PPI Reclaiming Discussion Part 5

curryous

[FONT=&quot]In 2005 my wife and I were mis-sold PPI on a five-year remortgage loan from our bank (HSBC). The insurance quote was acceptable to my wife but, because I was older and a pipe smoker, mine was horrendously high. I received permission from the lender to apply for insurance elsewhere and arranged a much cheaper deal with Sainsburys (Legal and General) after explaining my circumstances. I suspect I shot myself in the foot by not taking the HSBC offer but, as I was led to believe that any appropriate insurance was part of the loan agreement, I wonder if I have any claim to a PPI refund and from whom? I have all the paperwork and made notes of all telephone conversations at the time and this includes written quotations from both the HSBC and Legal and General headed ‘Level Life Cover for Mortgage Protection’ and ‘Mortgage Term Assurance’ respectively. At no time during the application process was I told that PPI was unnecessary otherwise I would not have gone ahead. I should add that the remortgaging was secured on a property worth seven times the amount of th[/FONT][FONT=&quot]e loan so no risk of loss to the lender. As I paid out nearly £7000 on insurance alone over the period of the loan, it’s worth asking whether I have any hope at all of reclaiming it? [/FONT]

dunstonh

curryous wrote: »

[FONT=&quot]In 2005 my wife and I were mis-sold PPI on a five-year remortgage loan from our bank (HSBC). The insurance quote was acceptable to my wife but, because I was older and a pipe smoker, mine was horrendously high. I received permission from the lender to apply for insurance elsewhere and arranged a much cheaper deal with Sainsburys (Legal and General) after explaining my circumstances. I suspect I shot myself in the foot by not taking the HSBC offer but, as I was led to believe that any appropriate insurance was part of the loan agreement, I wonder if I have any claim to a PPI refund and from whom? I have all the paperwork and made notes of all telephone conversations at the time and this includes written quotations from both the HSBC and Legal and General headed ‘Level Life Cover for Mortgage Protection’ and ‘Mortgage Term Assurance’ respectively. At no time during the application process was I told that PPI was unnecessary otherwise I would not have gone ahead. I should add that the remortgaging was secured on a property worth seven times the amount of th[/FONT][FONT=&quot]e loan so no risk of loss to the lender. As I paid out nearly £7000 on insurance alone over the period of the loan, it’s worth asking whether I have any hope at all of reclaiming it? [/FONT]

You have no-one to complain to. its not PPI either.

The company with liability is Sainsburys. However, they never gave you any advice (As its non-advice) and they never told you that you had to have it. HSBC are only responsible for the sale of their own policies and you didnt buy it through them. Complaining that you havent died is not grounds for complaint either.

curryous

dunstonh wrote: »

You have no-one to complain to. its not PPI either.

The company with liability is Sainsburys. However, they never gave you any advice (As its non-advice) and they never told you that you had to have it. HSBC are only responsible for the sale of their own policies and you didnt buy it through them. Complaining that you havent died is not grounds for complaint either.

Thanks for the prompt reply, Dunstonh. It seems it was just a pipe-dream after all.

Insider101

Goflow wrote: »

I took out a loan back in 2004 by direct contact in my local branch with an adviser. Due to my secure employment (6 months full pay & 6 months half pay when unable to work) I did not want PPI and told the Adviser so. He told me that I would not get the loan without the PPI so I agreed as I needed the money urgently.

I don't have any paperwork now and the loan was paid off early in 2008 but Lloyds have confirmed that I paid nearly £4000 in PPI during that period. I don't know if the PPI was paid up front or otherwise but I paid £99 per month for it.

Is this single factor suitable for a successful claim. I have heard conflicting reports.

Appreciate any help.

Assuming that it wasn't genuinely a condition of the offer then what you have described amounts to Mis-sale. The problem is that it is also virtually impossible to prove it.

Probably depends on whether they believe you or not. Ie how credible and consistent your story is. They can't automatically reject it just because you don't have proof. However, you have to bear in mind that this reason is "the oldest trick in the book", I.e it's what all the try-it-on complainants say. Doesn't mean it won't be upheld but it is greeted with a degree of skepticism.

Insider101

Manu31 wrote: »

I made a PPI claim over 8 months ago.
Every time I contact them, I'm told there busy and when they get time they will investigate my claim.

Is there a time limit for these claims or will I be still waiting in years to come.

If someone knows please tell me.

Regards
Manu31

When did you get the acknowledgement letter? They should have either issued a final decision or an 8 week holding letter giving FOS rights within 8 weeks of that date.

Insider101

amersall wrote: »

Don't think you need power of attorney, were you the one that dealt with your partners estate and did you go to probate?, if you did then a copy of the probate letter should suffice or a letter of administration.
You will have been covered with this PPI but for life only, the bank want proof that you can make the claim with it being joint.

Post your question here

http://forums.moneysavingexpert.com/forumdisplay.php?f=217

They are more in the know regarding this and can help you more

Sorry for your loss x

They are using the wrong terminology. Power of attorney is the right to act on somebody's behalf while they are indisposed. What is required is probate if there was a will or letters of administration if not.

There are conflicting schools if thought as to whether this should be required for a joint borrower who was not the insured but made payments towards the loan. However, the banks have taken the line that it is and I'm not yet aware of anyone successfully challenging it.

Raqueeb

Hello,

I am after some advise, I am having a loan with Paragon which was taken out in 2004 and I am sure there is PPI with that loan.

I had once contacted the company via telephone can they refuse me to pay my PPI on the basis that in year 2008 I had claim for 12 months when my wife was off sick.

As they had made the payments then they are refusing to deal with the PPI.

Any Advise will me much help.

Regards

Raqueeb

-taff

Any successful complaint will see the amount that paid out for a claim removed from the redress.

You can certainly complain about it, but this is also pre-regulation so they can dismiss your complaint.

[Deleted User]

Raqueeb wrote: »

As they had made the payments then they are refusing to deal with the PPI.

As they weren't regulated in 2004 they can reject your complaint regardless of having paid out and you have no access to the Ombudsman. You claimed on the insurance for a year, so I doubt you have been left out-of-pocket.

GemLou_2

Hi,

Quick question, I was under notice of redundancy when I took out the egg credit card, does that mean the PPI was worthless as they would not pay out.

I applied during the time when it was a pre ticked box and in April I got notice I would be redundant in September, applied for card 19/4/2001.

Thanks for any help already received.