PPI Reclaiming Discussion Part 5

dunstonh

thecolonel62 wrote: »

Hi what if the loan was to a company/partnership /LLP of which you were a significant shareholder? and especially if that company no longer exists is the bank then off the hook?

Depends.... (dont you just love answers that start that).

A signatory of the company can make a complaint on behalf of the company. However, not all banks will accept it where the company no longer exists as a legal entity (as there cant be a signatory on something that doesnt exist any more). Although some will.

If the complaint is successful, the payment is made to the company. This means opening up the bank account again and declaring it as a profit on the company and paying the appropriate tax via the company tax return.

Dannyhomer1234

I recently contacted the broker I bought my mortgage through in 1998. I'm pretty sure I was sold PPI but they say they don't keep records after 7 years. The bank that supplied the mortgage say they cannot find my records. I sold the property in question years ago and no longer have any paperwork. Any suggestions on how to proceed?

dunstonh

Dannyhomer1234 wrote: »

I recently contacted the broker I bought my mortgage through in 1998. I'm pretty sure I was sold PPI but they say they don't keep records after 7 years. The bank that supplied the mortgage say they cannot find my records. I sold the property in question years ago and no longer have any paperwork. Any suggestions on how to proceed?

You dont proceed. you give up.

Brokers only became regulated in January 2005. They do not need to consider complaints about sales made prior to that date.

on the plus side, most MPPI sold by brokers is deemed suitable even when the complaint is post regulation. So, you were almost certainly not missold and are not missing out on anything.

Dannyhomer1234

Thanks, not the best news but at least a resolution

deadrobot

Hii!

So I took out my mortgage in March 2008 and the mortgage broker sold me life insurance that came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI? The insurance ran for about 2 years and I then changed to cover that didn’t include payment protection as I was working for the NHS and they have full pay sick benefits.

If so, I can’t remember who the life insurance was with, I don’t have the paperwork. I don’t think he’s a mortgage broker any more but I know that his email signature included: representative of Home of Choice Ltd which is authorised and regulated by the Financial Services Authority (FSA). Home of Choice Ltd is a Registered Company (Registration Number 03156922). The Registered Address is 25 Harley Street, London, W1G 9BR.

So would I get in touch with home choice to ask them about it? Would they even know?

Grateful for any help/suggestions! Thanks!

[Deleted User]

deadrobot wrote: »

I took out my mortgage in March 2008 and the mortgage broker sold me life insurance that came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI?

Life and Critical Illness Cover is no more PPI than your car insurance and I can't see that you have a valid complaint.

Sorry.

dunstonh

So I took out my mortgage in March 2008 and the mortgage broker sold me life insurance that came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI?

Life assurance is not PPI. Income protection can be PPI or PHI. Illness could be critical illness cover, which is not PPI.

So would I get in touch with home choice to ask them about it? Would they even know?

What do you want to get in touch with them about?
Do you have a problem with what you were sold?

BooJewels

deadrobot wrote: »

[...] came with payment protection cover, i.e. the life insurance would cover my mortgage if I became ill. Is this the same as PPI?

You're sort of describing two separate things as one there. My own mortgage protection has three elements; life insurance, critical illness insurance and payment protection insurance. I think most mortgage insurance packages take much the same form - or you can take certain elements of those.

The life and critical illness cover are on one policy - and these pay off the mortgage completely (different types here too - either the amount you originally borrowed, or the amount you still owe) if the named party either dies or suffers one of their qualifying critical illnesses.

The third part is payment protection (i.e. PPI) and this covers your monthly repayments for a limited period (usually 12 months) if you're poorly and can't work or lose your job - again, with various qualifying criteria. So, as such PPI isn't life insurance - they're different things. If you had life insurance, you couldn't make a complaint, but might be able to with PPI, if that was what you had and it was miss-sold.

dal741

HI, attempting to start my own PPI claim. Over the years have had many loans, credit cards etc but have no specific records of them. I joined the MSE Credit Club as suggested but my credit report only seems to state the current companies I have loans etc with. It does give the number of previous companies in past I have had agreements' with but not the specifics. Am I missing something here in regards to the report, and if not how can I find this information out. Thanks

dunstonh

dal741 wrote: »

HI, attempting to start my own PPI claim. Over the years have had many loans, credit cards etc but have no specific records of them. I joined the MSE Credit Club as suggested but my credit report only seems to state the current companies I have loans etc with. It does give the number of previous companies in past I have had agreements' with but not the specifics. Am I missing something here in regards to the report, and if not how can I find this information out. Thanks

Credit reports only have a running 6 years of detail.