PPI what to do next?

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
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soup44soup44 Forumite
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Looking for some advice,

Just put in a claim using your recommended form for PPI compensation which was (surprise surprise) not upheld by Paymentshield.

In 2001, when I changed my mortgage provider from Northern Rock to the Halifax, I called Paymentshield to let them know of my new mortgage details. During that call I was strongly advised and persuaded to upgrade my existing payment protection insurance cover policy. So I did, based on good faith from the seller that it was the right thing to do at that time and at double the cost per month!!!

Paymentshield refused to pay any compensation because they have in their scripting to strongly recommend people to contact a financial and independent intermediary. What the heck, they were so not explicit at the time about getting somebody else to review the policy independently - they just pushed for sell and their spin was so good, that I trusted the person I was speaking to and agreed to upgrade the policy.

I then contacted the Financial Ombudsman for support with my PPI claim and what the heck! Paymentshield are not covered in their listings but, if this happened from 1995 they would have considered helping... Why do we have these organisations here to help.

Not sure what to do next, any advice?


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  • dunstonhdunstonh Forumite
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    Just put in a claim using your recommended form for PPI compensation which was (surprise surprise) not upheld by Paymentshield.

    Why are you surprised? I wouldnt be. This complaint was destined for failure before you started.

    1 - Paymentshield never sold it to you and have no liability for the sale (key reason)
    2 - Paymentshield only over retailed standalone plans on monthly premium (the two types of PPI that still retailed today and considered ok)
    3 - It is pre regulation (Jan 2005 is the date)
    4 - the increment was a non-advice basis only. you already had it. They just suggested you increase it to match the new payments and that you should contact an adviser if you needed help. you chose not to. The policy was originally sold by an intermediary and paymentshield would have paid that intermediary on the increase
    I then contacted the Financial Ombudsman for support with my PPI claim and what the heck! Paymentshield are not covered in their listings but, if this happened from 1995 they would have considered helping... Why do we have these organisations here to help.

    It isnt 1995 that matters. it is 2005.
    Not sure what to do next, any advice?

    Game over. You havent actually said what your complaint reasons were in your post. However, it doesnt really matter as for the reasons I have listed above. You dont have access to the FOS as it is pre-regulation and they would almost certainly have found against you even if they did (they reject most complaints on that type of PPI as it is one of the few better ones that is set up correctly).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 14 April 2014 at 6:38PM
    [Deleted User][Deleted User] Forumite
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    edited 14 April 2014 at 6:38PM
    soup44 wrote: »
    . During that call I was strongly advised and persuaded to upgrade my existing payment protection insurance cover policy. So I did, based on good faith from the seller that it was the right thing to do at that time and at double the cost per month!!!
    This is not mis-selling. They persuaded you to upgrade your insurance policy, how is that mis-selling? You called them. Paymentshield only ever retailed standalone plans on monthly premium which is the correct manner and so not mis-sold.

    Payment shield provides very comprehensive cover and the costs reflect this.

    They were (are) allowed to "disturb" customers about the consequences should their mortgage be unprotected.

    They are also under no obligation to tell you that other insurance is available elsewhere. Tesco don't tell you that you can shop at Asda, for example. They did tell you that you should contact an intermediary for independent advice, though.

    Your complaint was always destined for failure because you sought to complain about financial affairs that the Ombudsman has no jurisdiction over.
  • soup44soup44 Forumite
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    Thank you for the replies.

    Just to note that when Paymentshield advised me to close the policy and open a brand new upgraded super douper policy in 2001 with additional insurance cover items, surely this is a sell of an entirely new product???

    So, does this mean I need to return to the original financial advisor who sold it to me in the first place?

    p.s. Originally bought through Reeds Rains independent financial services in their estate agents in 1996 (with my northern rock mortgage) who nobody seems to recall who they were at Reeds Rains. Any ideas who they were?
  • [Deleted User][Deleted User] Forumite
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    soup44 wrote: »
    So, does this mean I need to return to the original financial advisor who sold it to me in the first place?
    You go nowhere. As already advised, the complaint is pre-regulation (January 2005) and the Financial Advisor concerned (if they even still trade) won't have to consider any complaint.
  • dunstonhdunstonh Forumite
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    Just to note that when Paymentshield advised me to close the policy and open a brand new upgraded super douper policy in 2001 with additional insurance cover items, surely this is a sell of an entirely new product???

    providers come out with revisions over the years. Sometimes it is not possible to increment old versions or the new version is better.

    Paymentshield is a non-advised option. They present the options and let you decide and tell you to use an adviser if you need advice.
    So, does this mean I need to return to the original financial advisor who sold it to me in the first place?

    In theory yes. However, most advisers were not regulated until January 2005. So, anything prior to that date does not need need to be considered. That is why the FOS cannot help.
    p.s. Originally bought through Reeds Rains independent financial services in their estate agents in 1996 (with my northern rock mortgage) who nobody seems to recall who they were at Reeds Rains. Any ideas who they were?

    its time to give up. That is 9 years prior to when they were regulated.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Can someone clarify please. My father who passed away a few year's ago had a burtons store card paying ppi which he knew nothing about. My mum who is the beneficiary wants to claim from 1996 to 2005. I understand Santander were not regulated until 2005. Firstly can we still claim and who do we find out who the insurers/underwriters are/were. I know Santander will write back and say nothing to do with them but my father was paying 30 pounds per month for 9 years which is a lot of money. Burtons card was taken out in maidstone, Kent. Any help would be much appreciated.
  • [Deleted User][Deleted User] Forumite
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    It's hard to see your complaint that your father knew nothing about the £30 a month he was paying for nine years having any success as it would have been clearly listed on every statement. You cannot complain because your father never checked statements, I'm afraid.

    Apart from that, Burtons (who originally sold you the PPI with their store card) were not regulated in 1996. Your complaint is therefore pre-regulation and is a "hearsay" complaint for which you can provide no evidence.
    It doesn't look very promising...
  • Sorry I wasn't really making my self clear. He knew what the repayments were but was unaware of ppi. The cpp contacted my mum and paid her a cheque which I believe was for one month. Therefore can she claim the mis sold ppi from 1996 to 2005. We have a policy number
  • [Deleted User][Deleted User] Forumite
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    Therefore can she claim the mis sold ppi from 1996 to 2005. We have a policy number
    Why do you refer to PPI if it's about card protection? The CPP scheme covers the period only post 2005 (after regulation). You can certainly complain about the card protection, but prior to regulation your chances are not good.
    Try, you can only lose the price of a few stamps.
  • Thanks for the information. It all got complicated. We didn't know anything about this until my mums bank contacted her and said that my late father had a burtons store card. That's when they sent us the forms for cpp and then advised due to regulations that we may be able to claim ppi for the remaining year's but we don't even know who the insurers / underwriters of burtons are. Thanks for your comments
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