We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

PPI Reclaiming Discussion Part 5

19009019039059061103

Comments

  • dunstonh
    dunstonh Posts: 120,029 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    matmurray wrote: »
    Hi everyone,

    I want to contact Egg, Natwest and Halifax to see if I had any PPI stuff on my various credit cards.

    On the main Reclaim Credit Card PPI Free page (Sorry, as a new user I'm not allowed to post links) it says to send off a letter to and ask about any insurance products on my account. Meanwhile, everywhere else I look, I see reference to SAR letters.

    So which one should I send? The first one, or a SAR?

    Thanks!

    You can either contact the bank on their complaints telephone line and ask them if you held PPI (which will cost no more than a local rate call). Or you can write to them and do a DSAR and pay £10 for each bank.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • WatchMan
    WatchMan Posts: 187 Forumite
    Nasqueron wrote: »
    Choice is either to wait or refer to the FOS to join a longer queue (and the bank will probably stop investigating)

    There aren't too many queues at FOS now.

    Most new complaints should be dealt with fairly quickly.
  • If anyone needs Ppi help. Or questions on iva or bankrupt give me a shout.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Jazzband wrote: »
    If anyone needs Ppi help. Or questions on iva or bankrupt give me a shout.
    You are not allowed to tout for business here.

    If you have specialist knowledge, feel free to share it on the forum for everyone to get the benefit of.
  • dunstonh wrote: »
    You can either contact the bank on their complaints telephone line and ask them if you held PPI (which will cost no more than a local rate call). Or you can write to them and do a DSAR and pay £10 for each bank.

    Thanks!

    Just rang Halifax and Natwest and they said I didn't have any PPI products on my accounts. Rang Egg and they said that they couldn't tell me over the phone, so I need to write a letter to them to find out. Still, at least it's only one company left to deal with.

    The thing is though; what's stopping these companies saying I didn't have any products on my account? Of course they could get reprimanded if it turns out that they were lying, but most will just believe what they say on the phone and not chase it.
  • dunstonh
    dunstonh Posts: 120,029 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The thing is though; what's stopping these companies saying I didn't have any products on my account?

    The regulator has fined a few companies multi-millions of pounds and forced them to go back and check and has imposed stricter processes on them that usually result in greater redress being paid than had they done it correctly in the first place.

    A firm caught telling lies risks significant damage that would be reflected in its regulatory position and media/consumer image for a decade or so.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    matmurray wrote: »
    most will just believe what they say on the phone and not chase it.
    The many "complaints" received by Banks from people who didn't actually have any PPI is evidence that a lot of people refuse to believe!
  • When I got my mortgage, I declined the PPIC and other plans, as I had enough saving to cover.
    I was told however that the bank need to be covered in case of problems and I would have to have an insurance policy with eth bank as the benefactor. I have been paying for a Decreasing tem assurance with critical illness policy with the bank.
    This idea sounds a lot like a PPI, as they will be paid if there is some sort of trouble, but is it the same?
  • Nasqueron
    Nasqueron Posts: 10,942 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    When I got my mortgage, I declined the PPIC and other plans, as I had enough saving to cover.
    I was told however that the bank need to be covered in case of problems and I would have to have an insurance policy with eth bank as the benefactor. I have been paying for a Decreasing tem assurance with critical illness policy with the bank.
    This idea sounds a lot like a PPI, as they will be paid if there is some sort of trouble, but is it the same?

    That sounds like either a MIG to cover the lender (which is perfectly legal and if their policy is no MIG no loan then that is not a miss-sale) or life insurance which was often mandatory for mortgages - it is NOT PPI.

    If you had enough savings to buy a house, why did you get a mortgage?

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • dunstonh
    dunstonh Posts: 120,029 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    When I got my mortgage, I declined the PPIC and other plans, as I had enough saving to cover.
    I was told however that the bank need to be covered in case of problems and I would have to have an insurance policy with eth bank as the benefactor. I have been paying for a Decreasing tem assurance with critical illness policy with the bank.
    This idea sounds a lot like a PPI, as they will be paid if there is some sort of trouble, but is it the same?

    It sounds nothing like PPI.

    The first bit of your post suggests MIG - mortgage indemnity guarantee. This was a single premium policy common until the mid to late 90s that was charged to people borrowing high loan to valuations. Very different to PPI.

    The second bit about life assurance and CI cover is again very different to PPI. No overlap at all. Most people take these out to cover their mortgage and is quite normal.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.