Legal & general mppi

addedvaluebob

Are you posting on the right website

The UK's biggest protection racket isn't run by thugs in back alleys, but the genteel staff of Britain's banks. For years they were made to steal £1,000s, but now you can get your money back.

All of this is free, the worst case scenario is you lose the cost of three stamps

dunstonh

addedvaluebob wrote: »

The UK's biggest protection racket isn't run by thugs in back alleys, but the genteel staff of Britain's banks. For years they were made to steal £1,000s, but now you can get your money back.

All of this is free, the worst case scenario is you lose the cost of three stamps

This is not a bank case though. This is a high street broker. Whilst most bank complaints get upheld, the same cannot be said for broker complaints.

There is no direct cost when you complain against a bank. There is a cost when complaining against brokers and advisers. You just dont suffer it directly yourself. The broker suffers it. Hence why a complaint should be valid and not try-it-on.

Are you posting on the right website

This is not a site that encourages fraud. So, I am in the right place.

Nasqueron

addedvaluebob wrote: »

Are you posting on the right website

The UK's biggest protection racket isn't run by thugs in back alleys, but the genteel staff of Britain's banks. For years they were made to steal £1,000s, but now you can get your money back.

All of this is free, the worst case scenario is you lose the cost of three stamps

A mortgage is 20-25+ years, how many firms would pay out enough on long term sick/redundancy to cover more than a few months of payments + other costs? Civil service has the best benefits most workers will ever see and that's only 6 months full pay, if you were off for longer then moving to 6 months 1/2 pay you are clearly going to run short of money - and if someone had 100k+ savings you'd question why they had such a long mortgage! A payment that comes on top of work benefits and can cover you for an extended period to help avoid money worries is surely a good thing? Putting in a claim just for the sake (no reasons have been given by the OP so we don't know if it's legitimate) is as much a fraud as you accuse the banks of.

addedvaluebob

Given that my quote was from the top page of Martin's reclaim PPI page, perhaps you should drop him a line if you think it is encouraging fraud.

'An indicator to the success rate could be the UKs largest mortgage broker network which has an uphold rate at the FOS of 7%'

Is this the same network that loses 38% of FOS cases for life and pension complaints and was fined £6,000,000 for it's advice failing last year?

dunstonh

Given that my quote was from the top page of Martin's reclaim PPI page, perhaps you should drop him a line if you think it is encouraging fraud.

Nowhere does he say you should try it on.

The article also states: "Everyone who's got or had a loan, credit or store card, catalogue, overdraft or car finance should check now if they were flogged these policies." It doesnt say mortgage.

The article also says:
I was told to buy mortgage PPI, was it mis-sold?
Yes, but mortgage PPI wasn't as commonly mis-sold, so it's less of an issue. Remember, good PPI protects your mortgage repayments in the event of accident, sickness or unemployment - see the Mortgage Arrears Help and Mortgage PPI guides for more.

So, Martin also recognises that MPPI is less of an issue. Perhaps you should drop him a line.

'An indicator to the success rate could be the UKs largest mortgage broker network which has an uphold rate at the FOS of 7%'

Is this the same network that loses 38% of FOS cases for life and pension complaints and was fined £6,000,000 for it's advice failing last year?

What has pensions and investments got to do with MPPI?

I fail to see why you are so against consumers having knowledge that aids their decision process. Knowledge and understanding helps.

addedvaluebob

Nasqueron, the fraud you refer to is from Martin's PPI reclaim guide. I didn't say it.

Dunstonh. Will you please answer the question regarding the uphold rate and fine? I think some of the posters should know if you are quoting the figures for Sesame.

The original post just said 'has anyone any experience' and is immediately greeted with a string of posts saying don't bother. We don't actually know anything about the case but have pronounced that there is little or no chance of success

[Deleted User]

addedvaluebob wrote: »

The original post just said 'has anyone any experience' and is immediately greeted with a string of posts saying don't bother.

The only "string" of similar posts are those asking the user to post his complaint reasons. I can't see any posts in the entire thread telling him not to bother. Your post, however, encouraged him to complain whatever his reasons!

dunstonh

Dunstonh. Will you please answer the question regarding the uphold rate and fine? I think some of the posters should know if you are quoting the figures for Sesame.

I believe it was Sesame. It was posted on another thread by magpiecottage who looked it up. However, Sesame's issues were to do with investment & pension controls and not insurance. They are a good benchmark to use as they are the biggest mortgage intermediary and cover a wide range of different business models.

The original post just said 'has anyone any experience' and is immediately greeted with a string of posts saying don't bother. We don't actually know anything about the case but have pronounced that there is little or no chance of success

No-one has said dont bother. We have asked for more info whilst at the same time providing some background as to why more info is needed. Apart from you, the position of most posters is that the odds are low but we need to know why there is a complaint. Generally consistent with the wording in the PPI reclaiming article on this site that you refer to.

Brokerwise

addedvaluebob wrote: »

Are you posting on the right website

The UK's biggest protection racket isn't run by thugs in back alleys, but the genteel staff of Britain's banks. For years they were made to steal £1,000s, but now you can get your money back.

All of this is free, the worst case scenario is you lose the cost of three stamps

Before the ombudsman upped the quota for claims before a charge could be made a number of people lost there businesses and livelihood over such spurious without merit MPPI claims. I would love it if some of these people who falsely tried their luck lost their jobs and subsequently there homes after cancelling the policy they did not need due to "parents would have bailed them out", "savings to cover", "sick pay" blah blah blah. You reap what you sow.

roonaldo

Brokerwise wrote: »

Before the ombudsman upped the quota for claims before a charge could be made a number of people lost there businesses and livelihood over such spurious without merit MPPI claims. I would love it if some of these people who falsely tried their luck lost their jobs and subsequently there homes after cancelling the policy they did not need due to "parents would have bailed them out", "savings to cover", "sick pay" blah blah blah. You reap what you sow.

I concur, this is a mortgage, your home and your life! not a rubbish £500 store card PPI. There will be posts on here in the foreseeable future entitled "I cancelled my PPI and now I cant pay mortgage" and of course it will be the banks fault.

And why? because they took advantage and put this all on the line for a quick £1500 payout which they probably spent in 5 minutes.