PPI Reclaiming Discussion Part 5

[Deleted User]

craggus wrote: »

The policy was not as described in as much as the verbal description of the policy did not match what was eventually provided to us.

As Dunstonh said, this would be an unprovable allegation and (as you say yourself) something not borne out by the paperwork you signed.

craggus wrote: »

Cancelling the policy did turn out to be as wise as we thought in the end though - by putting away the money we were paying for the cover every month in a savings account, we had saved the maximum amount we could ever claim on the policy within three years anyway!

You can say this with the benefit of hindsight, but remember that the situation would have been a little different if you had been made redundant during this period.

craggus wrote: »

clearly we have no grounds for a claim so I shall not waste my time trying to take it any further!

No one is telling you not to make a complaint, only that the reasons you detailed are weak and so unlikely to reap any reward.


You need to take the discussion of employing an IFA "off forum" as it's off topic and irrelevant here.

dunstonh

As a matter of interest, how do you find a truly reliable IFA, and what should you be paying for their advice? (being independent, I assume you would receive no arrangement fees from providers). I am after advice regarding my current pension provisions (appreciate I am going off topic here, sorry)

most of the issues over the years have come from tied insurance agents and the banks. IFAs only account for 1% of complaints of the FOS. This is despite dominating the distribution (in pensions for example, IFAs handle over 70% of retail pensions). So, statistically, you are unlikely to find a bad IFA. No profession is perfect but the complaint stats from the FOS as well as the FOS comments (who just over a year ago commended IFAs on knowing their clients).

Most IFAs do not do mortgage advice. However, those IFAs will often employ or have access to a mortgage adviser who will work on independent basis (no commission). So, a search of your local IFAs is probably your best place to start. Dont rule out restricted advisers who have no restriction in the areas you are looking at. Increasingly, due to recent changes, more IFAs are moving to restricted basis. However, the only restrictions are in the very high risk areas of not recommending unregulated schemes (which are aimed at very high net worth and lack consumer protections), VCTs & EIS (high risk investment schemes aimed at high net worth, knowledgeable clients). These advisers are typically comparable to IFA status before the recent changes but have to refer to themselves as restricted. Typically, they will use wording that says they are whole of market apart from these areas (and list the areas). If the restrictions do not affect you then that is fine. As an IFA, I am in two minds in going restricted or not and current coverage suggests many more IFAs are doing the same. Having a restricted adviser whose only restriction is that they do not dabble in unregulated high risk schemes can actually increase consumer protection as most of the investment issues over the years have been in schemes like that.

ArchTJW

Hi there

First time poster and I apologise if a similar subject has already been discussed but any help or advice will be greatly appreciated.

I have just cancelled my Mortgage protection insurance (unemployment only) with Payment-shield. The policy was originally applied for through Bright Grey but all my paperwork seems to be with Payment-shield.

I decided to cancel the policy after discussing my situation with my parents who after hearing the terms and conditions of my policy pointed out that there were far better ways of covering my mortgage payments until I found a new job (They do own 1/3 of my flat having put up the deposit so would be one of my options if required) and the premium money would be better put into a savings account or even put towards paying off the mortgage earlier.

The terms and conditions I refer to stem from my attempt to make a claim in May 2012 when I was given a redundancy notice. Thankfully that notice was cancelled but my discovery as to what was required for Payment-shield to even consider covering my payments were quite an eye opener.

When I took out the policy it all seemed very simple. My mortgage adviser mentioned both unemployment and medical insurance to cover my payments. Medical was pretty much out of the question but the unemployment seemed OK and as far as it was explained to me if I lost my job I would need to cover my payments for about 3 months after which If I had not found work my insurance would kick in and cover me for up to 12 months. No one from Bright Grey or payment-shield contacted me to say anything different. Reading that back to myself now it really kicks in how naive I was given this is insurance we are talking about.

What was not explained to me was should I ever need to make a claim I would need to jump through the same hoops as I would have to claim job-seekers allowance. The claims people were very clear that I would need to be in constant contact providing evidence of job applications, interviews, contact with the job-centre etc. Essentially I was paying £33 a month for additional stress and a very low chance of any benefit. Given the apparent rental value on my flat it would actually make more sense to simply move out and rent it through an agency which would cover the mortgage and leave me with spare change to cover repairs, insurances etc.

I would like to try and reclaim some if not all of the estimated £2000.00 I have paid out over the last 5.5 years. I have gone through the instructions as to how you begin making a claim but I have a couple of questions and I'm wondering if anyone can offer some advice

1) Can I actually make a claim given the only reason I took out the policy was the advice from my mortgage adviser (Slate Hogg & Howison Estate Agents, Glasgow)?

2) All my documents are with Paymentshield but it was sold to me by Bright Grey. I cannot find any documents that have Bright Grey on them (the only thing I had was a Bright Grey brochure from my mortgage adviser which I have since discarded). Who exactly would I make the claim against? (FYI my mortgage is with the Halifax and as far as I am aware it was not required to obtain the loan from them).

Hopefully that all makes sense.
Any help you can offer will be greatly appreciated

Thanks.

[Deleted User]

ArchTJW wrote: »

What was not explained to me was should I ever need to make a claim I would need to jump through the same hoops as I would have to claim job-seekers allowance. The claims people were very clear that I would need to be in constant contact providing evidence of job applications, interviews, contact with the job-centre etc. Essentially I was paying £33 a month for additional stress and a very low chance of any benefit. Given the apparent rental value on my flat it would actually make more sense to simply move out and rent it through an agency which would cover the mortgage and leave me with spare change to cover repairs, insurances etc.

