PPI Reclaiming Discussion Part 5

dunstonh

lenny05 wrote: »

I was mis-sold PPI on a loan can I reclaim what money i paid even through the loan was part of a bank ruptices

Yes you can still complain. However, you will never see the redress that becomes payable. The bank would send it to the OR to disperse to the creditors that you failed to repay as part of your bankruptcy.

gropinginthedark

I just fail to comprehend how any individual can "not notice" so much money being taken from them for no good reason. Don't they gat bank and c/card statements? Don't they look at them? Claims of up to £9000 implies £9000 is small change to them, not worth worrying about. Anyone that financially illiterate is going to fall victim to every scam in the book. Doubtless they've signed up to numerous pyramid schemes and are in regular communication with those guys in Nigeria so keen to share their ill-gotten gains. I've got news for you guys - they're all scams.
Sure the finance industry screwed up but if individuals don't take responsibility for their own decisions they deserve what's coming.

gropinginthedark

beauthecat wrote: »

I was told by the mortgage broker that I would NOT be able to get a mortgage unless I took out life insurance.

A mortgage provider basically wants to be sure they'll get their money back. If you drop dead they might get that from your estate by selling the house (which might not go down well with your family). Worse still, you might be in a negative equity position, selling the house might not recover the full amount borrowed.

If you are uninsured that increases the risk to them. They can manage that risk in one of two ways, make higher charges for providing the mortgage or ensure there is adequate insurance in place. Personally I had a joint mortgage protection policy (MPP), paid up front and added to the mortgage loan (and transferable with the mortgage), didn't cost a lot and it paid off the mortgage (plus a bit extra) when my wife died. With half the household income gone and the responsibility for running the house and looking after 2 young kids that MPP was the best spent money ever.

As it happens we had failed in our normal policy of rejecting PPI, didn't see the tick box to say "no thanks" on another small loan so that covered the repayments while my wife was sick and paid off the loan when she died so I'm actually a (fairly) satisfied PPI customer. The reason I say "fairly satisfied" was that they tried hard to wriggle out of liability. First they said it was sickness cover and didn't extend to death! Then they claimed it was a pre-existing condition (they can only do that if the condition is diagnosed before the insurance contract is made, it wasn't but they tried to claim that a visit to the GP with back ache was sufficient). Then they "lost" the claim forms and death certificate, and then the hand delivered replacements.

You are concerned that the insurance may not have been the best value - that's tricky. I bought a "nearly new" second hand car then found the manufacturers were heavily discounting that model to little more than what I'd just paid - was I mis-sold or had I failed to shop around? With insurance there are so many complex terms and conditions and potential exclusions that the legal costs of ensuring cover is appropriate may mean the mortgage provider would rather stick with an insurance provider he knows. Of course he might have chosen the one that gave him the biggest commission... if so can you prove you were disadvantaged by his choice?

-taff

beauthecat wrote: »

I therefore took out a life insurance policy (the cheapest as I was strapped for money at the time) and received the policy. Recently I have cancelled my life insurance policy as I now get life insurance through work.

I was just wondering if this would come under PPI and if I could claim my money back?

Or if this bullying tactic I encountered is acceptable as if I knew the life insurance was only recommended I would have not got the policy to start with.

Thank you for reading my post.

Unless you were intending not to die then there is no problem with life insurance.
It's not PPI.
It was a method of ensuring the company would regain it's money if you died, seeing as you had no other means to pay off the mortgage in it's entirety.

If you are single, have no dependants, and don't intend leaving your property to anyone when you die, then forget about life insurance. If you do intend to leave something for someone, check your work life insurance will cover the cost of your mortgage.

sheilavw

Hi after writing again to Nat West enclosing highlighted bank statement showing I pay 2 lots of Mortgage protection insurance I got an offer today of £7.465.88.

sanjiv_mall

I work for a ppi company in wolverhampton and i beleive its worth claiming back on your finances- loans, credit cards and mortgages.

After seening what was on watchdog 2 weeks ago alot of people are claiming back mis-sold ppi

sanjiv_mall

As long as your mortgage or re-morgtagewas taken out 2005-2008 you can claim back ppi

sanjiv_mall

-taff wrote: »

Unless you were intending not to die then there is no problem with life insurance.
It's not PPI.
It was a method of ensuring the company would regain it's money if you died, seeing as you had no other means to pay off the mortgage in it's entirety.

If you are single, have no dependants, and don't intend leaving your property to anyone when you die, then forget about life insurance. If you do intend to leave something for someone, check your work life insurance will cover the cost of your mortgage.

As long as your mortgage or re-morgtage was taken out 2005-2008 you can claim back ppi, I WORK FOR A PPI COMPANY

amersall

sanjiv_mall wrote: »

As long as your mortgage or re-morgtage was taken out 2005-2008 you can claim back ppi, I WORK FOR A PPI COMPANY

The OP did not have PPI, it was life insurance, this is not claimable as a mis sell.
I don't work for a claims co and even I know that.

[Deleted User]

sanjiv_mall wrote: »

I work for a ppi company

sanjiv_mall wrote: »

I work for a ppi company I can help

sanjiv_mall wrote: »

I WORK FOR A PPI COMPANY

Thanks for informing us of that.:T

amersall wrote: »

I don't work for a claims co

Glad to hear it!:beer: