PPI Reclaiming successes and failures

[Deleted User]

Without evidence, your chances are slim, but you have nothing to lose except some of your time.

SonOf

however I am so angry now that they are basically saying I am lying and there is nothing I can do about it.

No. They are saying they have found no evidence of wrongdoing and believe you were told correctly.

If I said you owe me £20 as you took it from my wallet, you would want to see evidence of that.

Why would a 24 year old in a secure permanent job take out an additional premium on a policy if they had been told they didn't have to???

Plenty would. Equally, you mention 1997. This means the PPI premium would have been clearly shown on the loan agreement both by name and premium. So, why would a 24 year old sign a loan agreement showing an extra insurance premium for something they say they didnt want?

I have been told I can contact the FOS. Can anyone tell me if they will there is a realistic chance that they might overturn the decision, or would I be fighting a losing battle?

Current overturn rate on PPi at the FOS is 25%. So, very low. Your complaint reason is extremely weak and you likely have no evidence to suggest what you are saying is the truth. It's an unprovable allegation and they rarely succeed unless there is another failure identified.

typhoon

SonOf wrote: »

No. They are saying they have found no evidence of wrongdoing and believe you were told correctly.

If I said you owe me £20 as you took it from my wallet, you would want to see evidence of that.



Plenty would. Equally, you mention 1997. This means the PPI premium would have been clearly shown on the loan agreement both by name and premium. So, why would a 24 year old sign a loan agreement showing an extra insurance premium for something they say they didnt want?



Current overturn rate on PPi at the FOS is 25%. So, very low. Your complaint reason is extremely weak and you likely have no evidence to suggest what you are saying is the truth. It's an unprovable allegation and they rarely succeed unless there is another failure identified.

Thanks for your reply. I am sorry but I disagree that "plenty would" agree to take on payment for a policy that they had no need for, if they were told that this was completely optional.

Secondly, I was aware that I was signing a finance agreement to include the PPI. It's not that I didn't "want" it; I was simply told that I HAD to purchase it - no PPI, no loan, is what I was told.

Bermonia

You asked what your chances of success were and were informed slim... very slim in fact.

Whilst you may ‘disagree’ that is of course your prerogative, the facts remain the same.

PPI covers a number of potential circumstances, unemployment is just one of those and recent history has taught many that their jobs were not as safe as they thought. You have no evidence of wrong doing except for your ‘recollections’ from more than 22 years ago... this doesn’t carry any weight I’m afraid and there would have to be an identifiable failing in the sales process for your complaint to stand any chance of success.

SonOf

Thanks for your reply. I am sorry but I disagree that "plenty would" agree to take on payment for a policy that they had no need for, if they were told that this was completely optional.

The evidence suggest otherwise. Plenty of people that age do have a financial need for PPI and justification does exist for them to have. Remember that the issue with PPI is not the product but the sales process. You can still buy PPI today. Although it is the better types only that remain.

Unless you are in a job that does not allow redundancies, you can be made redundant.
Unless you are immortal, then you can get ill.

If your agreement says it is mandatory when it was not or fail to make it clear that it was optional then you have a strong complaint reason. However, its more likely that the agreement you signed states the PPI is optional (often right next to the figures which is in reality, is often the only thing people read - e.g. "optional payment protection insurance £xxx)

Secondly, I was aware that I was signing a finance agreement to include the PPI. It's not that I didn't "want" it; I was simply told that I HAD to purchase it - no PPI, no loan, is what I was told.

We are not doubting your opinion of your recollection of something that happened 23 years ago. However, it is unlikely you have any evidence to support your opinion of what was said or not said.

The general position is that the process was followed unless there is something that points to it being unlikely to have been followed. Without any failure being identified in the process, the requirement is then to look at the eligibility and suitability of the PPI. They dont appear to have found any issues there. Eligibility, suitability and auto-payouts account for the majority of upheld PPI complaints. unprovable allegations about 20-30 year old conversations rarely succeed on that point.

typhoon

Thank you both for your replies and advice. I have sent an email off to the FOS; nothing ventured, nothing gained.

[Deleted User]

typhoon wrote: »

I have sent an email off to the FOS; nothing ventured, nothing gained.

Expect nothing from this exercise and you won't be disappointed.

Gnidlog

So just before the deadline I filed two claims.

One for Sentinel Gold which was a CPP for a Barclaycard - I've heard nothing about this since I sent it off.

