PPI help

BlubellRose

Hi- can anyone advise me on the following?

I have just received Payment protection policy annual review letters for the very first time from both my credit card company and my storecard company. I have been paying PPI on both since I opened the accounts and while I do not believe I was mis-sold this at the time I note that both companies are now stating that I am only eligible to make a claim if I am in in paid employment - which as a full time mum I have not been for many years.(Although I was at the time of taking out the policies).

The credit card company in particular is interesting as I have examined the original policy which states that I am only covered for death benefit/disability (not unemployment) and that I am eligible so long as I am under 65 and full time UK resident - both of which criteria I meet.( ie it should not matter whether I am in paid employment or not as I am not covered for claiming for unemployment in any case!)

I am pretty certain that I have never received any literature from these companies advising me of a change to the terms and conditions - obviously if the t & c's changed some time ago I could have been paying needlessly over potentially many months/years for cover that I was not eligible for in the event of a claim.

How would I go about finding out at what point the terms and conditions changed rendering my policy useless and if I could establish that the company failed to inform me would I have a case for claiming back my premiums?

Any advice much appreciated.

cat516

You need to think back to when you were sold the policy. It is likely that they confirmed during the sale that you would need to cancel the policy if you became unemployed through choice/children/reitrement etc. This may have been confirmed verbally or provided in the terms and conditions.

If you were not supplied with these documents originally then you have a claim for mis-sold insurance. They have to advise you initially or provide you with the cost, exclusions and terms of the insurance.

They do have to keep you up to date along the way with any changes to the terms but if you are looking to reclaim the full amount you need to look at the intial sale and make sure it really was fully compliant.

BlubellRose

Many thanks for you help.

[Deleted User]

saliz wrote: »

My problem is that I cannot remember who the loan was with. I have no documentation, I have contaced my bank and they tell me they have no record as it was via standing order and once they are cancelled they have no record of the details. I have tried getting a credit report but nothing shows up as it was so long ago.

I think you have already exhausted all your possible avenues of investigation. Without documentation or recollection of who this old loan was with any possibility of a successful complaint has dwindled to zero.
Now back to arguing about forum etiquette....

[Deleted User]

saliz wrote: »

the loan was paid off on a payment arrangement

If your loan was in arrears or default and then it was agreed to write off some of the interest or indeed some of the actual amount owed, then you would be unlikely to see any redress personally. The lender would offset any refund towards the unpaid debt.
Regardless, since you have no documentation or memory of who the loan was with, any potential complaint is impossible.

saliz

yes, kinda what I thought but just hoped someone else may be paying back a loan from a bank who showed up as "Direct Loans". If they were to tell me who the bank was then I can wirte to them with my details and see if they have any infor about the account. I believe it's six tax years they have to keep the records for so it should fall just within. I know its a long shot but I thought worth a try. Thanks tho.
ps Very happy with your forum etiquette:) (smile and wink!)

[Deleted User]

saliz wrote: »

I know its a long shot

You should also be aware that if your loan defaulted and the lender agreed to write off part of the interest or the loan itself, then you would be very unlikely to get any potential redress personally. The lender would be within their rights to offset the refund against the unpaid debt.

simon-jones_2

hi,my bank has paid my ppi back for a credit card i had ppi on but they are saying my loan ppi was sold to me in the correct manner and they believe that it was explained to me that it was optional etc. is there much point in persueing this claim by either the ombudsman or ppi claim company? in know the ppi claim company charge but wouldnt it be easier?

[Deleted User]

simon-jones wrote: »

hi,my bank has paid my ppi back for a credit card i had ppi on but they are saying my loan ppi was sold to me in the correct manner and they believe that it was explained to me that it was optional etc. is there much point in persueing this claim by either the ombudsman or ppi claim company? in know the ppi claim company charge but wouldnt it be easier?

You can't now use a Claims Company (luckily!) because you've already complained.
You'll have to give a lot more detail if you want advice about progressing your complaint further. Do be aware though, that de-railing another poster's thread to post your own query is considered bad manners.

saliz

Thanks, The loan was on a payment arrangement for a while when I was on long term sick but it was definately paid back in full and as far as I am aware there was no reduction in interest. Although it did take longer than the origional term. In fact it was overpaid, I had it on a standing order and when I contacted them to check how much I still owed it turned out it should have finished months ago and I got a cheque for over £500 that they owed me. (I have tried to track down a copy of this cheque as well with my bank but they say they have no details) There was PPI on my other loan even though I didnt ask for it (box not ticked) so if this was the same I could have claimed on it instead of sturggling to pay it back myself. I know Im clutching at straws but I thought it was worth a try. Appreciate your comments.

To the NEWBY, Please dont worry I made the same mistake first time (as youll see if you read the above saga! :rotfl: