PPI help & questions

CLAiMER999

Hello all

Late starter to the PPI saga here

I recently requested a refund of my miss sold PPI premiums from my old mortgage lender

Got the letter back this morning rejecting my claim

One of the reasons for the rejection was that I had received more in benefits whilst the PPI was active than I had actually paid in premiums into the PPI, and therefore it was obviously NOT MISS SOLD

If I had received a repayment of my PPI premiums, would I then have been expected to repay the benefits that I had received ???

Many thanks for any help & advice

dunstonh

One of the reasons for the rejection was that I had received more in benefits whilst the PPI was active than I had actually paid in premiums into the PPI, and therefore it was obviously NOT MISS SOLD

Seems fair enough. you are effectively complaining that the policy should not have existed and want it voided. So, if you have made a claim and they have paid out then you need to repay that money. So, they deduct it from any redress that is calculated and in your case you are financially better of by having the policy than not.

Seems like a pretty daft complaint as you are complaining that the insurance policy made you better off and you wished you were in a financially worse position.

CLAiMER999

no, I made the complaint on the basis that it was a compulsary part of obtaining a mortgage and that i was not told i had the option to shop around for my own PPI policy.

So you are saying that I WOULD have to repay any benefits recieved if my claim had been upheld ?
Is this just your own personal opinion or are there any precidents or other evidence to support what you have said.

Many thanks for the help & advice

dilus

CLAiMER999 wrote: »

Hello all

Late starter to the PPI saga here

I recently requested a refund of my miss sold PPI premiums from my old mortgage lender

Got the letter back this morning rejecting my claim

One of the reasons for the rejection was that I had received more in benefits whilst the PPI was active than I had actually paid in premiums into the PPI, and therefore it was obviously NOT MISS SOLD

If I had received a repayment of my PPI premiums, would I then have been expected to repay the benefits that I had received ???

Many thanks for any help & advice

If they had upheld your complaint they would have deducted the benefits paid, so you would have probably got nothing back anyway

timmybear

Hi. The question you need to ask yourself is "what was the difference in price bewteen the PPI I paid into and other policies on sale at that time?". I admit, I haven't the first clue as to how you'd now go about finding out what the going rate for PPI was back then, so I couldn't say if the price of the PPI you paid was a good deal or not, but there's nothing to say you didn't have the best deal going. It seems to be assumed that as you didn't shop around you got a bad deal.

However, in my heart i feel you may think this is not the point. I feel that you think as you were not told you could shop around for your PPI, this is reason enough to claim for 'miss selling' of your PPI policy. That, of course, is a matter of personal opinion.

Were it me, knowing that I'd got back more on something than I'd put into it, I'd cut my losess. But that's me. How do you feel about it morally?

CLAiMER999

However, in my heart i feel you may think this is not the point. I feel that you
think as you were not told you could shop around for your PPI, this is reason
enough to claim for 'miss selling' of your PPI policy

corrrect, I was told I had no choice but to buy my PPI from my lender, when in fact this was not true and I could have looked for a more suitable product elsewhere



morals dont come into it though. If i wasnt given the correct information and advice when the product was purchased, in my opinion it was miss sold and would qualify for the pemiums to be refunded.

however, on purely economic grounds, if, as it sems, I would have to repay the benefits i recieved when the PPI was operational, its a non starter as the premiums were much lower then the benefits

thanks for all advice and help above

timmybear

Well good news is, is that so far no one has offered you any proof that you'd have to pay back what you took out, if your miss-sold claim is succesful. So who knows, maybe you could get a refund of the monies you paid as well as whatever amount you were able to claim for on the PPI. Given the amount of money that is currently being spooned out left, right, & centre, nothing would surprise me.

dunstonh

corrrect, I was told I had no choice but to buy my PPI from my lender, when in fact this was not true and I could have looked for a more suitable product elsewhere

That is not grounds for complaint. There is and never has been any requirement for tied agents to tell you that you can buy the product elsewhere. Indeed, the fact they are tied agents prevents them from doing so as they are only authorised to discuss and advise on their own products.

morals dont come into it though. If i wasnt given the correct information and advice when the product was purchased, in my opinion it was miss sold and would qualify for the pemiums to be refunded.

And if you pay back the value of your claim payments I am sure they will do that. You are asking the policy to be voided as if it never existed. So, unless you pay the money back, you are not going to get a refund.

CLAiMER999

appreciate all the help and advice given, many thanks