PPI Reclaiming successes and failures

iananddaph

I used the tools available on MSE for the reclaim of PPi on a old loan taken out in 1999 over 5 years with Lombard Direct (now RBS) for a loan of £13K.
Had to ask for copies of the loan documents from Lombard which cost £10, the whole process which was not a bad as I thought it was going to be took about 3 months but I am glad to say a cheque for £6850.00 came a couple of days ago.
Thank you to MSE for your valued help.

Zelen86

My wife has an interest only mortgage with IF. I asked her if she had PPI on it and she said that she would not have taken it out. I read through her paperwork and discovered that she did actually have PPI on the account.

After contacting IF they advised that it was arranged through her financial advisor and any claims would have to be taken up with him.

Surely it comes down to IF to make sure that their customers are aware of their product and not assume that a financial advisor will do this on thier behalf? As he is an independant financial advisor, I doubt that a claim against him would be successful and suspect that it ultimately ls with IF.

Any advice?

-taff

Contact the financial advisor, because the PPI on mortgages is not the same as PPI on loans and credit cards, and you need to know exactly what the product is before you start thinking you can claim on it.

dunstonh

Zelen86 wrote: »

My wife has an interest only mortgage with IF. I asked her if she had PPI on it and she said that she would not have taken it out. I read through her paperwork and discovered that she did actually have PPI on the account.

After contacting IF they advised that it was arranged through her financial advisor and any claims would have to be taken up with him.

Surely it comes down to IF to make sure that their customers are aware of their product and not assume that a financial advisor will do this on thier behalf? As he is an independant financial advisor, I doubt that a claim against him would be successful and suspect that it ultimately ls with IF.

Any advice?

The PPI issue is not down the product. It has nothing to do with the product really. It has to do with how it was sold and set up. IF didnt sell it to her. An adviser sold it to her.

It is unlikely you have a case with MPPI as statistically, the odds of it being classed as bad or even able to complain about it are low. For example, only 0.2% of complaints at the FOS are advised cases. The FSCS only uphold 5% of complaints against mortgage advisers. If it is a pre Jan 2005 case then it is pre-regulation and the adviser does not have to consider the complaint. If it is a post Jan 2005 case, then it should have a good audit trail which supports the sale.

You havent actually mentioned what her reasons for complaint are. So, its impossible for us to comment on whether you have a case or not but with IFAs and mortgage protection, you are not looking at a similar scenario to the banks with their non-advised cases lacking audit trail and put in place on a sales process rather than an advice process.

MPPI itself also has lower success rates on complaints compared to any other type of PPI. Single Premium MPPI is considered bad. Monthly premium is considered good.

di3004

Reclaim upheld by Underwriter/Genworth.
I would just like to confirm that in regards of a rejection from Santander via GE cap one, an account opened from 1997 until 2005, FLA also rejected, as their letter arrived today, and at the same time as Genworth Financial, who is the underwriter/insurer of GE Cap bank.

Very chuffed, and as this was not long rejected by Santander, it only taken a matter of a few weeks (2) with the underwriter.:beer:
Full refund with interest too.

teleop

:j:j

di3004 wrote: »

Reclaim upheld by Underwriter/Genworth.
I would just like to confirm that in regards of a rejection from Santander via GE cap one, an account opened from 1997 until 2005, FLA also rejected, as their letter arrived today, and at the same time as Genworth Financial, who is the underwriter/insurer of GE Cap bank.

Very chuffed, and as this was not long rejected by Santander, it only taken a matter of a few weeks (2) with the underwriter.:beer:
Full refund with interest too.

Hi Di , Great news i am chuffed for you. Just shows not to take no for an answer. I also have a claim in with Genworth for my frasercard. Santander said they wernt liable so the FOS went after the underwriter which is Genworth but then Genworth sent me a letter saying they were getting in touch with someone else who had sold the policy .(all very complicated) Will just have to wait & see. Once again though many congrats. :j:j:j

di3004

teleop wrote: »

:j:j
Hi Di , Great news i am chuffed for you. Just shows not to take no for an answer. I also have a claim in with Genworth for my frasercard. Santander said they wernt liable so the FOS went after the underwriter which is Genworth but then Genworth sent me a letter saying they were getting in touch with someone else who had sold the policy .(all very complicated) Will just have to wait & see. Once again though many congrats. :j:j:j

Thank you.:A

I did think it was going to be a tough one, with them being the underwriter, so am well surprised on the outcome, as said, this did not take long either.
The best of luck with your's, any probs let us know and we can go from there, fingers crossed xx:beer::beer::beer:

julieprit2

di3004 wrote: »

Reclaim upheld by Underwriter/Genworth.
I would just like to confirm that in regards of a rejection from Santander via GE cap one, an account opened from 1997 until 2005, FLA also rejected, as their letter arrived today, and at the same time as Genworth Financial, who is the underwriter/insurer of GE Cap bank.

Very chuffed, and as this was not long rejected by Santander, it only taken a matter of a few weeks (2) with the underwriter.:beer:
Full refund with interest too.

This is interesting as I too have a PPI complaint for my Topshop card against GE going back to 1997 also.

At present, my complaint is with FOS however I had received rejection letter from Genworth etc. I got a call from FOS last week saying that my case was simply waiting on a review from an adjuicator now (been with them 13 months) but they said my complaint was against Financial Insurance? I don't know why my complaint has been logged with them and not Santander as seems to be common?

Have you heard of any success stories against Financial Insurance?!

Thanks and well done! :j

di3004

julieprit2 wrote: »

This is interesting as I too have a PPI complaint for my Topshop card against GE going back to 1997 also.

At present, my complaint is with FOS however I had received rejection letter from Genworth etc. I got a call from FOS last week saying that my case was simply waiting on a review from an adjuicator now (been with them 13 months) but they said my complaint was against Financial Insurance? I don't know why my complaint has been logged with them and not Santander as seems to be common?

Have you heard of any success stories against Financial Insurance?!

Thanks and well done! :j

Hiya and thank you.:A

Aww so sorry to hear about the rejection, but a thought has come to me, maybe if I had complained back then, it would have been the same for me, so maybe now they realise they may still have some liability.
I now have a feeling that you will be successful now, especially now that they have started to accept and uphold.
Good luck.;)

Genworth are those of Financial insurance I believe ain't they?

I think I did come across another over on another forum and that wasn't long ago.

Fingers crossed.:beer:

julieprit2

di3004 wrote: »

Hiya and thank you.:A

Aww so sorry to hear about the rejection, but a thought has come to me, maybe if I had complained back then, it would have been the same for me, so maybe now they realise they may still have some liability.
I now have a feeling that you will be successful now, especially now that they have started to accept and uphold.
Good luck.;)

Genworth are those of Financial insurance I believe ain't they?

I think I did come across another over on another forum and that wasn't long ago.

Fingers crossed.:beer:

Oh are they!? I didn't realise that! I did google Financial Insurance but didn't really come up with much. If they are Genworth that's great.

I have no doubt of a missell on this at all (numerous valid arguments thankfully) my only issue is how old the card is.

Would be nice to get an upheld and good to know that they aren't all being rejected :-))