PPI for dummies...

Figgerty

Would the PPI payment be shown separately on the credit card statement - worth checking.

-taff

pandas123 wrote: »

I am complaining for my husband and he did pay out PPI between 2005 - 2013. He does not remember signing any documentation about this back in 1999 and feels he has been mis sold as at the time he was a single bloke, living at home with a good full time job that would have paid out for many circumstances such as sickness or redundancy - had his needs been checked at the time then he should not have been sold. That is if he was sold it, i understand pre 2007 it was a tick box on the credit agreement you had to untick. Anyone got any constructive comments or suggestions on the way forward, not interested in negativity, thanks all the same.

What type of PPI was this? Credit card? Loan? Mortgage?

kingbuxton

dunstonh wrote: »

mortgage PPI is nearly always monthly premium direct debit. If you dont know you are paying it then you need to control your finances better.

Again, I dont fully understand this whole "PPI" thing. Hence the title of the forum.

Figgerty

I was offered PPI each time I took out a loan or credit card and did not believe it offered the protection I needed so I declined the offer and re offers. Also, the cost of PPI added immensely to the loan repayment amount. Around that time I worked with a man who had taken out PPI on his many credit cards and he spent all the time telling me how well off he would be compared to me in the event of illness or if he lost his job. He availed of the protection for many years and seemed happy to do so but has since claimed PPI mis selling and got compensated. Has everybody who took out PPI been the subject of mis selling?

I had no option but to take out Mortgage Protection Insurance but was happy with the protection that offered to my family if I dropped dead. Perhaps I should reclaim MPI.
No that would be dishonest as I knew well what I was getting into - although I had no option but to buy MPI - my remaining mortgage would have been paid off in the event of my death. Ill health or unemployment was not covered.

Which financial product is being mis sold right now?

dunstonh

Has everybody who took out PPI been the subject of mis selling?

No. Not even close. A lot of complaints get auto paid out (not investigated) and a lot get paid out because the lender failed to maintain the records to justify the sale.

I had no option but to take out Mortgage Protection Insurance but was happy with the protection that offered to my family if I dropped dead. Perhaps I should reclaim MPI.

MPPI has the lowest success rate of any type of PPI. the majority of MPPI complaints fail. This doesnt mean you wont succeed but typically you need a strong complaint reason. MPPI is still retailed today and is generally regarded as the one PPI worth having.

Which financial product is being mis sold right now?

There is no indication any financial product is being mis-sold on the regulated side. There are some scams going on outside of regulation. Pension release scams are rife with cold calls. However, these firms are not regulated. So, no come back there.

Figgerty

kingbuxton wrote: »

Again, I dont fully understand this whole "PPI" thing. Hence the title of the forum.

http://www.thisismoney.co.uk/money/cardsloans/article-1606455/Reclaim-PPI-premiums--payment-protection-insurance.html
About a third of the way down the page of this article is a very clear explanation.

an extract Who can reclaim - have I got PPI
Some people may need to establish whether they have PPI: you may have been sold it without realising.

When attached to a credit card you should be able to see any payments taken for PPI in your statements, but if you have a personal loan it might not be so obvious. Best to contact your lender to find out if you have it.

The clearest cases of mis-selling are those where customers were sold the insurance when they had no chance of claiming on it.

Figgerty

dunstonh wrote: »

MPPI has the lowest success rate of any type of PPI. the majority of MPPI complaints fail. This doesnt mean you wont succeed but typically you need a strong complaint reason. MPPI is still retailed today and is generally regarded as the one PPI worth having. .

I would not dream of claiming as I knew what I was buying and believe it gave me the cover I required and paid for. The only part was the compulsary aspect but I would have had that with every mortgage lender.

-taff

kingbuxton wrote: »

PPI completely go's over my head.

I have never had a loan or a credit card, I have had a mortgage for the last 4 years though.

Should I look to make a claim, is there a reputable company out there that will handle it for me?

Thank you all!

The only reason you may be able to make misselling complaint regarding your mortgage protection is if you are immortal and have no need of life insurance, if you have no dependants or beneficiaries, or if you are able to pay off your mortgage completely with savings, or if you are never going to get critically ill [does not necessarily mean temrinally ill]


You have no other PPI.