Retrospective ppi

boys1211

Looking for some advice/clarity please. We have recently been knocked back for ppi on rbs mortgage dating from 1997-2006. Appealed to bank & today received further knock back.
I informed the bank that I had 6 months off work in 2004 & didn't utilise ppi, as we were unclear that this was what was meant by the policy. Have been informed by the bank "it may be possible to make a retrospective claim on the PPI policy".
Does this mean we would get 3 months (I was off for 6 months but according to policy info, it appears that payment from policy would not kick in for 90 days) of the ppi premium refunded or 3 months of our mortgage payment refunded??
Also would any payments be subject to the 8% compound interest??
Finally, we were planning to appeal to FOS, so if weary to claim the retrospectve monies does this mean we would then be unable to lodge claim with FOS??

Sorry for long winded post, but feeling very confused !!!

Thanks in advance

dunstonh

We have recently been knocked back for ppi on rbs mortgage dating from 1997-2006. Appealed to bank & today received further knock back.

Not a surprise. Most mortgage insurance complaints are rejected (by bank and FOS).

I informed the bank that I had 6 months off work in 2004 & didn't utilise ppi, as we were unclear that this was what was meant by the policy. Have been informed by

the bank "it may be possible to make a retrospective claim on the PPI policy".

Forgetting about cover does not mean it was mis-sold. It is often possible to put in historic claims after all these years. So, that makes sense.

Does this mean we would get 3 months (I was off for 6 months but according to policy info, it appears that payment from policy would not kick in for 90 days) of the ppi premium refunded or 3 months of our mortgage payment refunded??

If it was not a back to day 1 policy then you would get 3 months worth of the benefit amount.

Also would any payments be subject to the 8% compound interest??

It doesnt need to be.

Finally, we were planning to appeal to FOS, so if weary to claim the retrospectve monies does this mean we would then be unable to lodge claim with FOS??

You could complain and if the complaint was successful then the claim would either cease or if paid out before the FOS look at it, they would reduce the claim amount from redress.

Knowing that the FOS reject most of these, what are your reasons for complaint?

boys1211

Thanks I think you answered a previous post I had on this.
The reasons we felt we were mis sold because it wasn't taken into consideration our existing benefits (full & comprehensive sick pay) and that the policy wasn't fully explained to us.

dunstonh

The reasons we felt we were mis sold because it wasn't taken into consideration our existing benefits (full & comprehensive sick pay) and that the policy wasn't fully explained to us.

Whilst employer benefits works with short term debts, it tends to fail with long term major debts. The FOS have been rejecting complaints where there has been 12 months sick pay when it comes to MPPI.

This case is real and shows how the FOS treated it. It has similarities to yours.
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=44750

[Deleted User]

dunstonh wrote: »

This case is real and shows how the FOS treated it. It has similarities to yours.
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=44750

In addition, this case went all the way to an Ombudsman (after the Bank and a FOS adjudicator had already rejected it), a process which will have taken in excess of eighteen months.

The Op's Trust Deed further complicates matters as any redress award would surely be a pre-bankruptcy asset? No?