PPI FAQs discussion thread

dunstonh

Cityboydal wrote: »

:? In the event of critical illness or death, the policy repays the loan. I'd say that is protection of payments in full, would you not?

Its a protection policy but its not a PPI. It is a bit like saying car insurance is PPI because it is an insurance.

Cityboydal

dunstonh wrote: »

Its a protection policy but its not a PPI. It is a bit like saying car insurance is PPI because it is an insurance.

I fail to see the logic, car insurance covers accident or injury costs, it does not pay off my debt. This specifically does.
Anyway, it's listed on the loan agreement under Payment Protection Plan, and was sold as a single premium at point of sale of the loan and is included in the payments.

dunstonh

Cityboydal wrote: »

I fail to see the logic, car insurance covers accident or injury costs, it does not pay off my debt. This specifically does.
Anyway, it's listed on the loan agreement under Payment Protection Plan, and was sold as a single premium at point of sale of the loan and is included in the payments.

PPI is type of insurance. Life assurance is a different type of insurance. Many of the issues in relation to PPI do not apply to life assurance (or CI).

Cityboydal

dunstonh wrote: »

PPI is type of insurance. Life assurance is a different type of insurance. Many of the issues in relation to PPI do not apply to life assurance (or CI).

"PPI" complaints are about the mis-sale of loan/credit insurance. I was mis-sold insurance to cover my loan.
If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

dunstonh

"PPI" complaints are about the mis-sale of loan/credit insurance. I was mis-sold insurance to cover my loan.

Complaining about a product that you believe was mis-sold is fair enough. However, it doesn't make it PPI. No matter what you think it looks like. If it was mis-sold, it would not be classed as a PPI complaint but as a life assurance complaint.

A life assurance with critical illness cover is underwritten at point of sale. PPI is not. Life & CI asks all the medical details. PPI does not. Life & CI is issued by life assurance companies. PPI is issued by general insurance companies. Life & CI and PPI fall under different classifications.

For the benefit of others, if you use PPI complaint reasons for life & CI policies then you are more likely to fail than succeed as the majority would not apply. There is still the potential for the complaint to be upheld as any product of any type can be mis-sold. But it is not a duck, does not look like a duck and does not quack like a duck. A better comparison would be vehicles. One is a car and the other is a helicopter.

Cityboydal

I appreciate the clarification.
I don't think it is LA in the the true sense especially considering the covered amount plus there was only 1 question regarding seeking medical treatment for any condition in the last 12 months.
It may just be how they have worded their policies in documents, because it is clearly listed as Payment Protection Insurance on their D&NQ.

dunstonh

Cityboydal wrote: »

I appreciate the clarification.
I don't think it is LA in the the true sense especially considering the covered amount plus there was only 1 question regarding seeking medical treatment for any condition in the last 12 months.
It may just be how they have worded their policies in documents, because it is clearly listed as Payment Protection Insurance on their D&NQ.

If it is factored into the loan as a single premium and not standalone or monthly premium within the loan it wouldnt matter if it was a pension, protection or whatever. That would be destined for an upheld complaint (although some will still make you go to the FOS to get it).

holski

my lender wasnt registered with the FSA when I took ou the loan. It was pre-FSA registration happened. I therefore cannot claim in the usual way through the compensation scheme. is there ANY way of claiming the money back?

burty8899

holski wrote: »

my lender wasnt registered with the FSA when I took ou the loan. It was pre-FSA registration happened. I therefore cannot claim in the usual way through the compensation scheme. is there ANY way of claiming the money back?

no sorry, looks like the end of the road for your claim

sibarnes66

Thanks for your advice - i put in my own claim from the Halifax who i have bankked with for 20 odd years - got cheques back today totalling over £22,500! This is going to be reinvested and take a chunk of the mortgage!

Thanks a lot for the info - nice and easy too!