Help! I'm new to claiming....

Fastfreddie_2

Hello, as well as trying to reclaim ppi from credit cards and loans, can i also claim it from past mortgages and car finance companies?
Also, when ringing these companies are they bound to tell me the truth as to whether i have a claim or not? Any help will be greatly appreciated as i find it very daunting and confusing but i dont want to let a possible claim go.

dunstonh

Hello, as well as trying to reclaim ppi from credit cards and loans, can i also claim it from past mortgages and car finance companies?

You are not claiming. You are complaining. I know claim has become commonplace but its important to note the distinction. As such, you can complain about whatever your like.

However, in respect of car finances and mortgages, there are issues to consider.

1 - Most mortgage insurance is considered appropriate and required. You are not covering some tin pot loan with little consequences if you dont pay it. You are covering a major debt with lifestyle changing consequences if the mortgage is not paid. So, an expectation that you would have insurance on these exists unless you can show there was no financial need or you were not eligible.
2 - if you used a broker, then they only became regulated after January 2005. So, if your mortgage was bought before then, they dont have to consider your complaint.
3 - Single premium mortgage insurance is considered bad. Monthly premium direct debit is considered good.
4 - like brokers, car dealers did not become regulated until Jan 2005. So, they too will not consider complaints on pre-regulation cases. There are some exceptions depending on where the finance was placed and the relationship of the seller of the PPI.

Also, when ringing these companies are they bound to tell me the truth as to whether i have a claim or not?

You have to tell them if you have a complaint and what that complaint is. They are meant to do with it fairly and honestly. The track record of some banks in that respect isnt great but on the whole, there is no evidence to show widespread issues.

What would your reasons for complaint be?

Fastfreddie_2

I have been self employed for 15 years so would'nt that make me inelligible for any ppi?

dunstonh

Fastfreddie wrote: »

I have been self employed for 15 years so would'nt that make me inelligible for any ppi?

Most PPI covers the self employed. A significant minority does not (or does not to a desired standard). Most mortgage PPI for example covers the self employed very well. However, loan PPI and some credit card PPI can be very poor on self employed and by default make it unsuitable for self employed.