Bank asking me questions I can't answer!

Kaygeewolf

My bank is asking questions after acknowledging that I had 3 loan accounts with PPI. They want to know any redundancy terms that I had in 2004-07, what my statutory sick pay is (I'm never off ill!) and what do I get for death in service? Help!:(

sistafromanothermista

We can't help as we don't know!!!!!!
Find out your contract......

nickyhutch

Surely you'll need to ask your employer?

Apples2

They are trying to work out if it were valid ppi or not (if it would have paid out)..

You must have thought it mis sold to try reclaiming in the first place.

pheonixrising21

nickyhutch wrote: »

Surely you'll need to ask your employer?

Not sure the OP is asking for answers to the questions, but rather why the bank is asking them?

Apples2, PPI is not only mis-sold if it wouldn't have paid out for whatever reason (e.g self employed, or wouldn't pay if you had assistance from work for sickness, etc). It can be mis-sold if the lender does not make it clear that it is optional or, worse, actually state that you must take their insurance to get the loan in the first place.

Also, online applications with pre-ticked PPI check-boxes have been deemed unfair and hence "mis-sold".

Some banks even just added it on without even telling the customer it was there!

In these cases, whether it is valid (would have paid out if claimed on) or not is irrelevant. If you were mis-lead as to your rights over having the PPI or not, downright lied to, or had boxes automatically ticked for you, then the fact the PPI would have paid out if you needed it is neither here nor there.

I've had two lots of PPI back (both from Santander!). One, they just added the PPI on, no sign on it on the credit agreement. The second, they pre-ticked the onlinr form with PPI. Both deemed unfair, Santander paid back all PPI and 8% pa interest(which actually came to more than the PPI in both cases).

As I understand it, only mortgage providers can insist on PPI for their loans (sme do, some don't), but even they have to make it clear that you can get the PPI anywhere, as long as it covers what is required by the provider.

OP, what reasons did you give to the bank for thinking it was mis-sold. If it was that they "forced" you into taking it, then their questions are irrelevant, and you should tell them so. The reason they are asking the questions are that if you were made redundant or your sick-pay was at alower level than your usual pay, then they can argue that it was valid and would have helped you if required. The death in service is a bit straneg as you are clearly still alive (although, obviosuly they may have paid something out if you had died and you had no death in service cover at work).

Basically, if you were made redundant during the period you were paying PPI, had sick-pay provision from work that was lower than your normal wage (whether used or not) or death in service provision less than they offered then they could use this as evidence that the PPI was a valid sale, i.e. it offered protection that you didn't have elsewhere. That is, of course, assuming that this is the reason you complained about mis-selling, i.e. you stated to them that they soldyou a product that you would/could never use as you had it elsewhere (through work)

Apples2

pheonixrising21 wrote: »

Apples2, PPI is not only mis-sold if it wouldn't have paid out for whatever reason (e.g self employed, or wouldn't pay if you had assistance from work for sickness, etc). It can be mis-sold if the lender does not make it clear that it is optional or, worse, actually state that you must take their insurance to get the loan in the first place.

Which makes the questions the bank are asking moot.
All the OP has to do is reply by stating words to the effect that it was not optional (or preselected).

pheonixrising21

Apples2 wrote: »

Which makes the questions the bank are asking moot.
All the OP has to do is reply by stating words to the effect that it was not optional (or preselected).

Exactly, thats what I said. However, the banks are asking these questions for a reason, which I assume is related to the basis on which the OP complained. if the OP complained that the PPI was mis-sold due to the cover not being needed, then the bank are entitled to ask if the cover would have been a benefit. If the PPI provides better cover than available to the OP through work, then the bank will have a legitimate claim that it is a valid sale. If the OP has complained on the basis of high-pressure sales/pre-selection, then the questions are irrelevant.

If the OP did complain on the basis of not needing the PPI, then to suddenly change tact when questioned is a little dodgy (unless both reasons actually apply). Although saying that, in my recent dealings with a certain Spanish bank, they seem quite willing to change their reasoning behind things if they are challenged on their responses to complaints!

Brains64

Are you making a claim through a claims specialist??, if so, then you don't have to answer any questions from your bank, just forward them to the claims specialist working on your behalf, if you get into a conversation about it with your bank yourself it could jeopardize the claim.

A good claims specialist would advise this anyway, I know they take a percentage of what they get from your bank for you but you're still better off than trying to do it yourself, doing it yourself will require you to know your stuff, most people don't and will get eaten alive by their bank frankly or at best they'll get less than they should get back.

Remember, PPI was miss-sold deliberately, they broke the law, the banks know they're guilty and have kept back reserves for claims that they will inevitably lose but they want to pay out as little as possible and if they can get away with not paying out at all they will do that too, anyhow they can, they'll sell their own grannies if they have to, any technicality could get them off the hook from having to pay up what is rightly yours.

Janie4Now

Absolutely no need to use a claim specialist....they just charge you for doing what you can easily do yourself!

OP - what are your reasons for claiming mis-sold PPI? We need to know so that we can advise further.

Tixy

Brains64 wrote: »

A good claims specialist would advise this anyway, I know they take a percentage of what they get from your bank for you but you're still better off than trying to do it yourself, doing it yourself will require you to know your stuff, most people don't and will get eaten alive by their bank frankly or at best they'll get less than they should get back.

.

Absolutely no need to use a claims management company for PPI reclaims.

To say you are still better off makes no sense. 100% of a refund from making the claim yourself means you are better off than receiving say 70% of a refund if using a CMC.

There are detailed guides and plenty of advice on reclaiming on the specialist section of this forum (and on other forums) to help anyone make a reclaim themselves.

To the OP - you may want to repost your query on the Reclaim section of the forum - but add in extra detail about what you have done in relation to making a reclaim so far.

Brains64

Janie4Now wrote: »

Absolutely no need to use a claim specialist....they just charge you for doing what you can easily do yourself!

OP - what are your reasons for claiming mis-sold PPI? We need to know so that we can advise further.

Tixy wrote: »

Absolutely no need to use a claims management company for PPI reclaims.

To say you are still better off makes no sense. 100% of a refund from making the claim yourself means you are better off than receiving say 70% of a refund if using a CMC.

There are detailed guides and plenty of advice on reclaiming on the specialist section of this forum (and on other forums) to help anyone make a reclaim themselves.

To the OP - you may want to repost your query on the Reclaim section of the forum - but add in extra detail about what you have done in relation to making a reclaim so far.

Fair enough, I see there's a decided Anti-PPI Claims Specialist Companies in the air here:D but what I was getting at was if the OP is already using a claims specialist (it wasn't clear if they were or not) then the last thing they want to be doing is getting in contact with the bank themselves, if the OP is not and is making a claim directly to their bank then this post kinda makes the point about not everyone being suited to doing it themselves, it's surely better to use a specialist, win and pay 20-30% of it than to make a complete hash of it yourself and end up with nothing isn't it??.