MPPI agreed, but only one policy refunded

blackscooby

Folks,

I'm new to these parts, but have just been through the Martyn Lewis template to reclaim MPPI with Northern Rock.
Between 1999 and 2007 I have 2 PPI policies I've got the letter back from NR saying that they'll refund approx £3700 which isn't to be sniffed at.

HOWEVER looking at the amount it's easy to calculate that 1 of the 2 policies I had taken at the time has been included in the calculation.

Health and Redundancy insurance, I also had another policy which was for solely Redundancy Insurance.

Question,

Should I reject the £3700 offer (£2471 plus interest) and request that both policies should be refunded which would be approx £5000 plus interest ???

Or accept what I've been offered?

How would I reject the initial offer and pursue the full amount ?

Your wisdom would be gratefully receive,

Mark

[Deleted User]

Ask for a full breakdown of the redress offered and a reason that one PPI was rejected.

blackscooby

There is no mention of the fact one PPI being rejected. It just works out at £xx * 85 payments of 1 of the PPI's. I will phone the NR on Monday and ask if it was "simply" missed out.

The MSE form declared 2 * PPI, but maybe I hadn't made it clear enough.

Thanks

dunstonh

Was the other one sold by NR (and not a third party)?

blackscooby

dunstonh wrote: »

Was the other one sold by NR (and not a third party)?

Both policies were sold by NR (One being via CGU called Northern Rock Paysafe Policy and the other being Scot Provident Unemployment Protection).

The policy being paid out upon is the CGU. However I will pursue the Scot Provident Policy as well.

Thanks

Partridge89

I'd be surprised if NR had sold a Scottish Provident policy as they sold PPI through Norwich Union, Legal & General and latterly Cardif Pinnacle (Paysafe).

Does the letter you've received from NR refer to both policies or two account numbers?

dunstonh

I didnt think that NR sold Scot Prov policies either. Scot Prov was owned by Abbey National (later Santander but since sold on to Royal London). I can only think of Santander as being tied agents to them.

Scot Prov Self Assurance (as the product name would have been) would also have been an advised sale following a factfind, needs analysis and report. Whilst it did have an unemployment segment, it was more typically used for Life assurance, critical illness cover and/or income protection.

It is possible that Scot Prov were the insurer used for the higher regulated insurance and investment products. I have done a search but cant find any reference to them using Scot Prov. It suggests Legal & General was the insurer for that sort of thing (although the supplier would typically change every decade or so as corporate deals expired). However, the process for setting up would be different to an MPPI whoever it was with.

blackscooby

I've got the letter from 1999, the Scot Prov policy was put in place by an IFA who arranged the mortgage and associated insurance policies. It was for Unemployment , critical illness and death benefits. However as I'm diabetic the Critical Illness cover was declined and the death benefits says that it's on limited terms.

Both the CGU and Scottish Provident policies ran side by side which looking back was just bloody silly.

The question is could I still persue the Scot Prov reclaim through NR? Or should I just accept the £3700 ?

Thanks

Partridge89

If it was put in place by an IFA, they sold it and any complaint would therefore need to be made to them (providing they were regulated at the time - not an expert on this, dunstonh may be able to help).

You won't get anything more from NR as they didn't sell the Scottish Provident policy - only the Paysafe.

blackscooby

I suspect that the IFA is no longer trading after a quick google, although they might have been incorporated into another company now.

dunstonh

If it was put in place by an IFA, they sold it and any complaint would therefore need to be made to them (providing they were regulated at the time - not an expert on this, dunstonh may be able to help).

Most IFAs did not become regulated for insurance until January 2005.

The question is could I still persue the Scot Prov reclaim through NR? Or should I just accept the £3700 ?

No, because they didnt sell it. It is a bit like asking ASDA for a refund for something you bought in Tesco.

I suspect that the IFA is no longer trading after a quick google, although they might have been incorporated into another company now.

Unless it was bought after 2005, it wouldnt really matter. Plus, adviser PPI cases rarely get upheld (FSCS only uphold 5% of cases and FOS PPI stats show just 0.2% of cases they look at are adviser cases and most are rejected). Also, you dont appear to have given any indication for complaint on that policy. (it is life assurance after all, unless you have no need for life assurance or you are immortal, there isnt much to complain about).