thinking of claiming PPI for an old credit card. However, I had the card in 2002, but I no longer have the card. Also I have no paper work as I lost it in the floods. I see that these company want a % if you win. I would like to do it on my own, but not sure as I have no account number...PLEASE HELP. Can I still claim and how. Thanks.

jimmyb1984

Sel76.2006 wrote: »

Hello, I was wondering if someone could help me please. I am thinking of claiming PPI for an old credit card. However, I had the card in 2002, but I no longer have the card. Also I have no paper work as I lost it in the floods. I see that these company want a % if you win. I would like to do it on my own, but not sure as I have no account number...PLEASE HELP. Can I still claim and how. Thanks.

usually there is a 6 year time limit to claim from when you took the policy.
why do you think you are entitled to claim PPI?
Just having PPI doesnt mean you can claim, you need a reason why you think it was mis-sold to you?

keith931

Thanks for your advice, I do think that I can only claim from the broker and I agree it does seem a weak case. The broker seems a resonably large company so hopefully I can still claim. I think I still need to find proof of the insurer if only to help my claim about the broker. Any ideas how to find out my insurer?

dunstonh wrote: »

If you sought advice, then it is the adviser is that is liable for the advice they give. That is who you complain to.

Your complaint is actually very weak. It is a allegation that you are unlikely to be able to prove and firms tend to have nothing to support such allegations either. Very few complaints succeed on that reason alone.

I'm not sure why the FSA offered any opinion. They do not get involved in consumer complaints and would not offer opinion. The insurer themselves have no liability either. So, it matters not who they are.

amersall

hollowhead wrote: »

So should I cancel the policy if I have put a claim in? I am not working so it's worthless, but don't want it to effect any claim.

If this is a loan then do not cancel the PPI, if it is a Credit Card then cancel it.