Is this PPI...?

wintergirl

Hi all.
Just woken up to the PPI claims going around! Talking to a friend at the weekend, who has got back over £3k from past loans/mortgages etc, and it set me thinking about our own position.

I have kept every yearly mortgage statement we've ever had (going back to 1994!!!)
We've moved lender a few times, but on the statements, I can see the following:-
Leeds Building Society - Income Protection for your loan £28 per month.
Halifax - Income Protection £24.75 per month. A few years on its called Repayment Insurance, then M R I Premium.
Nationwide - Mortgage Payment Protection Insurance £35.35 per month.
Silly question - but does the above descriptions mean we paid PPI on our mortgage, and if so could we make a claim to get it back?

I've also had various car loans over the years, from people like Lombard and Northern Rock (!), but haven't kept that paperwork, so would have no idea if those repayments ever included PPI as well. Therefore for the car loans, would it be best to get one of these no win/no fee businesses to take it up? Or would looking at my Credit File give me some info?
My friend said she originally claimed on Halifax herself, and they sent an automated 'you are not entitled to anything' reply back. It was only when she pushed through a third party that she got anywhere.
Any advice welcome. Thanks.

[Deleted User]

wintergirl wrote: »

does the above descriptions mean we paid PPI on our mortgage, and if so could we make a claim to get it back?

Yes those descriptions are certainly PPI, but you do not "claim" it back- you have to make a robust mis-selling complaint with reasons why the insurance was not suitable. What mis-selling reasons do you have, bearing in mind that mortgage PPI covers probably your most valuable asset (your home)?

wintergirl wrote: »

haven't kept that paperwork, so would have no idea if those repayments ever included PPI as well. Therefore for the car loans, would it be best to get one of these no win/no fee businesses to take it up?

Claims management companies cannot somehow magic up documentation. Any research must be done by you, they only offer to send a complaint on your behalf.

wintergirl wrote: »

It was only when she pushed through a third party that she got anywhere.

No one needs to use a "third party" claims management company. They charge a lot (30% plus VAT!) and do very little. Your friend should have simply persevered alone.

magpiecottage

It does look like Mortgage PPI. However, the mere existence of such a policy does not mean you are entitled to your money back.

The evidence has to show that it was not suitable for your AND that either you were incorrectly advised or, if no advice was given, the information you were given about it was unclear, unfair or misleading.

Your complaint must also be directed to the that actually sold you the policy. That is not necessarily the lender or insurer.

As far as suitability is concerned, in most, though not all, cases, PPI for a mortgage is considered suitable. The main reason that it might not be is that it was a single premium added to the loan - but you have confirmed this does not apply to you!

wintergirl

Ok, thanks for the replies. I understand that its not an automatic right to get it back.

Digging deeper, I can confirm that for the first three years of paying for these policys, we had good jobs, which would have paid out sick-leave for 6 months full pay, and 6 months half pay. During the next 3 years of making the payments, my hubby had, in addition to the above, a Permanent Healthcare Insurance through his work, that kicked in after 12 months sickness, and paid 75% of basic salary, until retirement.

For the final 18 months of making the payments, my husband was self employed on a full time contract. When that contract ended, we went into the Nationwide to see if we could claim on the mortgage insurance. We were told we wouldn't be able to because it only covered employment, so we should have stopped the policy when he became self employed. (Oh and I was also self employed during 4 years of these payments as well.) - Suffice to say we cancelled the MPPI with them immediately.

So; as we would either of got suitable sick pay from our employers, or could not have made a claim anyway, because of being self employed, do you think its worth perusing further? Or will it be a waste of time...?

[Deleted User]

wintergirl wrote: »

So; as we would either of got suitable sick pay from our employers, or could not have made a claim anyway, because of being self employed,

You cannot make a mis-selling complaint about being self-employed because your husband only became self employed subsequent to the insurance being purchased. Only if he had been self employed at the time of taking out the insurance and it didn't cover him would he be able to complain he was mis-sold.

You could certainly mention the other employment benefits in a complaint, though.

*~Zephyr~*

Mention the employment benefits by all means, but make sure you mention the cost of the PPI, or rather, how the cost was not explained to you, how you were not aware of how much you would be paying over the life of the loan. Cost is the primary consideration when they decide whether or not to uphold your claim.

And don't use a claims company - they often slow things right down. Contacting directly will be quicker and easier.

Brokerwise

*~Zephyr~* wrote: »

Mention the employment benefits by all means, but make sure you mention the cost of the PPI, or rather, how the cost was not explained to you, how you were not aware of how much you would be paying over the life of the loan. Cost is the primary consideration when they decide whether or not to uphold your claim.

And don't use a claims company - they often slow things right down. Contacting directly will be quicker and easier.

How can you argue cost after a DDM was set up and it appeared each month on the bank statement ? All insurance is costly if never claimed on

dunstonh

So; as we would either of got suitable sick pay from our employers, or could not have made a claim anyway, because of being self employed, do you think its worth perusing further? Or will it be a waste of time...?

We can never really judge an possible outcome in advance. However, the FOS have been rejecting complaints where there has been 6 months full pay, 6 months half pay when it comes to mortgage PPI as the seriousness of the debt is much higher than loan and credit card PPI (where they FOS are more likely to uphold the complaint on that reason). Most MPPi will pay out in addition to employer benefits. Some loan and credit card PPI does not.

On an advised case, I cant see much benefit in MPPI where there is 6/6 months employer pay and a PHI policy. However, on a non-advised case, that is not an issue.

[Deleted User]

*~Zephyr~* wrote: »

And don't use a claims company - they often slow things right down. Contacting directly will be quicker and easier.

…and significantly cheaper!

roonaldo

*~Zephyr~* wrote: »

cost is the primary consideration when they decide whether or not to uphold your claim.

True if this were single premium PPI, but its not.

*~Zephyr~*

Brokerwise wrote: »

How can you argue cost after a DDM was set up and it appeared each month on the bank statement ? All insurance is costly if never claimed on

I'm not arguing anything, I'm just telling you what criteria the banks are using when making the decision to uphold or defend a claim. The people who are making the decision are told that if the customer says that the cost of the PPI was never explained to them then the claim is immediately upheld. Any other evidence supplied is irrelevant.

roonaldo wrote: »

True if this were single premium PPI, but its not.

Makes no difference if you submit one claim or 47 they are all lumped together as one case and dealt with by one person. The criteria on which the decision is made it the same. Refer to my above comment.