PPI FAQs discussion thread

TakingControl

Hello :j
Could someone please provide me with a template letter to send to my bank with the PPI questionnaire? And, for closed accounts where I have no longer got the paperwork (other than an old statement), should I do a SAR before sending the PPI complaint or at the same time?
Thank you

dunstonh

We felt that at the time we needed to take out what insurances they advised us too

Everything good with that. Most people protect their major liability in case the worst happens. That is partly why there are so few mortgage PPI complaints.

we were also told we need life insurance with critical care cover and income protection.

Again spot on and correct.

On speaking to our bank manager yesterday at HSBC, he also was unsure of why we should have Mppi and income protection as income protection will pay the mortgage if we are unable to work. He advised us to look into this further.

Be wary. A bank "manager" is not a regulated individual. It is quite normal to have MPPI and income protection. MPPI only pays out for 12 months. PHI (income protection) kicks in with a later deferment period and typically when you have MPPI you set the deferment on the PHI to 12 months. So, it starts as the MPPI ends.

Any advice would be greatly appreciated as we are a bit confused!

Look at the income protection deferment period. If it is 12 months then its set up correctly. Even if its not, if the PHI and MPPI payout amounts are less than around 66% of your income, then you are still below the maximum and it would be classed as suitable.

I would suggest you ask a local IFA to look at it if you need help. Do not use sales reps at banks.

sashwood

Hello, I have not still got any documents regarding PP!, can I still make a claim?

dunstonh

sashwood wrote: »

Hello, I have not still got any documents regarding PP!, can I still make a claim?

You mean complain. Yes, if you have a complaint then you can complain.

Baffled

I had a loan from my bank on which I had PPI. I had an accident whilst working, seriously breaking my ankle ( a highly comminuted trimalleolar fracture) which meant that my driving career was effectively over (it took over two years before I had the confidence to drive again). The PPI covered my loan repayments, so does this mean that I cannot reclaim the PPI payments? I don't think I can reclaim, but some of the advertisements I've heard on the radio suggest that I can. Grateful for your advice, please.

dunstonh

Baffled wrote: »

I had a loan from my bank on which I had PPI. I had an accident whilst working, seriously breaking my ankle ( a highly comminuted trimalleolar fracture) which meant that my driving career was effectively over (it took over two years before I had the confidence to drive again). The PPI covered my loan repayments, so does this mean that I cannot reclaim the PPI payments? I don't think I can reclaim, but some of the advertisements I've heard on the radio suggest that I can. Grateful for your advice, please.

You can still make a complaint. However, if successful, the amount of the claim is deducted from the redress. So, if the payout is bigger than the premium you dont get a penny back.

However, that is jumping the gun as you clearly were eligible for the policy you knew you had it and you got benefit from it. So, you are left with very few complaint reasons. Why do you think you were mis-sold?

Baffled

dunstonh wrote: »

You can still make a complaint. However, if successful, the amount of the claim is deducted from the redress. So, if the payout is bigger than the premium you dont get a penny back.

However, that is jumping the gun as you clearly were eligible for the policy you knew you had it and you got benefit from it. So, you are left with very few complaint reasons. Why do you think you were mis-sold?

Thanks dunstonh - it's the usual thing, you have to have the PPI to have the loan! In a way, I suppose I'm glad it was there as it paid off my loan whilst I was getting incapacity benefit, but I know I wasn't happy about it at the time because it put more cost on the loan.

CharlesX1

Already signed contract with no win no fee agent. It may not be too late to cancel that contract and do it yourself.
If you haven't heard any further you could write to the agent to tell them that you are cancelling that contract and that they are no longer authorised to act for you. Then tell your bank that the agent is no longer acting for you.
If in doubt contact the Ministry of Justice 0845 450 6858 for advice.

emmaking1987

I have 2 credit cards and a loan. I actually have no idea if im paying for ppi. How can i find out? Phone the creditors and ask? Or ask for loan agreement to be posted? It would really help with paying off my debt if i was mis-sold. thanks.

blueeyes77

I completed the template on the website to get my agreement on my mortgage as we believe we never signed up to PPI on it. The Nationwide say that the account isn't regulated by the Consumer Credit Act 1974.

Does anyone know what my next steps should be?