PPI Reclaiming Discussion Part 5

flightpath

I used a claims handler following a recommendation from someone at work. I received nearly £3000 from Santander, of which the claims company took nearly £1000. The company said they could never get anything from my bank, First Direct, so they didn't try.

I rang my bank to see if I had ever had any loans from them with PPI. They advised me of a loan from 1996 which did have PPI. I was then sent a copy of the signed loan agreement in which there was a computer generated "tick" in the PPI box. I was advised to check the First Direct website to look at their guidance on PPI claims. It suggested I use their paperwork , which included information on what the loan was for, whether it was used to pay off credit cards and the like. I thought this was intrusive and unnecessary so I ignored it. I used the standard letter as outlined by MSE. As a result I received a refund of nearly £5000.

It was easy to make the claim using the guidance on this site and in the process I saved a lot of money by doing it myself.

Thanks MSE.

Music_Bugs

Can someone just re-clarify the first steps I need to take?

I have downloaded Equifax report so now have list of all l.oans card etc from past 6 year.

I have never knowingly taken out PPI but understand there is a chance it could have been added without my knowledge?

If so, how do I find out?

Should I ask for all copies of original loan agreements and take a look myself?

Or should I just call the bank and ask them to find out for me?

Thanks

purepink

In 1997, after my divorce, I bought a small property bytaking out my own mortgage with Barclays. I was told I HAD to takeMortgageguard, which I did. Not longafter, I needed to borrow an additional £5,000 and was advised that a top-up onmy mortgage was the best way to do it. In fact, I believe I did this twice. Igot into a heated discussion with the Barclays advisor, because he said I HADto take out another Mortgageguard policy for the additional £5000 - charged at anadditional £7.50 per month. The original mortgage Mortgageguard payment was£9.45 a month. I believe I might have also been charged £7.50 on the othertop-up. I was a single parent with two small children and a baby and money wasvery short! In addition, they took the payment from a 2nd current account Iheld with them, without my instruction! The 'right to change your mind'document arrived after the Mortgageguard payment had been taken and I hadalready been told I couldn't change my mind - that the paperwork was aformality! I wrote to Barclays in January 1999 (I still have the copy letter)asking them what level of insurance I now held and stating that surely itwasn't necessary for me to buy a new policy each time I took a mortgage'top-up'. I actually didn't receive a reply and nothing was ever done. At thetime of writing to them, I had just started full time work and was jugglingthat, with three small children.
I finally found my copy letter today, when I was searchingfor my CPP file! But, is this PPI mis-selling???? I was certainly mis-sold.Thankfully, some years after that, I saw an IFA who told me to stop paying theMortgageguard! When I told her I 'had' to pay it, I believe she mentioned thelaw had changed and I didn't have to buy it!
I would be grateful if someone could point me in the rightdirection, please.

dawncass33

Hi everyone
I have written to my credit card company(Barclaycard) who have told me that they don't believe I was miss sold ppi as when I took out the policy I filled out an application and ticked a box for the ppi so told me to write to the ombudsman! What can I write on the form which suggests I was miss sold ppi? I told them that there was not enough information about what ppi was!
I keep thinking maybe I should have gone to a company to claim it back for me!!

dunstonh

I have never knowingly taken out PPI but understand there is a chance it could have been added without my knowledge?

It cannot be added without your knowledge. If you signed your agreements and didnt read them and dont read your statements, then it could be on there because you never read the paperwork. If you did read them then it cannot be hidden away. You would have seen it.

Should I ask for all copies of original loan agreements and take a look myself?

If you doubt youreself then yes. For closed accounts/repaid debts you need to pay £10 for each firm you borrowed with and do a DSAR (as per guide). If the account is still open and regulated by the consumer credit act then you can pay £1 and ask for the agreement.

dunstonh

dawncass33 wrote: »

Hi everyone
I have written to my credit card company(Barclaycard) who have told me that they don't believe I was miss sold ppi as when I took out the policy I filled out an application and ticked a box for the ppi so told me to write to the ombudsman! What can I write on the form which suggests I was miss sold ppi? I told them that there was not enough information about what ppi was!
I keep thinking maybe I should have gone to a company to claim it back for me!!

