PPI Reclaiming Discussion Part 5

BooJewels

I'm not going to comment on the validity of any potential complaint, as others know a lot more about that than me. But I would point out that if you successfully made any claim during the life of the policy, that value would be knocked off any remedy that would be due to you if successful.

Payouts comprise a refund of premiums paid (if the complaint of mis-selling is upheld), plus 8% interest, minus any payout you received for successful claims under the policy. So if you'd made claims of more than you paid in premiums, then there wouldn't be any payout, even if successful.

BooJewels

Apologies dunstonh, we were obviously both typing at the same time.

HoneyBunny79

Hi, does anyone know how to reclaim for a sickness and accident policy that was (I believe) mis-sold by an independent financial advisor? Do we claim from the advisor or the company we took out the policy with? Im confused. Thank you

[Deleted User]

HoneyBunny79 wrote: »

Do we claim from the advisor or the company we took out the policy with?

You make a mis-selling complaint to whoever sold you the policy.

dunstonh

HoneyBunny79 wrote: »

Hi, does anyone know how to reclaim for a sickness and accident policy that was (I believe) mis-sold by an independent financial advisor? Do we claim from the advisor or the company we took out the policy with? Im confused. Thank you

It is worth noting that IFAs have a tiny complaint success rate on ASU. Usually for two main reasons
1 - IFAs only became regulated for insurance on 14th Jan 2005 (so you cant complain about sales prior to that date)
2 - IFAs retailed standalone PPI. That is how PPi should be. Indeed, both types of PPI still retailed today are standalone.

There are secondary reasons why IFAs tend to win complaints. Better audit trails (as confirmed by the FCA a few years ago) and that they take complaints personally. Currently, IFAs account for under 1% of complaints at the FOS.

So, why do you think your IFA missold the PPI?

Tuckerino

I took out and endownment policy then used it to get a mortgage with northern bank could I reclaim anything do you think
Thanks
Simon

[Deleted User]

Tuckerino wrote: »

I took out and endownment policy then used it to get a mortgage with northern bank could I reclaim anything do you think

What sort of thing do you have in mind?

sirfragalot

Dear all,

I'd like to know if and, if so how, I can claim PPI compensation given the following circumstances:

1. I move around a lot and have no records of UK bank accounts, credit cards, mortgages etc.
2. Currently in Denmark for almost 6 years now -- before that in UK for 4 years then New Zealand for 5 years from 2002.
3. My bank from c. 2000 was First Direct (I think I closed it around 2005 then re-opened an account with them in 2007 when back in the UK) and my bank might have been HSBC before that.
4. I certainly had credit cards (mastercard?) and also, in the 1990s had a loan to cover a credit card debt (probably from HSBC if that was my bank).
5. In the mid-1990s I took out a mortgage -- cannot remember who with originally (but it certainly ended up with First Direct) and I have no documentation -- house sold c. 2005 when in New Zealand. I can remember the address of the property.

If it is possible, how do I proceed with making a claim?

Regards,

Mark

[Deleted User]

Who did you have PPI with and why do you believe it was mis sold?

dunstonh

1. I move around a lot and have no records of UK bank accounts, credit cards, mortgages etc.
2. Currently in Denmark for almost 6 years now -- before that in UK for 4 years then New Zealand for 5 years from 2002.
3. My bank from c. 2000 was First Direct (I think I closed it around 2005 then re-opened an account with them in 2007 when back in the UK) and my bank might have been HSBC before that.
4. I certainly had credit cards (mastercard?) and also, in the 1990s had a loan to cover a credit card debt (probably from HSBC if that was my bank).
5. In the mid-1990s I took out a mortgage -- cannot remember who with originally (but it certainly ended up with First Direct) and I have no documentation -- house sold c. 2005 when in New Zealand. I can remember the address of the property.

If it is possible, how do I proceed with making a claim?

You havent said what your complaint is. So, its hard for us to comment without knowing that.