PPI FAQs discussion thread

jeepy

dunstonh wrote: »

When you repay a loan early, the redemption figure typically includes a rebate on the premium paid (or a refund is issued later).[/QUOTE sow does this mean i dont have a claim then or should i get them to send paper work out sow it explains the repayment just to be sure
thank u

katied21

Hi All,

I went with one of the lawers with a no win no fee, i recieved a letter from my bank telling me that there was an ongoing insurance claim against my loan and that the matter was closed.
I myself contacted the bank which they inturn told me to contact the insurance company which i did, then i had to contact the bank again and finally got the matter resolved..now the lawyer wants 20% of my claim..do i owe him this money... any advice would be great thanks...

eddgti

hi people just a quick question regarding ppi claim. All 4 of my loans were repaid early so am i due back just what i paid for on the loan protection or the full amount of ppi when loan was taken out.they were all front loaded with ppi.

dunstonh

eddgti wrote: »

hi people just a quick question regarding ppi claim. All 4 of my loans were repaid early so am i due back just what i paid for on the loan protection or the full amount of ppi when loan was taken out.they were all front loaded with ppi.

If your complaint is successful then you will get a refund of premiums paid minus and refund already given when loan was repaid early.

confusedandinneedofhelp

We have realised that we have been paying for PPI. However, we do not know who we should send our letter to. Is it the estate agent who sold us the policy, the insurance company who charged us for the PPI or the bank who the mortgage that the PPI was for?Any help would be appreciated.

dunstonh

confusedandinneedofhelp wrote: »

We have realised that we have been paying for PPI. However, we do not know who we should send our letter to. Is it the estate agent who sold us the policy, the insurance company who charged us for the PPI or the bank who the mortgage that the PPI was for?Any help would be appreciated.

You send it to the person that sold it. In this case the estate agent adviser. However, if this is a pre-2005 case you may not be able to complain.

Also, you need to be aware of:
1 - having MPPI is not grounds for complaint. You need reasons for complain
2 - MPPI has the lowest volume of complaints of any type of PPI and also the lowest uphold rate. Mainly due to its nature, how it is set up, by whom and its importance.
3 - Advised cases of mis-sold PPI at the FOS for 2011/12 were just 0.2% of all cases. The PPI issue is not seen as an advised problem. Yours would have been advised. Statistically, it is highly unlikely to have been mis-sold
4- The FSCS only upheld 5% of complaints against mortgage advisers. So, again, the odds are against you.

What are your reasons for complaint?
What evidence do you have to support your reasons?

Leanne1308

I am thinking about reclaiming PPI on some credit cards i have, i am still paying for PPI i understand that if i make a claim to get the PPI back then it is cancelled and thats fine but the question i have is would it be best to cancel the PPI before i make a claim or just leave it as it will be cancelled anyway???
Thanks for any response in advance

confusedandinneedofhelp

dunstonh wrote: »

You send it to the person that sold it. In this case the estate agent adviser. However, if this is a pre-2005 case you may not be able to complain.

Also, you need to be aware of:
1 - having MPPI is not grounds for complaint. You need reasons for complain
2 - MPPI has the lowest volume of complaints of any type of PPI and also the lowest uphold rate. Mainly due to its nature, how it is set up, by whom and its importance.
3 - Advised cases of mis-sold PPI at the FOS for 2011/12 were just 0.2% of all cases. The PPI issue is not seen as an advised problem. Yours would have been advised. Statistically, it is highly unlikely to have been mis-sold
4- The FSCS only upheld 5% of complaints against mortgage advisers. So, again, the odds are against you.

What are your reasons for complaint?
What evidence do you have to support your reasons?

I think we were miss sold because at the time my partner brought the flat he lived alone. If he has lost his job and could therefore not pay his mortgage he would not need PPI as the mortgage cost per month would have been manageable with SMI and other benefits. is this grounds enough?

dunstonh

I think we were miss sold because at the time my partner brought the flat he lived alone. If he has lost his job and could therefore not pay his mortgage he would not need PPI as the mortgage cost per month would have been manageable with SMI and other benefits. is this grounds enough?

That complaint would be an easy rejection as it shows there is a financial need.

SMI does not go towards the capital. It does not cover any other payments in relation to the mortgage (i.e. house insurance etc). It only pays out upto 3.63%. So, any mortgage deal more than that would not see the excess covered.

If this was a pre 2009 case then you have to wait 39 or 26 weeks before you can claim SMI. Post 2009 is 13 weeks and bottom line is that there is no guarantee he would qualify. Date of sale of policy is applicable.

As the expectation is that you are worse off on benefits, the advice should be to address the shortfalls and MPPI should be recommended in that case.

sadafr

hi, if the lender has gone bust and we have no documents plus we dont know if ppi was paid on a loan that was paid off 3 years ago where do we start, thank to any one that can help