PPI Reclaiming Discussion Part 5

dunstonh

I was sold a Scottish Widows Home Purchase Plan, which was like an endowment policy mortgage but not quite. It was some kind of unit trust plan.

It was an endowment. A unit linked endowment.

I was sold it on the basis that I would not need a separate payment protection policy as it was included and was told that it would be a really good investment as it would pay off my mortgage and give me a big lump sum too. It didn't. In fact it didn't even pay off the mortgage.

Quite common. Endowments hit target and paid surplus for the majority of the time they were available. However, in their late life, they no longer fitted the change in the economics in the UK to a low inflation, stable economy. That change made most people much better off but it hit endowments as the target growth rates they required to hit target were too high in this new environment. Although the amount people were paying on their mortgages dropped by much more to compensate.

I believe I was miss sold. Is this PPI miss selling?

No. PPI is not possible on endowments.

It certainly included PPI in one form or another.

No it didnt. PPI is a general insurance policy issued by general insurance companies. Endowments were issued by life assurance companies. No endowment had PPI on it.

PatBoySlim

I paid PPI on a mortgage for 15 years and didn't realize it was optional, The house was said amount and the adviser who met us at the estate agents told us how much the monthly repayments were.
I tried to claim on it once and was refused, that's when I discovered it was optional in 2012 and cancelled it.


I wrote to the building society (The Tipton and Coseley) but they refuted any wrong doing.


I was lied to by both Stanton fisher and Hidenda who said "yes we go after them" but after 3 months and them trying to recover a couple of quid here and there they admitted they didn't cover the Tipton and Coseley. Just lies.


So now im thinking about doing it myself but cant see any templates for the Tipton.


Where do I start ?

Dimmers70

Hi all I have claimed with Welcome Finance for mis-sold PPI through resolver. I have received a response from Welcome today stating that as it was a joint loan with my ex husbands name coming first on the loan then the claim must come from him. We are separated and I haven't set eyes on him for about 6 years, I don't actually know where he is. Is there anything I can do?

Nasqueron

bemaking wrote: »

Indeed. I can't but help think they would have gone to more investigative effort if it had been me that owed them money!

Yes because they can employ debt agencies to do it. They don't owe you anything, you are complaining about being miss-sold a product

bemaking wrote: »

The time limit surely starts from the point of contact, and in this case there was no contact. (Maybe its a little facetious but how do they know I didn't claim for ppi just before in 2012, just sent it to a wrong address or PO box?)

The time limit starts from when they send the CCL - 2 days after anyway as it's deemed delivered after 2 days sent first class. This is why it's a grey area as it was sent to the wrong place.

bemaking wrote: »

Surely its not my responsibility to provide my current details to any company that I've ever had dealings with on the grounds that it may be found in the future that they had mis-sold something?

No but equally you can't expect them to know you have moved house or that the address is no longer valid. It's unlikely to be a major issue as PPI has been going on so long it's virtually impossible for anybody to not know they could complain

Nasqueron

Dimmers70 wrote: »

Hi all I have claimed with Welcome Finance for mis-sold PPI through resolver. I have received a response from Welcome today stating that as it was a joint loan with my ex husbands name coming first on the loan then the claim must come from him. We are separated and I haven't set eyes on him for about 6 years, I don't actually know where he is. Is there anything I can do?

Contact him whether through friends, Facebook etc

Joint finance requires a joint complaint

Nasqueron

PatBoySlim wrote: »

I paid PPI on a mortgage for 15 years and didn't realize it was optional, The house was said amount and the adviser who met us at the estate agents told us how much the monthly repayments were.
I tried to claim on it once and was refused, that's when I discovered it was optional in 2012 and cancelled it.

First problem there is that your case will be time barred as you have 3 years from knowing you had a reason to complain to do so, cancelling the policy counts for that purpose.

PatBoySlim wrote: »

I wrote to the building society (The Tipton and Coseley) but they refuted any wrong doing.

