wessex group ppi sold by independant financial advisor

pennobia

we have a ppi on our morgage that we have been paying for some years with wessex group,it was sold to us by an independant financial advisor who we have lost touch with(proberbley retired).the actual morgage is with barclays...do i stand any chance of reclaiming from wessex group or is it all down to us going thru an independant finantial advisor....
any help would be appreciated...

McKneff

Do you have any reason for reclaiming it?

dunstonh

do i stand any chance of reclaiming from wessex group

None whatsoever. They have no responsibility for the advice given by your IFA.

or is it all down to us going thru an independant finantial advisor....

You can complain to the IFA telling them what you think they did wrong.

MPPI has far fewer complaints than other types of PPI and a lower uphold rate. Plus, the FOS stats show that advised cases of PPI only account for 0.2% of complaints at the FOS. This is not viewed as an advice failing. So, what do you believe your IFA has done wrong?

pennobia

ifa got us a cheap deal that lasted a year then the payments just went up and up.......thinking of cancelling now...thx for the advice...

dunstonh

pennobia wrote: »

ifa got us a cheap deal that lasted a year then the payments just went up and up.......thinking of cancelling now...thx for the advice...

That doesnt make it mis-sold. The plans do not have guaranteed premiums. Like car or household insurance they can increase or reduce premiums. And you can shop around to find a replacement.

Some providers brought in big increases near the start of the recession. That did become an issue and the FSA brought in some guidelines and requirements to prevent it happening on the same scale again.

magpiecottage

If the premium went up that means it was a monthly (or possibly annual) premium.

That immediately eliminates the main reason PPI complaints are upheld and, since your home was at risk if you did not keep up repayments, makes it inherently suitable. The only grounds on which a complaint is likely to be upheld is ineligibility to claim.