PPI Reclaiming Discussion Part 5

BooJewels

deadrobot wrote: »

It was the third part, the payment protection. I definitely remember the broker saying it was cover to pay my mortgage in case I lost my job or got ill.

I don't know if you're still a little confused or maybe we have different understanding of what the words 'pay my mortgage' means.

PPI is to cover your monthly repayments only - and only when you met certain qualifying criteria and usually only for a fixed period of time - ours is for 12 months and pays 133% of the mortgage repayment each month. So if, for arguments sake, our mortgage repayments are £500 - we'd get £665 paid into our bank account each month, for 12 months - total maximum value of a claim = £7980.

However, for critical illness or death of my husband (I'm not named on the policy as I didn't qualify for cover) - the entire value of the mortgage sum borrowed at the time the policy commenced would be paid - tens of thousands of pounds - hence it would 'pay our mortgage' completely, not just the monthly repayments.

dunstonh

The reason I might be due something is that I worked for the NHS and I believe they wouldn't have paid out if I had gotten ill as I would have been on full pay benefits via my job. A few colleagues at my work have had successful claims as they are NHS workers.

That is a good reason for loan and credit card PPI. However, it is not a good reason for MPPI. Mortgages are long term secured debts with lifestyle changing consequences if it goes unpaid. Protecting it is considered common sense. MPPI pays out in addition to the NHS sick pay. The FOS have been rejecting complaints on that basis. So, it is not a valid reason in this case.

youth_leader

A thank you from me.

HSBC have just offered to pay my late husband and I for PPI we had on a 'home improvement' loan in 1995.

Rose_from_Bristol

How do you know if you have ever had PPI?

[Deleted User]

It appears on all your statements.

Sw46

cappo wrote: »

So here we are guys restarting on this thread this post will just give you a post or two to latch on to.

Hi

I have contacted Lloyds who have suggested I may have grounds for a claim & sent me a form to complete. My grounds for complaint is that I was unaware I had the PPI on my loans - is that 'sufficient' for the forms or does anyone have any suggested wording etc that can be used?

Many thanks!!

amersall

Did you pay the insurance in with the loan monthly payment and do you have any paperwork?.

Mandy_David

HI everyone. I got a letter from danske bank the other day saying I mite be eligible for a ppi compensation just had to complete attached form. I took a £5000 loan out in 2009 for 4 years have no idea what ppi I was paying on that loan. In 2011 I left my job and opened my own business that didn't work out so I wasn't in position to pay for good few months. Eventually my loan was sent to debt collection company and I arranged an agreement with them and had the loan eventually paid off. My question is as I have no paperwork do you think I was still paying ppi when paying off through dept col company or i was only paying what owed to the bank? Just wondering how much money I can expect from them. I think my monthly payments were around £150

Mandy_David

Well they might have paperwork with your signature agreeing to pay ppi. Just say you were told it was compulsory to have ppi

dunstonh

Mandy_David wrote: »

HI everyone. I got a letter from danske bank the other day saying I mite be eligible for a ppi compensation just had to complete attached form. I took a £5000 loan out in 2009 for 4 years have no idea what ppi I was paying on that loan. In 2011 I left my job and opened my own business that didn't work out so I wasn't in position to pay for good few months. Eventually my loan was sent to debt collection company and I arranged an agreement with them and had the loan eventually paid off. My question is as I have no paperwork do you think I was still paying ppi when paying off through dept col company or i was only paying what owed to the bank? Just wondering how much money I can expect from them. I think my monthly payments were around £150

When the debt was transferred to the debt collection company, the PPI would have ended.

If the debt was not paid in full but was a lower agreed settlement (as many debt collection agencies do), then any redress can go against that part first and you dont see it. It is only the excess above that you get.

You have been invited to complain if you feel you were missold. So, do that if you feel you were.