confused on ppi reclaim

jcro

Hi
I have finally got around to trying to reclaim PPI this morning. I am fairly sure I have been sold it and have some paperwork I think. But tried to speak to Bank of Scotland this morning where I have mortgage and they passed me around 3 different numbers without giving me any help. I have a mortgage with them and an endowment originally with Scottish Amicable (now owned by Prudential). I took them out at the end of 1998. I remember them telling me I had to have the insurance but I am self employed so I now understand that it would have made no difference. Would the PPI have been on the endowment on the interest only mortgage?

I also seem to have a Royal and Sun Alliance protection plan for that period but not sure if this was home insurance but the document in it refers to critical illness, loss of income etc.

I am confused. Can anyone help? Where do I start if I am not sure what I signed and paid for? All I know at the moment is my endowment is underperforming and won't be enough to pay the mortgage off - so any repayments would be very welcome.

dunstonh

Would the PPI have been on the endowment on the interest only mortgage?

Endowment policies cannot have PPI attached to them. So, you can rule that out as its not possible.

MPPI tends to be monthly premium. The banks themselves only ever retailed monthly premium MPPI. So, unless you have a monthly payment to it, then you dont have it.

I also seem to have a Royal and Sun Alliance protection plan for that period but not sure if this was home insurance but the document in it refers to critical illness, loss of income etc.

Could be many things. You need to ask R&SA. (although that may well be a different brand now rather than the general insurance arm that still exists - the direct debit you pay will confirm which brand it is).

Another thing to consider is whether the bank sold you any of these in the first place. I dont know if BoS had Prudential or R&SA as their tied providers. Did you buy them via BoS or via a broker? If was via a broker than its 7 years pre-regulation.

Jonny2X

Hi,

In the first instance go into your bank and have a sit down meeting. You will be told within minutes of any PPI you have been paying. My bank (Lloyds TSB) highlighted to me where I had been paying these fees without me even asking!

When it comes to applying:

You can apply to your bank - they will have a telephone number dedicated to PPI claims and this should be displayed on their website.

They will likely reject any claim.

Then apply to the financial ombudsman, see their web page. Keep copies of all paperwork completed as they will ask for most of the same information you provide to your bank. (The application for reclaiming PPI fees is just short of the length of a novel - it's awfully painful to have to fill it all out a second time).

The financial ombudsman will then contact you re:next steps.

Cheers

magpiecottage

If the endowment was Scot Am it was almost certainly not sold by BOS but by an independent adviser.

That in turn means it was probably not responsible for the sale of the PPI, which in the case of a mortgage is likely to have been suitable anyway.