If they didn't sell you the policy then no, it's nothing to do with them. If their agent sold it to you, they have liability. If the policy was sold by a broker, the complaint goes to them

PatBoySlim wrote: »

I was lied to by both Stanton fisher and Hidenda who said "yes we go after them" but after 3 months and them trying to recover a couple of quid here and there they admitted they didn't cover the Tipton and Coseley. Just lies.


So now im thinking about doing it myself but cant see any templates for the Tipton.

Your complaint will most likely be time barred.
The building society do not have any liability for a sale unless it was their agent who sold you the policy
You complain to whoever sold it to you e.g. the estate agent or whoever - given it was sold in 1997 they won't be liable as it's pre-regulation so they don't have to consider the complaint

That's where you start and quite possibly where your complaint will end

Nasqueron

Moneyineptitude wrote: »

Only one poster described it as a "grey" area. To me, it's very cut and dried. However, if you approach the Bank with courtesy rather than an apparent sense of entitlement, they MAY agree to consider your complaint.

The reason I put that was because the FOS have previously confirmed (for cases relating to endowments I should add) that they would accept complaints outside of the time bar IF the letter had gone to the wrong address

In 2006 FOS spokesman David Creswell said in an interview for the Guardian

there are two grounds on which consumers can complain about time-barring:
· Was the consumer warned of a time bar in a "fair and proper" way, given the increasingly prescriptive script set out by regulators?
· Was the letter sent to the correct person and at the correct address?

dunstonh

I paid PPI on a mortgage for 15 years and didn't realize it was optional, The house was said amount and the adviser who met us at the estate agents told us how much the monthly repayments were.

What evidence do you have to support your allegation that it was not optional?
Although dont bother answer that as it was 15 years ago and pre-regulation. So, that is going to be your major blocker.

I tried to claim on it once and was refused, that's when I discovered it was optional in 2012 and cancelled it.

That triggers the 3 year time bar clock which ended in 2015. So, thats two places they can disregard your complaint on.

I wrote to the building society (The Tipton and Coseley) but they refuted any wrong doing.

Correct. The lender has nothing to do with it. Complaining to them is like complaining to Asda because Tesco did something wrong.

I was lied to by both Stanton fisher and Hidenda who said "yes we go after them" but after 3 months and them trying to recover a couple of quid here and there they admitted they didn't cover the Tipton and Coseley. Just lies.

Yes, you were lied to but they are claims companies. So, that shouldnt surprise you. Your post here tells us everything we need to know.

So now im thinking about doing it myself but cant see any templates for the Tipton.

Tipton have no liability. You have already complained to them (even though you shouldn't) and they have correctly rejected the complaint.

The liability is with the broker who sold it. That is who you would complain to. However, as the sale was before brokers were regulated, they do not need to consider pre-regulation sale complaints. They can also timebar you for not complaining earlier under the 3 year rule.

Rainbows_and_rivers

Hi, sorry if this has already been asked... Both my parents are deceased and I have no idea if they had PPI or not, my Dad had a credit card with co-op bank and I'm not sure what else. Is the only way to find out to dig out old bank statements and start a claim and see what happpens...? He died in 2008, would it be too late now anyway? Thank you so much for any help you have x

dunstonh

Rainbows_and_rivers wrote: »

Hi, sorry if this has already been asked... Both my parents are deceased and I have no idea if they had PPI or not, my Dad had a credit card with co-op bank and I'm not sure what else. Is the only way to find out to dig out old bank statements and start a claim and see what happpens...? He died in 2008, would it be too late now anyway? Thank you so much for any help you have x

The executor of the estate has a right to complain on behalf of a deceased. If the complaint is successful, the proceeds are distributed as per the Will. Being asked for a copy of the death cert and grant of probate/Will etc is normal. The executor cannot use a number of the reasons that an individual can make (i.e. that they didnt know, were not told or were told something wrong). The complaint has to stick to factual things (like eligibility).

Lenders will destroy data when it is no longer required. Typically after 6 years. So, there may not be too much left but you wont know unless you (or the executor if it wasnt you) asks.