PPI Reclaiming Discussion Part 5

Phil_g_1969

I was recently turned down for a ppi claim with natwest so appealed to ombudsman and was still rejected. The reason being that the application in 2000 was pre the 2006 regulation change. The ombudsman state it was an advised sale and because I can't prove I had adequate cover from other source they said I wasn't miss sold yet I had savings, long term employment and over £220000 worth of equity in my property as well as mortgage cover through the abbey national. Surely I didn't need this ppi. I now have another 2 claims against the Halifax for secured loans myself and wife took out. I've been asked to complete a questionnaire by the Halifax, my fear is that they will come back and say the same. Any advice?

Insider101

Correspondent1 wrote: »

I joined this site to get a bit of advice but it seems that this board is policed by several individuals who offer definitive and mostly derisory comment to people seeking information.

Don't get me wrong, I have no issue with disabusing people of misconceived notions however the bedside manner definitely requires a severe overhaul.

To answer the post, I am not an idiot and have neither misunderstood the time limit or been told ANYTHING by a PPI claim compny as I won't use them.

What I said originally was that Platform claimed that they were unable to assist as "in line with recommended data protection best practice, after 6 years, our mortgage files are destroyed" Like I said, with good reason on their part as it is their get out clause to avoid paying back massive sums.

Also, I checked with my colleague today and her circumstances are:

1). She took out a credit with HSBC
2). She declined PPI
3). NO PPI PAYMENTS APPEARED ON HER STATEMENTS
4). When she asked them years later if she had it, they said yes and paid her back with no quibble.

This is not made up, this comes from a person who is so savvy with her money that it would put most of the advisors on here to shame. The fact is that PPI was added and hidden in the APR and not by a tin pot sub prime market but by a front line, leading lender so it is my turn to disabuse you of your notion I am afraid.

Now, if someone could answer my Q about whether it is Platform's responsibilty when presented with my mortgage statements to tell me if I had PPI , I will take my leave.

TIA...

In answer to your question, no it is not. As your mortgage was sold by a broker and most mortgage PPI is a stand alone separate product, they are probably not going to know if you had any cover, since it is usual for that to be set up by the broker as well. Which is why it sounds very odd for a broker to be calling you trying to encourage you to make a PPI complaint, since if there was any misselling the culprit would be him! Platform are simply complying with the Daya Protection Act which requires then to destroy records when they are no longer thought to be required.

As regards the HSBC thing I will reiterate this is nonsense. It just does not happen. The PPI may have been under a different name like credit protection or something but it will be there. The suggestion that PPI was "hidden in the interest rate" is totally nonsensical. If you have signed an agreement to take the card at say 15% APR then they have a lawful right to charge you that much in interest. Where is the motive for them to charge you " hidden" PPI as part of that? They wouldn't get any more money out of it. It would be utterly pointless.

Insider101

glynlh wrote: »

I have recently had a PPI repayment; the letter accompanying the cheque said the sum may be taxable. Is there any hard and fast rule as to whether it is taxable or not, or does it depend upon the individual's circumstances?

Statutory interest is taxable as savings interest. They should have paid it net of a 20% tax deduction (most people's rate). If you don't earn enough to pay tax you can reclaim it, if you pay higher rate you will need to pay the additional tax by self assessment.

Insider101

Phil_g_1969 wrote: »

I was recently turned down for a ppi claim with natwest so appealed to ombudsman and was still rejected. The reason being that the application in 2000 was pre the 2006 regulation change. The ombudsman state it was an advised sale and because I can't prove I had adequate cover from other source they said I wasn't miss sold yet I had savings, long term employment and over £220000 worth of equity in my property as well as mortgage cover through the abbey national. Surely I didn't need this ppi. I now have another 2 claims against the Halifax for secured loans myself and wife took out. I've been asked to complete a questionnaire by the Halifax, my fear is that they will come back and say the same. Any advice?

Having long term employment is irrelevant. The purpose of the insurance is to cover you in case you lose the employment or are unaware to work through illness/accident. Likewise having equity in your property is not much use for paying your mortgage. OK you could maybe argue that you could sell your house and downsize if need be but in truth this assumes that you would be able to find a buyer in a reasonable time frame and would you really want the hassle?

As for Halifax what do you think they did wrong? Unless we know your complaint reasons we're guessing a little bit.

paul20112012

mirror-signal-manoeuvre wrote: »

Been checking old policies, etc and found a Comet tv purchase with 5 year extended warranty, which we were sold (but didnt want it) Is this one I can claim back, or is it too old. Have already emailed Comet and they say cannot claim after 13 years. Any ideas guys ?

I won a claim over 20 years old...go to FOS

[Deleted User]

paul20112012 wrote: »

go to FOS

The person you were responding to had PPI with Comet who weren't regulated 13 years ago. Unfortunately there is nothing FOS can do and they won't accept a referral. Your personal complaint was with a Bank which had earlier regulation.

rob.rob

I have recently made a claim for misold PPI by Mercantile Credit for a loan from 1998.. I contacted Barclays Partner Finance and completed the questionnaire they sent me. I also included a copy of the original agreement which details the loan plus PPI. Posted by registered mail 4 days ago. Received a letter this morning to say that they will not be upholding the complaint as they are unable to locate a loan account in my name, however if I am able to provide a copy of the original policy or the credit agreement they may re open their investigation!?.. I have absolutely no doubt that the PPI was misold to me. I am also aware that it was some time ago. Can anyone please advise ?? many thanks in advance don't want to get anything wrong in my response to this

dunstonh

Phil_g_1969 wrote: »

I was recently turned down for a ppi claim with natwest so appealed to ombudsman and was still rejected. The reason being that the application in 2000 was pre the 2006 regulation change. The ombudsman state it was an advised sale and because I can't prove I had adequate cover from other source they said I wasn't miss sold yet I had savings, long term employment and over £220000 worth of equity in my property as well as mortgage cover through the abbey national. Surely I didn't need this ppi. I now have another 2 claims against the Halifax for secured loans myself and wife took out. I've been asked to complete a questionnaire by the Halifax, my fear is that they will come back and say the same. Any advice?

Is this mortgage PPI?

Most MPPI complaints get rejected. This is because secured debts have lifestyle changing consequences if they go unpaid. MPPI doesnt have most of the same issues as loan and credit card PPI. Most MPPi pays out in addition to sick pay and the FOS typically reject complaints as long as it pays out.

Equity in property is irrelevant. Savings need to be proven and typically be around 2 years income. The fact you had secured loans suggests there was no savings as you dont take out secured loans if you do (apart from mortgage)

jaymeme

hi, can anyone help please my ex partner and i spilt up 6 years ago, we had 2 joint bank accounts at natwest both with loans with both our names on them, i wrote to them regarding ppi claim complaint and they wrote back that they would only deal with the lead name thats my ex partner, im outraged as we opened the accounts together they took his name first i didnt think anything of this at the time, I earned a good wage and so did my ex partner we both paid the loans back together from the joint account how can they do this ?? we are not friends and he has since gone to prison is there anything I can do, blackhorse just paid me half of the claim and kept my ex partners for him to claim back on his own, any help would be great

-taff

If they were joint loans, they've told you you need both signatures, therefore you need both signatures.