PPI Reclaiming Discussion Part 5

ridingwood

Is there a formula as to what percentage of the loan was PPI payment?

-taff

No.
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ridingwood

So how does the layman know if the offer is enough???

GhIFA

Does the offer not break down how the payment is calculated?

amersall

ridingwood wrote: »

Amersall, that's the problem, we don't know, the payment was not split on the bank statement. Their letter to us states that we paid £ 1480.08 in premiums but we cannot check this as we cannot find the original paperwork from 10 years ago.

It looks as if they have given you full redress with the original PPI and the rest for the 8%, ask them for a copy of the agreement that they worked this out from, that way you will know, as they have told you to go to FOS it is highly likely they have paid correctly.
What do you think you should have got back?.

ngalbraith

I have just recieved a rejection letter from Halifax to say that they found no evidence of me being mis-sold by PPI that I have on my mortgage.

Should I continue onto the Ombudsman or is it just a waste of time.

Also should I cancel the PPI payments now and get setup with a different (cheaper) Life cover system or keep going until everything is resolved?

Thanks for any help

-taff

Life insurance and PPI are two totally different things.
Unless you are single with no dependants you need life insurance, otherwise, when you die, who pays the mortgage?

WontGetFooledAgain

Halifaxian wrote: »

Hello! Around 12 years ago I took out mortgage ppi. I work for the NHS as a Registered Nurse, full time. Did I need ppi? If I become sick or experience critical illness etc.. I get full pay for 6 months and after that time my sick pay goes to half pay for a further 6 months. Would it be worth me considering making a claim??

Any advice would be appreciated.

I would definitely make a claim.
NHS give you good benefits, which may have made the PPI unsuitable.
How long had you been employed by the NHS when you took out the mortgage? Just telling the bank you had 6 months full sick pay might not be enough for them to say that you didn't need it. I would look into other benefits you would have received, specifically death in service (how much would your family have received if you were to die) and redundancy pay. A combination of those would probably lead to the PPI being unsuitable.

ngalbraith

-taff wrote: »

Life insurance and PPI are two totally different things.
Unless you are single with no dependants you need life insurance, otherwise, when you die, who pays the mortgage?

See this is where I get totally confused about what I'm paying. I assumed I was paying £65 a month for Life Insurance as the PPI statment I got just before I made the complaint talks about payment to cover Like/Accident &Sickness/Unemployment and Other for myself and Life cover for my wife.

This stuff always makes my head spin, maybe I need to go see a Financial Advisor about it.

-taff

ngalbraith wrote: »

See this is where I get totally confused about what I'm paying. I assumed I was paying £65 a month for Life Insurance as the PPI statment I got just before I made the complaint talks about payment to cover Like/Accident &Sickness/Unemployment and Other for myself and Life cover for my wife.

This stuff always makes my head spin, maybe I need to go see a Financial Advisor about it.

Covering your mortgage with life insurance, unemployment cover, critical illness etc, is a very very good idea.
Mortgage PPI is completely different to loan PPI because it's a long term cover, and it will pay out.
You need to do some research on the difference between loan/cc PPI and mortgage PPI.