Refusal from Co-op Bank - shall I appeal?

willievergetthere?

Hi - I put in a claim for missold PPI on a loan I had with Co-op Bank in 1990. I still have the agreement form, copies of statements showing PPI being taken etc and have sent them copies of all of these. My grounds for it being mis sold were that:


I know for certain the advisor said 'off the record' (yes, so no proof) that it would increase my chance of obtaining the loan to take out PPI. The Co-op replied: 'it has never been the policy of the Co-op Bank to look less favourably on applications with no PPI'.

I also stated I had savings, and a family member would have helped with repayments if I needed them, also that I was in good health and secure employment.

They replied that PPI was for prolonged loss of income in the event of accident, illness and redundancy, so therefore any savings are not relevant.

They also said, there is no legal obligation for a family member to help and as I was in good health and secure employment, then that would mean I was a good candidate for PPI.

I really don't understand. I have exactly the same reasons for believing the PPI was mis-sold via Santander and they have paid out.

Do members think I have a good chance of appealing with the ombudsman?

-taff

what are you complaining about exaclty?

Thrugelmir

They replied that PPI was for prolonged loss of income in the event of accident, illness and redundancy, so therefore any savings are not relevant.

Seems spot on.

-taff

Never mind, i see it's a loan now..missed that to start with.

If I were you, I'd stick to the single premium complaint, and the savings, that you could pay it in the event of a problem.

Sanatnder might have auto paid you, they might have found a different failing. Just because one company pays, it doesn't follow they all will.

willievergetthere?

Decided to ring ombudsman - have the papers coming in the post to appeal - early indications for my complaint to be upheld are good.

dunstonh

They also said, there is no legal obligation for a family member to help and as I was in good health and secure employment, then that would mean I was a good candidate for PPI.

That is a fair rejection. Family members are not expected to be called upon.

Decided to ring ombudsman - have the papers coming in the post to appeal - early indications for my complaint to be upheld are good.

FOS telephone line is notorious for telling people what they want to hear. Especially when they are only getting your side of the story. The telephone line is not manned by adjudicators or ombudsman. It is manned by people who almost encourage you to complain.

Not saying you wont win. However, the reasons you were given for rejection do seem fair and valid. Good health and employment are good reasons to take out PPI.

I have exactly the same reasons for believing the PPI was mis-sold via Santander and they have paid out.

Maybe santander auto paid out without investigation. Maybe they had a failing elsewhere that you didnt identify but they could see. Maybe you just got lucky with an erratic decision. Banks are prone to scattergun responses.

All we can say is that your reasons for complaint are very very weak and their reasons for rejection are quite fair. We have no benefit of any of the paperwork. We can only comment on what you have posted.

CKhalvashi

dunstonh wrote: »

Maybe santander auto paid out without investigation. Maybe they had a failing elsewhere that you didnt identify but they could see. Maybe you just got lucky with an erratic decision. Banks are prone to scattergun responses.

All we can say is that your reasons for complaint are very very weak and their reasons for rejection are quite fair. We have no benefit of any of the paperwork. We can only comment on what you have posted.

I'm with this opinion here, and would just like to add that your circumstances may have changed in between these applications; I applied for a loan in 2004, and was approved and could have taken PPI. Throw a (my own) limited company being my main source of income a year later, this was much more of an issue, even though I was working full-time.

CK

_Andy_

"also that I was in good health" - not sure why that's at all relevant?

My house has decent door locks, should I not insure the contents then?

willievergetthere?

Some of the reasons I gave as to why I thought I had been mis sold PPI were further backed up by the most common reasons PPI has been mis sold, as stated on this website - including being in good health.

In reply to My house has decent door locks, should I not insure the contents then? - I have a solid insurance policy - should I therefore not question some of the points stated within it?

willievergetthere?

*** Apologies **** health reason NOT stated on this website - info extracted from another website.

willievergetthere?

I have looked again at the loan agreement and the separate insurance policy. The loan is in joint names and the insurance policy is in just husband's name. Is this a case for mis selling or would this be correct as he was the main breadwinner, ie earned more than me?