PPI missold via a fnancial advisor?

highamreb

any advice greatly appreciated?
we took out a mortgage in 2003 with Abbey (now Santander) via a financial advisor, we were told from him via abbey that we had to take out ppi! but we didn't take it out with abbey, we were advised to take out a policy with a company called payment shield!
we did this and have been paying it since that date.
this was presumable missold as we were in full time employment, but not sure who we now write to to try and claim back?
half contemplating sending letter to both.....

[Deleted User]

highamreb wrote: »

we were told from him via abbey that we had to take out ppi!

Not at all unusual with mortgage PPI.

highamreb wrote: »

but we didn't take it out with abbey, we were advised to take out a policy with a company called payment shield!

Sound advice, Payment Shield provided good solid insurance policies.

highamreb wrote: »

this was presumable missold as we were in full time employment

I'm afraid the opposite is the case.

If you were in full time employment it means you had need for insurance.

How would you have paid your mortgage if you became out of work?

highamreb wrote: »

half contemplating sending letter to both.....

From what you say, you have no valid complaint with either.
Yours is an advised case where your "demands and needs" would have been fully documented and provided for.

It is not wrong simply to have PPI, it has to have been mis-sold to you. Can you show that you were somehow ineligible to claim on the insurance? I fully doubt this will be the case where a financial adviser has sold you the insurance.

Mortgage PPI is regarded as being the only PPI worth having as it protects probably your most valuable asset-your home.

dunstonh

we were advised to take out a policy with a company called payment shield!

paymentshield only ever did monthly premium PPI. So, that eliminates a product failure. They are also a good quality provider and taking one out with the mortgage is good advice.

this was presumable missold as we were in full time employment,

No. You have to be in employment to have MPPI. It would be mis-solkd if you were not in full time employment.

but not sure who we now write to to try and claim back?

First of all, you havent identified any wrongdoing. Your reason is totally wrong. However, the biggest issue is that you bought it in 2003. Financial advisers didnt become regulated for insurance until January 2005.

For reference, just 0.2% of complaints at the FOS are in respect of adviser cases and most get rejected. The FOS commended advisers last November on the quality of their complaint handling and their files which, for the most, show they knew their clients and were able to justify the advice. So, even if you were able to claim (if it was a post regulation case) you havent identified any failing, it was set up correctly and was through a distribution method that is not seen as having PPI issues.

highamreb

ah ok ...thanks for that, only just started looking into ppi and was under the impression that because we were told we couldn't have mortgage without it that it may have been missold because we weren't given an option. thanks