One was for a Cheltenham and Gloucester mortage.

To be honest I've been fairly ambivalent about the whole PPI thing but two things prompted me.

For sentinel gold it was that one time the premium got renewed without my permission - I phoned up pretty much immediately to get the premium back and was told it was impossible and I could only cancel for the next renewal.

For the mortgage, I did actually end up unemployed (the company I was working for was closed) very briefly (about 6 weeks) at about 8 1/2 years after taking out the mortgage. The wording of the PPI meant that there was a delay in the payout which meant I didn't get anything. So to my mind the PPI was not suitable.

Anyway the C&G PPI complaint as been handled by Lloyds and I got a letter yesterday.

The MPPI Mis-selling has been defended but I've had a small payout for an "unfair relationship created".

The reason the letter mentions the MPPI mis-selling has been defended is that I've not provided details of my savings at the time (summer of 2001) or my salary. I did have a telephone interview a few weeks ago but was not asked about either.

Now I can dig out my tax information and so provide my salary details but haven't a clue about my savings. I was buying my first house so remember I basically used it all except for perhaps a few k which would have been locked into ISAs.

So I suspect all they'd want to know is if I had enough money saved or coming in to cover the mortgage at the time it was taken out. I cannot provide paper evidence of that so basically I doubt the C&G claim is worth pursuing as it would be my word against theirs.

So whilst I feel slight mollified that I got something at least - I do feel slightly shafted especially since the letter Lloyds has sent me includes the total amount I paid in PPI premiums over the 11 years I had the mortgage.

SonOf

So just before the deadline I filed two claims.

One for Sentinel Gold which was a CPP for a Barclaycard - I've heard nothing about this since I sent it off.

One was for a Cheltenham and Gloucester mortage.

Sentinal Gold is not PPI and CPP was subject to an earlier deadline than the PPI deadline.

For the mortgage, I did actually end up unemployed (the company I was working for was closed) very briefly (about 6 weeks) at about 8 1/2 years after taking out the mortgage. The wording of the PPI meant that there was a delay in the payout which meant I didn't get anything. So to my mind the PPI was not suitable.

Your mind is incorrect. All MPPI policies have a deferment period. As indeed many health related policies. This is to keep the costs affordable. Most MPPi policies have a 30 day deferment period but some go to 60 days. Some also have the ability to pay out back to day 1 once you have passed the initial deferment period.

These are all considered fair and reasonably by the regulator and FOS.

The MPPI Mis-selling has been defended but I've had a small payout for an "unfair relationship created".

That would be the expectation based on statistics. Most MPPI complaints fail.

Now I can dig out my tax information and so provide my salary details but haven't a clue about my savings. I was buying my first house so remember I basically used it all except for perhaps a few k which would have been locked into ISAs.

Typically, you are not looking at a few thousand pounds as being the figure needed for that to work. You are looking closer to a figure that equates to around 12 months worth of income or expenditure.

So I suspect all they'd want to know is if I had enough money saved or coming in to cover the mortgage at the time it was taken out. I cannot provide paper evidence of that so basically I doubt the C&G claim is worth pursuing as it would be my word against theirs.

Based on other posts in a similar situation, it is not uncommon to be asked to back it up with evidence.

So whilst I feel slight mollified that I got something at least - I do feel slightly shafted especially since the letter Lloyds has sent me includes the total amount I paid in PPI premiums over the 11 years I had the mortgage.

All insurance is wasted money until you have a claim. I pay over £100pm for life assurance and I hope that the policy never pays out. It will be near £30k paid by me by the time it expires. I won't look back and think it money wasted.

Bynot

HSBC Finance from 2001 success.

I inquired in March 2019 if I had PPI with HSBC Finance and they found I had 1 CC and 2 personal loan accounts which all had PPI. Credit card account was quick to resolve after HSBC lost my proof of address and ID 4 times finally got a refund of £935 for the credit card account paid into my account within 3 weeks.

For the 2 personal loan accounts they finally managed to accept my claim the day before deadline date as the loan accounts are dealt with a different department even though I sent the resolver emails all at the same time.

Saturday 18th January 2020 got a response and they have offered refunds of £227.89 and £684.11 on both loan accounts and I have accepted this as final settlement. It will probably take a while for the payment to come through even though they say 28 days but with the backlog I won't hold my breath.

But for accounts 19 years old and not having any paperwork pretty happy with the outcome.