Ppi

tofty2

Hi There I would be very grateful of any help anyone can give me.

In the last 12 years I have had 3 mortgages, 2 credit cards a bank loan, and a loan secured against our last mortgage which we had to give the house up to repossession in 2008 due to massive increases in interest charges which we could no longer afford. Since then the marriage has also failed but we are still friends and my ex keeps asking about us reclaiming ppi.

Basically I want to but have no idea where to start, I have hardly any paperwork left with the breakup and the house moves, all i have is basic information about these companies. Do you think its still worth me following this through or is it still possible for me to do this with very little info.

I've read some of these other posts on here, I'm not very clever when it comes down to maths and money so any help would be greatly appreciated.

tofty2

-taff

You need account numbers and a good complaint reason for being missold. Just having ti is not enough.

If you have a good complaint [you think] it's as well to have all the information you can on what you paid and when.

Read through this but don't bother asking for T7Cs, your accounts are closed, so you will have to send £10 and a SAR [see the front page sticky for an excellent template] to each company you had PPI with. If there are records left, they will send them to you and then with the account numbers, you can complain.

I woulnd't be too quick to complain about mortgage PPI because it's completely different to PPI and in most cases, has not been missold.

We need more info to advise you on different things.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

tofty2

Thank you for your response.

We had a loan with HSBC
A Loan with Ocean Finance (which I think don't exist anymore)
a capital one credit card
and a mbna credit card

All of which we are still paying towards through debters, including outstanding mortgage after property was sold.

tofty2

dunstonh

In the last 12 years I have had 3 mortgages, 2 credit cards a bank loan, and a loan secured against our last mortgage which we had to give the house up to repossession in 2008 due to massive increases in interest charges which we could no longer afford.

What massive increase in interest rates? In 2008, interest rates peaked at their long term average figure before dropping significantly. Rates since the late 90s had been fairly consistent at a figure below or about long term average.

Since then the marriage has also failed but we are still friends and my ex keeps asking about us reclaiming ppi.

Who sold the PPI? The lender or a broker/agent? If a broker than forget it as its pre-regulation as mortgage brokers only became regulated for insurance in Jan 2005. Any sales before that date do not have to be considered. This is different if the lender sold it as they have to consider earlier sales. However, if the lender repossessed and lost out financially and had to write of some of the debt then they could use any redress from PPI (if they sold it) against the debt written off.

MPPI has a lower success rate on complaints than any other type of PPI. Today, it is one of only two types that are still retailed. It suffers less of the issues of other types of PPI and is generally regarded as worth having. So, you typically need stronger complaint reasons with MPPI compared to loan or credit card (which are actually quite easy to complain about and are more likely to result in success).

[Deleted User]

tofty2 wrote: »

All of which we are still paying towards through debters, including outstanding mortgage after property was sold.

Do bear in mind that any redress (should it be awarded) would likely go towards these outstanding debts, so don't be tempted to use a Claims Company or you could end up with an extra bill to pay-their commission.

tofty2

Thank you for your responses but still really confused as what to do? Are you all basically saying I would be wasting my time trying to claim this money back?

I have put this off for a few years due to very little paperwork but can guarantee my phone rings everyday with some random company trying to get me to start the process to reclaim.

We took out a mortgage in Jan 2005, this is the mortgage on the house that was voluntarily handed back for repossession due to the monthly payment shot up by nearly £200 and the loan secured on it through Ocean Finance did the same, so we could no longer afford the repayments. We were looking at about £1200 a month just for the mortgage and the loan.

tofty2

[Deleted User]

tofty2 wrote: »

Thank you for your responses but still really confused as what to do? Are you all basically saying I would be wasting my time trying to claim this money back?

You can complain if you wish, but do realise that
(a) Your mortgage complaint is unlikely to be successful at all
(b) Your other loan and credit card PPI redress will likely be offset against your debts even if you are successful.

Under no circumstances allow one of these claim companies to represent you, otherwise you could end up owing them their commission in addition to the debt you already have.

dunstonh

We took out a mortgage in Jan 2005

When did you sign the application? Insurance became regulated on 14th January 2005. If you signed the forms before that date, then its pre-regulation. If you singed them after that date, then the broker would need to consider your complaint.

-taff

tofty2 wrote: »

Thank you for your responses but still really confused as what to do? Are you all basically saying I would be wasting my time trying to claim this money back?

I have put this off for a few years due to very little paperwork but can guarantee my phone rings everyday with some random company trying to get me to start the process to reclaim.

We took out a mortgage in Jan 2005, this is the mortgage on the house that was voluntarily handed back for repossession due to the monthly payment shot up by nearly £200 and the loan secured on it through Ocean Finance did the same, so we could no longer afford the repayments. We were looking at about £1200 a month just for the mortgage and the loan.

tofty2

You can't complain about your mortgage because you bought one. Unless it was a missold endownment mortgage. You can complain about the secured Ocean Finance Loan, but they were not regulated prior to January 2005, so they can dismiss your complaint. If you bought it after Janaury 2005, then you go to the FSCS to complain.

All the rest are stil going so you complain to them.

As has already been said, if you are still paying debts, then if you do get any redress, it's likely it'll go towards your debts, you won't see the money.

Just because someone phones you to encourage to complain doesn't mean anyone has a complaint , they are just spamming everyone they phone in the hopes that someone will say yes to them.