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Ringways and Liverpool Victoria

picko2004
Posts: 4 Newbie
Hi,
I am looking for advice and help regarding what i can claim back and what i cant. i have always thought PPI was exactly that but recently people have said it can be called other things, which got me looking. when i recently bought my car on finance i was told i needed GAP insurance, as well as being spoken to about PPI on the car loan by ringways (doncaster). my documents clearly show i paid £395 for GAP insurance but under the PPI section has figures such as £18 mth but it doesnt clearly show if this was added to my overall premium. therefore i wondered if i had been paying this and therefore could claim it back.
Secondly when i took my mortgage out, a financial advisor told me and my wife that we needed LV's Flexible Protection Plan, £26 mth, however after 3 years we had it reviewed with another advisor who said we shouldnt have been paying it from the start due to our jobs being able to cover what that insurance was offering.
Now im struggling to find out if any of the above can be reclaimed back. If anyone has any advice please let me know.
Many thanks
p
I am looking for advice and help regarding what i can claim back and what i cant. i have always thought PPI was exactly that but recently people have said it can be called other things, which got me looking. when i recently bought my car on finance i was told i needed GAP insurance, as well as being spoken to about PPI on the car loan by ringways (doncaster). my documents clearly show i paid £395 for GAP insurance but under the PPI section has figures such as £18 mth but it doesnt clearly show if this was added to my overall premium. therefore i wondered if i had been paying this and therefore could claim it back.
Secondly when i took my mortgage out, a financial advisor told me and my wife that we needed LV's Flexible Protection Plan, £26 mth, however after 3 years we had it reviewed with another advisor who said we shouldnt have been paying it from the start due to our jobs being able to cover what that insurance was offering.
Now im struggling to find out if any of the above can be reclaimed back. If anyone has any advice please let me know.
Many thanks
p
0
Comments
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when i took my mortgage out, a financial advisor told me and my wife that we needed LV's Flexible Protection Plan, £26 mth, however after 3 years we had it reviewed with another advisor who said we shouldnt have been paying it from the start due to our jobs being able to cover what that insurance was offering.
It sounds to me like your second adviser might be suspect.
Flexible Protection Plan is, from what I can see a life assurance/critical illness/permanent health insurance contract.
DunstonH will correct me if I am wrong but my understanding is that LV= would underwrite it fully at outset and take account of your occupation at that time.0 -
DunstonH will correct me if I am wrong but my understanding is that LV= would underwrite it fully at outset and take account of your occupation at that time.
LV's option is PHI not PPI (As well as offering the other things you mention). So, it looks like the second adviser is wrong. Possibly a tied agent trying to flog their own insurance. Sales reps rather than IFAs can be like that. They are known to slag off what you have to sell you something else. An IFA should know what the LV offering is as any alternative they offer has to be justified as being better. if it isn't then it is a complainable event.
I suspect the second adviser is in the wrong here. What did the recommend that you put in place (half expecting an inferior product to be mentioned and you may find you now have to complain about the second adviser)? Was the second adviser independent or tied? (not for mortgages as all advisers can be whole of market for those. It is insurance where the definition is)?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
HI,
the original advisor was independant and sold to us LV critical illness and life protection £26 mth, as well as Pioneer pure income protection £18 mth. our second advisor worked through a company and changed these policies for aviva life insurance at £24 mth. it was the pioneer income protection that the second advisor told us we didnt need, as well as reviewing the life insurance.
thanks0 -
the original advisor was independant and sold to us LV critical illness and life protection £26 mth, as well as Pioneer pure income protection £18 mth.
That sounds fine. Indeed, IIRC, the Pioneer plan is a PHI policy, not PPI and is actually quite good. It is a proper medically underwritten income protection policy.our second advisor worked through a company and changed these policies for aviva life insurance at £24 mth. it was the pioneer income protection that the second advisor told us we didnt need, as well as reviewing the life insurance.
An agent of the insurer is not allowed to give opinion or advice on the product or services of other company other than generics or facts. only an independent can do that. Many tied agents do (tied agents are also referred to as sales reps). This is because they are paid to sell and will frequently bend the rules and is one of the reasons why people are told to never use a sales rep and always use an IFA.
Based on the limited information you have posted, you may well have a case for complaint against the second agent for giving you incorrect advice and putting your financial position at risk.
I am going to assume that the sales rep though the Pioneer plan was PPI and not PHI. By saying you dont need it is factually wrong. To not need it would mean you would have to have a guaranteed income up to retirement if you were off sick (PHI is typically written to or close to retirement age and will continue to pay out for the whole period you are unable to work. Even if that ends up being 30-40 years).
So, in summary, your complaint isnt against the first one who appears to have recommended quality options matching your needs but against the second one who has given you duff information and replaced it with inferior options.
If you check the suitability report (or statement of demands and needs) issued by the second adviser, does it state that he has recommended cancellation of the existing plans and why? If there is no mention of them on the report then it just makes the whole thing even more dodgy and actually increases the chance of a successful complaint against the second one. It would be mandatory to put the reasons for recommending cancellation in that report. If its not there its probably because his employer doesnt allow him to make such recommendations and if the employer is not aware of it then they cant take action against him unless it is brought to their attention. Some tied companies had such big issues with churning (the phrase used to cover the selling of replacement plans which are worse than the existing and done only to generate commission) that they had to significant action or even close down.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Check whether the cover under your replacement policy is an exact match for the Aviva plan too - particularly the critical illness. It may be inferior.0
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[QUOTE=
If you check the suitability report (or statement of demands and needs) issued by the second adviser, .[/QUOTE]
there was no report issued just advised us to cancel the other 2 policies and then set the new one up. having checked the new one the wording is very difficult to undertsnad and to be honest im not sure what we are now covered for.0 -
there was no report issued just advised us to cancel the other 2 policies and then set the new one up.
no report = rule breach. That cascades into other rule breaches as the report would be required to say the things mentioned.having checked the new one the wording is very difficult to undertsnad and to be honest im not sure what we are now covered for.
a good reason why having a continuous relationship with one adviser is so much better than going with multiple ones. Maybe go back to the original one and ask them as it appears they did a good job.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You know the one thing that stinks about this is that had the OP not posted on this forum then a compalint may well have gone in against the first adviser.
It sounds like that complaint would not have been warranted but it would have still cost him or his firm £500 in FOS fees for the privilege in finding out. I'm sorry but that is just WRONG.....whichever way you look at it decent people are being made to pay when they have done nothing wrong, and it's even worse when there are claims companies out there making predatory and opportunistic claims and allegations with no foundation other than their own desire to try and scam a few quid.
I'm not blaming the OP, but there will be many many more who do not check before first complaining or even worse go straight to a claims company.0 -
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magpiecottage wrote: »I agree - but a complaint against the second adviser DOES seem to be warranted.
I agree, but that would come as little comfort to the first adviser as he was writing out his cheque to the FOS.0
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