PPI Reclaiming Discussion Part 5

[Deleted User]

williamD1964 wrote: »

Can someone advise me if not knowing about it & not wanting it constitutes mis-selling?

It normally just means you've forgotten about it, the documentation will certainly show that you knew and agreed to it (and you'll have put your signature to it)

dunstonh

williamD1964 wrote: »

After contacting RBS regarding PPI which I was sure that I had never taken out, I find that I have had five loans (going back to 1992) and two mortgages where PPI has been charged. I am at a total lose as to why I would have bought this. I have put in a claim for mis-selling due to the fact that I have no recollection of agreeing to it or requiring it. Can someone advise me if not knowing about it & not wanting it constitutes mis-selling?

Your recollection is not grounds for complaint. All the companies will do on that complaint is look at suitability as there almost certainly wont be anything to show you were not told what you were meant to be told.

Statistically, there is a good chance the loan PPI complaints will succeed but the mortgage PPI complaint will (statistically again) fail unless you have a proper complaint reason.

williamD1964

My problem is, Moneyineptitude the whole point of PPI is to cover sickness & redundancy...but I was, and I still am, employed by a company that paid me full sick pay (not SSP) & redundancy should I be sick or be laid off...so I would have known that I didnt need it, so I doubt very much that I would have requested it or asked for it.

maggy50

williamD1964 wrote: »

My problem is, Moneyineptitude the whole point of PPI is to cover sickness & redundancy...but I was, and I still am, employed by a company that paid me full sick pay (not SSP) & redundancy should I be sick or be laid off...so I would have known that I didnt need it, so I doubt very much that I would have requested it or asked for it.

Like yourself there were many including myself " sold" these products and at the time no options were explained .

With loans PPI was added up front without any explanation as to being optional !!!

Alison_H

I received a phone call this evening from a PPI compensation team and they insisted that I took out a loan for £5,000 in 2005 and I was due compensation.I had a credit card with Nat West but I don't remember taking out a loan.My late mother, who lived with me during that time, may have taken out the loan and our shared address has caused the confusion.I told the PPI team this and they ended the call.If my mother was due any compensation would I be able to claim for her estate? It's all very confusing!

-taff

PPI compensation teams don't phone you up, the bank/building society concerned send you letter.
You were scam cold called by a PPI claims firm and thankfully, you didn't agree to anything.

[Deleted User]

williamD1964 wrote: »

so I doubt very much that I would have requested it or asked for it.

It's not me you have to convince...

aayush

williamD1964 wrote: »

My problem is, Moneyineptitude the whole point of PPI is to cover sickness & redundancy...but I was, and I still am, employed by a company that paid me full sick pay (not SSP) & redundancy should I be sick or be laid off...so I would have known that I didnt need it, so I doubt very much that I would have requested it or asked for it.

I to had the above with other company can i ask for refund re payments made as not used the policy and not help

Joeypeachy

Can anyone help me with Welcome finance/FSCS?

I made a claim as I had no idea the additional £2300 amount on my loan was PPI - I believe it was front loaded interest on a sub-prime loan. I said in my claim documentation that had I known about the policy I would have made a claim when made redundant in 2008 although realise now that, as I became self employed a month later, in fact probably wouldn't have been able to even if I had known about the policy.

They had rejected my claim on the grounds that the fscs are an organisation of 'last resort' as Welcome are in default and will not consider my claim as I would have made a claim had I known about the policy so I should make a claim on the PPI policy as a means of compensation instead.

I am confused as the compensation I deserve is for PPI mis selling not the equivalent of a months payment. I only made the point about making a claim to highlight that I had no idea I had PPI.

Given that when I ring the 'independent' FSCS Welcome Finance answer the phone what should my next step be? FOS?

Any useful advice very much appreciated.

Jo

amersall

Joeypeachy wrote: »

Can anyone help me with Welcome finance/FSCS?

I made a claim as I had no idea the additional £2300 amount on my loan was PPI - I believe it was front loaded interest on a sub-prime loan. I said in my claim documentation that had I known about the policy I would have made a claim when made redundant in 2008 although realise now that, as I became self employed a month later, in fact probably wouldn't have been able to even if I had known about the policy.

They had rejected my claim on the grounds that the fscs are an organisation of 'last resort' as Welcome are in default and will not consider my claim as I would have made a claim had I known about the policy so I should make a claim on the PPI policy as a means of compensation instead.

I am confused as the compensation I deserve is for PPI mis selling not the equivalent of a months payment. I only made the point about making a claim to highlight that I had no idea I had PPI.

Given that when I ring the 'independent' FSCS Welcome Finance answer the phone what should my next step be? FOS?

Any useful advice very much appreciated.

Jo

If you used the Single Premium reason in your original claim to Welcome, write back to them and reject the reason they gave for not upholding your mis sell claim, tell them that you were mis sold this policy as the full cost of the PPI or the unfair rebate that applied at settlement were not explained to you at the point of sale as when you were made redundant later, you were not even aware that you had this product and so did not make a claim on this policy.
Let them know that you will not be making a retrospective claim regarding the redundancy and want the claim to be upheld for mis sale with the reasons mentioned.

Contact FSCS http://www.fscs.org.uk/contact-us/
ask them to explain to you why the mis sell cannot be upheld and you have to make a claim on the policy for the redundancy when you were not given the full facts regarding this PPI.
This was in effect a loan on the loan to term end with interest so why should you pay to term end for a product with interest,you did not know you had.

I would also tell Welcome that you are putting a complaint into FOS regarding this.