Not sure whether i can claim on a ppi i had? Help!

julietandcleo

I had a PPI sold to me by a fiancial advising company (a company which i still use every time i need to remortgage). I have since stopped the PPI payments due to not being able to afford them, plus i have a partner now and a lodger to help me out with the morgage. I was sold the PPI when i got help to remortgage my house, 3 years ago, and probably paid the PPI for a couple of years. The PPI was a separate company to the mortgage company. I am self employed and they said i really should have it in case i was ill and couldn't afford the mortgage. I wasn't too sure what i was doing and felt pressured into doing it. I felt it wasn't fully explained. Can i claim for a missold PPI? If so, how do i begin? I have read Martin's guide but i'm still not too sure what to write and if i send it to the financial advisor first? If i do then will it make me look bad as i would need them to remorgage for me again in the future. I have all of the basic PPI paperwork and bank statements. I just want to get it right and there may be someone that knows on here. Thanks x

magpiecottage

julietandcleo wrote: »

I have since stopped the PPI payments due to not being able to afford them, plus i have a partner now and a lodger to help me out with the morgage.

That would suggest the premium would be more affordable now, not less.

It also means that when you took the cover out the consequences of falling ill and not being able to work would have been that you were left on your own.

I was sold the PPI when i got help to remortgage my house, 3 years ago, and probably paid the PPI for a couple of years.

Which means it was set up correctly as a monthly premium.

The PPI was a separate company to the mortgage company.

Which it would be.

I am self employed

Most mortgage PPI policies will cover the self-employed, so no complaint there.

they said i really should have it in case i was ill and couldn't afford the mortgage.

Quite right too. If you were to fall ill and not be able to earn then you could find yourself evicted.

I wasn't too sure what i was doing

Good job the adviser seems to have then.

felt pressured into doing it

There will be no evidence to prove that beyond possibly the adviser telling you the consequences of falling ill without the cover.

So such a complaint would be analogous to complaining that you felt pressurised to use the Green Cross Code before crossing the road by a nasty person who said you might get run over if you didn't.

I felt it wasn't fully explained

So the time to ask was before committing yourself, not three years down the line.

Can i claim for a missold PPI?

You can but I see no justification for it.

if i send it to the financial advisor first?

If i do then will it make me look bad as i would need them to remorgage for me again in the future.

They have followed the rules and sold you a product that was suitable for you. Now you come along with an unjustified complaint. They have to investigate it, which costs time and money. They have to report it to their regulator and declare it to their professional indemnity insurer who may push their future premiums up as a result.

If you then go to the Financial Ombudsman Service it may be free to you but costs them £500 even if it decides there is no case to answer.

Think about it. Would you want to carry on doing business with somebody who did that to you?

dunstonh

I had a PPI sold to me by a fiancial advising company (a company which i still use every time i need to remortgage).

So, you seem happy with the advice they give.

The PPI was a separate company to the mortgage company.

All good so far. Monthly premium, pay as you go, not added to debt. All how it should be.

I am self employed and they said i really should have it in case i was ill and couldn't afford the mortgage. I wasn't too sure what i was doing and felt pressured into doing it.

A job of an adviser is to make you aware of the consequences of your financial planning (or lack of). "Disturbance" can be uncomfortable. However, it is less uncomfortable than being in a claimable position and having no insurance to cover you.

I felt it wasn't fully explained. Can i claim for a missold PPI? If so, how do i begin?

You complain to the adviser that does your mortgages that you think they gave you bad advice. You give you reasons (which are weak at best) and they will likely reject the complaint as your complaint as there doesnt appear to be anything wrong. You will also likely burn your bridges with that adviser as no adviser wants to deal with someone that takes their advice and the complains about it afterwards when nothing has been done wrong.