PPI Reclaiming Discussion Part 5

dunstonh

they tell me that the bank's lied to customers and rejected claims they should have paid out for and that they can make the claim on my behalf

Like most things, there is an element of truth in there but not as extreme as the CMC has put it and you dont need the CMC.

A number of banks have been instructed by the FCA to go back on old complaints that were rejected and review the decision given and in a high number of cases, the bank is changing its mind. This is happening automatically without the consumer needing to contact the bank.

The CMC regulator has told CMCs that they cannot take a cut against these cases (even if they were the original instigator) unless they get a new authority from the client agreeing to it. So, they are telling people this and trying to get new authorities completed so they can say it was to do with them and they can bill you against it.

Some banks have gone back to their very old archived records and have found people that were previously rejected as not having PPI and have proactively contacted those people to reopen their complaint. No CMC required.

So, its more CMC spin on a bit of truth

familycooper29

Anyone claimed against
Coventry Building Society,
Northern Rock Car Loans,
Cornhill PPI from 1989?
Arbury Peugeot ref Cathedral cars/Capital car loans.
Barclays platinun & Gold credit cards,
Nat West loans mortgage protection insurance with compulsory life insurance and home and contents ins`?
Commercial Union insurance Mortgage Endownment miss selling? Thanks Terry

societys_child

Quite possible that people have claimed at some time on policies held with all 7.
You appear to be asking about ppi misselling?

If that's the case, yes, I would imagine people have complained (not claimed) to all seven companies you've listed.

dunstonh

Nat West loans mortgage protection insurance with compulsory life insurance and home and contents ins`?

if it was compulsory then it cannot be missold.

Commercial Union insurance Mortgage Endownment miss selling?

The endowment issue is mostly over. At this time, most endowments are timebarred from a complaint. You are about a decade late on that one.

Neither of the above have anything to do with PPI.

Freddy5150

Hi,
This is my first post so please be gentle with me. Can anyone help me, please?

I used an IFA (attached to a local estate agent) some fifteen years ago to arrange a mortgage with C&G. The IFA sold me redundancy cover also. To be honest, I didn't really want it, but he was pushing me to buy four or so separate policies so just getting one seemed to be getting off lightly: it certainly was pressure selling tactics by the IFA.

The redundancy cover was with a company called Select and Protect which I paid for about six or seven years before cancelling. My premiums were paid via direct debit to Select and Protect and not C&G. I still a have the mortgage with C&G btw.

I have two questions:
1) Is the redundancy cover classed as PPI?
2) If the answer to question 1 is YES, then who do direct my claim to?

I am a little confused as all the reclaims appear to be for the banks.

Thanks in advance to anyone who can help me out with my questions.

Cheers

dunstonh

1) Is the redundancy cover classed as PPI?
2) If the answer to question 1 is YES, then who do direct my claim to?

1 - yes
2 - nobody. IFAs did not become regulated for insurance until January 2005. You bought well before that. Some mortgage brokers may have to consider earlier complaints but you state it is an IFA so that is not likely (its unusual for IFAs to be working out of an EA. Most EAs use mortgage brokers).

I am a little confused as all the reclaims appear to be for the banks.

MPPI is a lower risk product. It is still retailed today. One of only two types of PPI that are. IFAs also have the lowest complaint rate of any of the distribution channels. Most complaints against IFAs fail. In terms of PPI, most IFAs wouldnt have done PPI as IFAs are mostly investment advisers. However, where an IFA has done a PPI sale, they usually have much better audit trails than a bank.

Anyway, yours is pre-regulation and doesnt sound mis-sold even if it had been post regulation.

Freddy5150

Thanks Dunston for that very detailed explanation. It appears that I may have got myself a little confused as to who actually sold me the mortgage. Checking through my notes it was actually a mortgage broker (as you suspected) and not an IFA.
Any possibility that I am able to make a claim against the broker?
Thanks very much for your help.

dunstonh

Freddy5150 wrote: »

Thanks Dunston for that very detailed explanation. It appears that I may have got myself a little confused as to who actually sold me the mortgage. Checking through my notes it was actually a mortgage broker (as you suspected) and not an IFA.
Any possibility that I am able to make a claim against the broker?
Thanks very much for your help.

The vast majority of mortgage brokers also did not become regulated until January 2005 either. However, a small number were members of an earlier body from around 2001 and those ones have to consider complaints made between then and 2005.

If you look at the three largest mortgage brokers/networks in the country, they arrange 3 out of 5 mortgages and they were not members of that earlier body. The FOS stats show that they are unable to consider most complaints referred to them.

You can make the complaint and see what happens but the odds are significantly against you when it comes to mortgage brokers. The FSCS said a few years back that it only upholds around 5% of complaints against mortgage brokers. Most of those were single premium MPPI (which is considered bad -regular premium is considered good).

mw1

Please be gentle as new to the PPI arena...and hopefully I'm posting in a relevant area.

I used the Resolver tool earlier this year (so straightforward and free) and have had communications from everyone I've contacted to date.

I'm going to dispute Capital decision so is it best to request SAR or go straight to FOS? I had the same happen with some cases with Barlcaycard and have requested all info they have in between correspondence. Egg Card (now managed by Barclaycard) has been refused, and one policy with Barclaycard is still being looked at.

My main query is on MINT (from RBS) and offer of 44pence (as refund of premiums paid for approx 3 years - 1999 to 2002). Should I request details (including statements) via a SAR or refer to FOS as they look to get this signed off as acceptance of their offer.

Any thoughts very welcome.

Thanks.

dunstonh

I'm going to dispute Capital decision so is it best to request SAR or go straight to FOS?

What will a SAR achieve that you dont already know?

We dont know your complaint reasons or the reasons you were rejected. So, its difficult for us to comment.

My main query is on MINT (from RBS) and offer of 44pence (as refund of premiums paid for approx 3 years - 1999 to 2002). Should I request details (including statements) via a SAR or refer to FOS as they look to get this signed off as acceptance of their offer.

Your complaint was successful. Why would you go to the FOS?
What evidence do you have that suggests that figure is wrong?