PPI Reclaiming Discussion Part 5

[Deleted User]

Jamesdusk wrote: »

Sorry forgot to ask, will my complaint affect my relationship with my bank? Have any bearing on my existing loan etc?

No, the Bank will still want your custom.

martyj999

Hi, been meaning to sort out my ppi for ages and alway spresumed I would be getting back what I had been paying however reading a few different threads, links and stickys I'm not so confident now. I have mortgage PPI through legal and general from 2006 for my mortgage, Iwas originally with birmingham midshires but remortgaged in 2008 with nationwide who i'm still with. I am self employed and my wife is part time employed the cover was for £1000/month split 75/25 at a cost of £39.44 a month, it was taken out at the same time as a critical illness cover with L&G, through an independent financial adviser - according to a girl in my local nationwide (who recently put me off even applying for a loan) told me that as I was self employed the PPI is worthless!!! Not nice to hear, but having read a few things saying that mortgage ppi was not as widely missold as credit card or loans I'm really having doubts as to where i stand.

Anybody with knowledge or experience tell me what's best to do, I have started to fill in the ppi consumer questionnaire but Im not sure what to write in the last part about why Im unhappy with the insurance, etc. DONT WANT TO WRITE THE WRONG THING and ruin my chances.

Help please!!

[Deleted User]

martyj999 wrote: »

as I was self employed the PPI is worthless!!!

With Mortgage PPI the self employed are (generally) covered. I'd actually ask your insurance provider if you are covered before firing off any "complaint" with that as the reason.

martyj999

Moneyineptitude wrote: »

With Mortgage PPI the self employed are (generally) covered. I'd actually ask your insurance provider if you are covered before firing off any "complaint" with that as the reason.

Thanks for the reply, the main thing I'm really wondering now is at what point would I be able to claim for my mortgage PPI. If I was to go bankrupt, surely they would be taking my house from me, therefore I would have no need for the PPI or am I misjudging how bankruptcy works, will this PPI keep my house safe from proceedings - So confused now!! And if not bankruptcy how low does my income have to go before I would be eligible to claim it? I'm not in the !!!!!! right now but I wouldn't like to think that if the worst was to happen I would've been paying £40 a month for nearly 7 years for nothing

[Deleted User]

martyj999 wrote: »

Thanks for the reply, the main thing I'm really wondering now is at what point would I be able to claim for my mortgage PPI.

I'll just reiterate that you should approach your insurance provider for this information.

martyj999

Moneyineptitude wrote: »

I'll just reiterate that you should approach your insurance provider for this information.

Thanks for that, phoned legal and general and got passed around a few departments til I got the right one. Explained to the very nice lady where I stand with regards to doubting that I am as covered as I had been led to believe when taking out the policy. She states that for me to take advantage of my ppi I would have to declare to my local tax office that the business had ceased trading, at that point I would have to go on the dole and presumably bankruptcy would be the next option as I doubt very much the inland revenue would just let me off last year's tax bill. SO, at that point what use would mortgage PPI be when I presume they'll repossess my home.

So without prejudicing my current policy she will pass on my complaint to the relevant department to investigate whether it is the case or not that I have been miss-sold, but they'll keep the policy running should they find it was not the case. Seems to me that it's not the policy I had been led to believe it was and that my home is not as secure as I once thought.

I'll report back here with the outcome of their investigation (which she says may take 8 weeks) but if anybody has any other advice to me please let me know. Thanks.

EDIT: here's the number for the department I dealt with in case anybody is looking for it:

08000728315

Jamesdusk

Moneyineptitude wrote: »

No, the Bank will still want your custom.

Okay thanks. So in the (obviously unlikely) event of any compensation being paid, Lloyds wouldn't take the action of just taking it off the outstanding balance of my existing loan?

[Deleted User]

martyj999 wrote: »

Thanks for that, phoned legal and general


She states that for me to take advantage of my ppi I would have to declare to my local tax office that the business had ceased trading, at that point I would have to go on the dole

and presumably bankruptcy would be the next option as I doubt very much the inland revenue would just let me off last year's tax bill. SO, at that point what use would mortgage PPI be when I presume they'll repossess my home.

If you ceased your business and went on the "Dole", then why would this mean inevitable bankruptcy?

MPPI is only supposed to cover your mortgage repayments, not "last year's tax bills", so it's difficult to see how you may have been mis-sold.

[Deleted User]

Jamesdusk wrote: »

Okay thanks. So in the (obviously unlikely) event of any compensation being paid, Lloyds wouldn't take the action of just taking it off the outstanding balance of my existing loan?

The Bank would only do this if you were in arrears or had defaulted on your loan.

Jamesdusk

Moneyineptitude wrote: »

The Bank would only do this if you were in arrears or had defaulted on your loan.

I took out a new loan with them in March of this year, would they do it with that one?