This is not a mis-selling complaint. You are actually bemoaning the strict criteria they apply to claimants. I doubt you'll get very far with this line of complaint.

You can only make a mis-selling complaint to the seller of the insurance, but your complaint appears to hinge on the actual terms of the insurance which would have been clearly detailed in the Paperwork you signed.

dunstonh

I have just cancelled my Mortgage protection insurance (unemployment only) with Payment-shield. The policy was originally applied for through Bright Grey but all my paperwork seems to be with Payment-shield.

Bright Grey is a life assurance company. Paymentshield is a general insurance company. They offer different products.

The terms and conditions I refer to stem from my attempt to make a claim in May 2012 when I was given a redundancy notice. Thankfully that notice was cancelled but my discovery as to what was required for Payment-shield to even consider covering my payments were quite an eye opener.

Paymentshield has one of the best MPPI products available and have a very good reputation on service and claims.

When I took out the policy it all seemed very simple. My mortgage adviser mentioned both unemployment and medical insurance to cover my payments. Medical was pretty much out of the question but the unemployment seemed OK and as far as it was explained to me if I lost my job I would need to cover my payments for about 3 months after which If I had not found work my insurance would kick in and cover me for up to 12 months. No one from Bright Grey or payment-shield contacted me to say anything different. Reading that back to myself now it really kicks in how naive I was given this is insurance we are talking about.

Bright grey has nothing to do with it. Paymentshield have no reason to tell you anything different as they dont need to.

What was not explained to me was should I ever need to make a claim I would need to jump through the same hoops as I would have to claim job-seekers allowance.

You dont need to be told that. That is something that any sane person would do (for example, you get your NI paid for you if you sign on. Also, you are not technically unemployed if you dont sign on).

The claims people were very clear that I would need to be in constant contact providing evidence of job applications, interviews, contact with the job-centre etc.

not constant but regular updates. Common sense and quite normal.

Essentially I was paying £33 a month for additional stress and a very low chance of any benefit.

If you think that is stress then you have a strange definition. Not having any income is more stressful.

1) Can I actually make a claim given the only reason I took out the policy was the advice from my mortgage adviser (Slate Hogg & Howison Estate Agents, Glasgow)?

The advice seems sound. So, it should be an easy rejection on their part. You are entitled to do it but based solely on what you have said, I would expect rejection.

2) All my documents are with Paymentshield but it was sold to me by Bright Grey. I cannot find any documents that have Bright Grey on them (the only thing I had was a Bright Grey brochure from my mortgage adviser which I have since discarded). Who exactly would I make the claim against? (FYI my mortgage is with the Halifax and as far as I am aware it was not required to obtain the loan from them).

Bright Grey have nothing to do with paymentshield. Bright Grey did not sell it to you. The estate agent did.

Given the high quality of paymentshield MPPI and the fact it was put in place by a regulated adviser (only 0.2% of PPI complaints at the FOS are about adviser cases) and it was after insurance regulation (so a statement of demands and needs would have been issued) and you dont appear to have any grounds for complaint (which is quite important when making a complaint), I cant see anything here that would indicate a successful outcome. It would also quite probably burn your bridges with that estate agent for any future business.

ArchTJW

Cheers Guys

back of my mind had it down as a waste of time but if you don't ask you wont know etc.

ladyluck1970

Hi MSE PPI geeks Happy New Year

Need some advice, I have decided to look into PPI but have had several credit cards over 10 years, can I claim that far back and I have no record of the credit card numbers etc so where to start with finding all this info out. Can anyone give me some pointers on which companies to use for my credit history and how much will it cost

Cheers LL:p

[Deleted User]

Please don't spam the forum with duplicate posts.
https://forums.moneysavingexpert.com/discussion/comment/64230056#Comment_64230056

auntieraine

amersall wrote: »

Have you tried to get your p60 from your employer?, this is what you need as it shows earnings for the year, if they can't help then ask HMRC if they can.

Thank you. I think I'll have to try HMRC as the eployer I was with back in 2003 doesn't keep records for more than six years. Still, I am determined to get this sorted out and get my PPI back from Capital One!

Lainebaloo

Hello all, I'm new to the forum :-) So, I just wanted to share some info, firstly I had a letter from Black Horse Finance in Oct 2013 relating to PPI on a loan I had taken out in 2004, long story short, they initiated this, I completed the form they sent to me and they upheld my claim and paid me out £1008 in early Dec 2013. This event sent me on a train of thought and I went digging through old documents, I found papers relating to another loan I took out in 2005, this one was tricky, it was arranged via First National HomeLoans and brokered by Ocean Finance, I could see clearly there was £750 PPI payment, the loan was repaid in full. I contacted OF and was given details to contact Mr Meyer, then received a letter from Alabaster CI basically saying, you're getting nothing the company has folded, Id never heard of this company so I rang them, spoke to a very snooty woman who pretty much told me the same thing. Not to be put off I rang First National, spoke to the most helpful girl, she went digging and was able to find the name of the insurance company and the policy number for my PPI, incidentally these are details I've never held, I was never sent them! So, I contacted the company, Cardiff Pinacle, very helpful, explained the situation and they sent me out the forms to fill out to initiate a claim, so, I chased it up on Tues passed (NYE) and was told they were upholding the complaint and a letter was on it's way offering me over £1300, result! I guess my message is, don't be put off by these companies/brokers like Alabaster CI saying they're out of business and therefore assuming no responsibilty, I'm like a dog with a bone when I think I'm in the right which helps but you really should keep going until you find the source and follow it through, I reckon these people are waiting to hear from you anyway :-) Happy New Year folks!