PPI FAQs discussion thread

dancj

It sounds like I've got nothing to complain about then. Shame (sort of).

Thanks.

dunstonh

dancj wrote: »

It sounds like I've got nothing to complain about then. Shame (sort of).

Thanks.

Never a shame to not have been mis-sold.

dancj

dunstonh wrote: »

Never a shame to not have been mis-sold.

That's why I said "sort of". It would be nice to be able to claim money back, but really I would want my mortgage covered. I guess they only legitimate complaint I coule have would be if they'd insisted I bought their MPPI (and not anyone else's) and then charge me massively of the going rate for it.

[Deleted User]

dancj wrote: »

I guess they only legitimate complaint I coule have would be if they'd insisted I bought their MPPI (and not anyone else's)

Yes, insisting on their own insurance is not allowed.

dancj

Yeah. They might have done that, but I really can't remember.

[Deleted User]

dancj wrote: »

Yeah. They might have done that, but I really can't remember.

I'd say it was VERY unlikely and, even if it did happen, impossible to prove.

dunstonh

Moneyineptitude wrote: »

Yes, insisting on their own insurance is not allowed.

It is not allowed as a condition of lending (they have to allow full market there - although at points in the past they could insist on their own product). However, it is allowed in the provision of a cross subsidised deal. e.g. a discounted rate if you buy xyz with it. There have been deals like this in the mortgage market since the mid 90s to early 2000s. Although not at all common nowadays.

Dexterdog1_2

I had a loan from Alliance and Leicester, than ran from 1998-2003. The amount was £15,000 and I was told I needed PPI. The problem is that I have no details of the loan and I can't seem to trace it anywhere. A&L say they can't find details of the account. I have supplied them with dates and my address at time. The Halifax say the account that the Direct Debit went through can't be traced as they are only obliged to keep 7 years of records. I know I paid about £3000 in PPI and I know there is no time limit on historic claims but can anyone advise on how I can get the loan details?

-taff

If you have sent a SAR anmd it's come back with nothing, your complaint is over.

jennyjenjenny

Hi, I'm hoping someone can help me please... I have received a letter from HSBC advising me that I took out PPI with a loan I had around 8 years ago.. They have advised that they believe I may have been affected by the following issues:
"We may not have established whether you were likely to repay or re-finance your loan before the end of the loan term. The PPI product you had did not give you a pro rata refund if you paid the loan off early. This means, for example, that if you cancelled half way through you would get back less than half of the premium you paid. If we had discussed this with you, we may not have recommended you take out this product.

"If your loan was taken to repay existing debts we have have not considered whether the cost of the cover or policy terms made it approximate to recommend that you purchase PPi. If we had discussed this product, we may not have recommended you take out this product.

They have asked if I think this applies to me I need to fill out the questionnaire they have enclosed.

I cannot really remember the exact conversation regarding PPI that I had with the advisor when taking out my loan.. But from what I can see on the letter they are already accepting they mis sold it me... Am I right in thinking this? If so does anyone know what sort of information I need to provide on the questionnaire baring in mind I cannot really remember the conversation regarding PPi at the time of taking the loan?

Your help is much appreciated. Thanks in advance