Is it worth my parents investigating PPI?

w00519772

My parents had a mortgage between September 1975 and September 2009.

They remortgaged a number of times:

1975-1979: Brittania
1979-1995: Bradford and Bingley
1995 +: HSBC

My Dad is very specific with figures and he believes there was no PPI. He said he never wanted PPI. I suggested that he checks if any PPI was paid on the policies.

I have found this link: https://www.google.co.uk/?gws_rd=ssl#q=how+far+back+ppi Martin Lewis says: "As long as the PPI was active within the past six years".Is it worth my parents investigating this - the mortgage expired more than six years ago?

[Deleted User]

If they had PPI, why do they believe it was mis sold?

w00519772

They did not require any Payment Protection Insurance on their mortgage. They were not told they had PPI. Plus they had income protection and critical illness cover on their mortgage. However, I have read on here that a lot of people did not realize they were paying PPI (including me).

sun73

PPI was introduced around early to mid 1980s. It is possible to complain that far back, however, your parents would need to provide evidence they had PPI and proof of payment eg statements, plus valid reasons for complaint.


If they do not have the relevant documents, they can phone the lenders (or send a SAR) to check if any details about these closed accounts are still available.


My parents also said they never took out PPI and when I checked on their behalf, they hadn't.

w00519772

sun73 wrote: »

PPI was introduced around early to mid 1980s. It is possible to complain that far back, however, your parents would need to provide evidence they had PPI and proof of payment eg statements, plus valid reasons for complaint.


If they do not have the relevant documents, they can phone the lenders (or send a SAR) to check if any details about these closed accounts are still available.


My parents also said they never took out PPI and when I checked on their behalf, they hadn't.

Thanks. I believe a check will show that they did not pay any as my dad is very vigalent. He said he will be disappointed in himself if he did pay.

Sagz_2

w00519772 wrote: »

Thanks. I believe a check will show that they did not pay any as my dad is very vigalent. He said he will be disappointed in himself if he did pay.

Then check, it will be win : win.
Either dad will get some money, or can feel proud of his money management skills :money:

dunstonh

Most MPPI was set up as monthly premium direct debit (just like the life assurance). Only a small number were built into the mortgage statement but then it appeared on each and every mortgage statement. So, could not be hidden.

Banks never sold single premium MPPI. So, it is not factored into the debt either (like loan PPI).

Cschaeffer

I thought it was not necessarily called Payment Protection when on the statement? I'd like to check on my mums behalf (she is not able to do it herself any longer) but have no idea where to start unless I pretend to be her and she just signs any paperwork.

dunstonh

I thought it was not necessarily called Payment Protection when on the statement?

Normally, it would have the name of the insurance company when its monthly premium PPI.

Cschaeffer

Problem is we have no paperwork any longer to check

magpiecottage

1975 - This predates the existence of ANY UK Ombudsman Scheme, so FOS would have no jurisdiction over Britannia. In any case, insurance of this type did not really exist at that time - and there will almost certainly be no surviving evidence of the acccount.

1979 - there was still no Ombudsman scheme. The earliest point at which FOS could have jurisdiction is likely to be 1987.

Again, unlikely to be evidence to support a complaint.

1995 - unlikely to be evidence, since the account closed more than six years ago.

If you can find such evidence, you need to be able to show that a policy existed, that it was unsuitable AND that the lender sold it.

In 1995, it is quite possible that even if a policy did exist it was suitable and/or a broker sold it - and is outside FOS jurisdiction.