Problem is that nothing you have said here suggests it was mis-sold. No-one sold it to you. You chose to have it.

A claims company would not have helped. They use the same address to send the letter to and the same complaints team at Barclays would deal with your complaint.

dunstonh

purepink wrote: »

In 1997, after my divorce, I bought a small property bytaking out my own mortgage with Barclays. I was told I HAD to takeMortgageguard, which I did. Not longafter, I needed to borrow an additional £5,000 and was advised that a top-up onmy mortgage was the best way to do it. In fact, I believe I did this twice. Igot into a heated discussion with the Barclays advisor, because he said I HADto take out another Mortgageguard policy for the additional £5000 - charged at anadditional £7.50 per month. The original mortgage Mortgageguard payment was£9.45 a month. I believe I might have also been charged £7.50 on the othertop-up. I was a single parent with two small children and a baby and money wasvery short! In addition, they took the payment from a 2nd current account Iheld with them, without my instruction! The 'right to change your mind'document arrived after the Mortgageguard payment had been taken and I hadalready been told I couldn't change my mind - that the paperwork was aformality! I wrote to Barclays in January 1999 (I still have the copy letter)asking them what level of insurance I now held and stating that surely itwasn't necessary for me to buy a new policy each time I took a mortgage'top-up'. I actually didn't receive a reply and nothing was ever done. At thetime of writing to them, I had just started full time work and was jugglingthat, with three small children.
I finally found my copy letter today, when I was searchingfor my CPP file! But, is this PPI mis-selling???? I was certainly mis-sold.Thankfully, some years after that, I saw an IFA who told me to stop paying theMortgageguard! When I told her I 'had' to pay it, I believe she mentioned thelaw had changed and I didn't have to buy it!
I would be grateful if someone could point me in the rightdirection, please.

If the lender insists on insurance it is not a mis-sale. If they lie and say they need it when you dont then it is a mis-sale. In the 90s, it was very common for the banks to have deals which required the purchase of MPPI. That was allowed. So, if it is that, then there is nothing you can do about it. This even assumes it is MPPI and not life assurance.

If you feel they have done wrong then complain but your complaint is weak as it is an unprovable allegation. Plus, most people take out insurances with their mortgage. However, if the amounts are small, the bank may autopayout or you may have a stronger complaint reason you havent mentioned.

purepink

dunstonh wrote: »

.... This even assumes it is MPPI and not life assurance.

If you feel they have done wrong then complain but your complaint is weak as it is an unprovable allegation.....

Thank you for this. Looking through the paperwork, it seems that the 2nd 'mortgage top-up' Mortgageguard' policy was a decreasing term assurance, starting at £25,000 in the 1st year (the top-up borrowing was £5k plus £125 fee over 20 years at 8.2% interest) It was referred to as 'insurance' and I had to have it, because I was on my own with the little ones. I did make a huge fuss at the time - It seemed so unfair to have to pay £7.50 a month on a £5k top-up, when I was only paying £9.45 on the original mortgage. I have the copy letter I sent to them, naming the advisor etc. and stating why I felt it was unfair. Would that be taken as proof, do you think, please?

spitz

Moneyineptitude wrote: »

Critical illness cover doesn't suffer from many of the failings that PPI sales had. I've yet to see anyone report success with a complaint about the sale of this kind of insurance which the vast majority of people have a clear need for, especially with mortgages.
.

I dunno anything about all this PPI stuff but we were persuaded to take out critical illness cover on a £40k mortgage for a £125k house when we had approx £40k in savings via PEPs at the time

Does the fact that we could've paid off the mortgage anyway in the event of a critical illness have any bearing?

At the time, I wasn't in work due to disability (still same) so had no use for the cover & my partner was in full-time work having been with same co for 10 years (hence entitled to decent sick pay and redundancy)

Actually I will have to dig the documents out to check if it was only Critical Illness cover as the mortgage was paid off last year but that phrase does sound familiar........

Many thanks for any advice :A

[Deleted User]

spitz wrote: »

I dunno anything about all this PPI stuff

You're not complaining about PPI though; critical illness cover on a mortgage is an entirely different insurance. Did you inform your lender at the time that you already had savings which would cover your mortgage payments if you became critically ill?