Scottish Provident c2006 - mis-sold?

foofaroo

Hi,

My wife and I took out payment protection insurance with Scottish Provident when we bought our first house in 2006. We used a local mortgage broker and both recall that we were told the insurance was a requirement of the lender, I assume because I was a student at the time and therefore reliant on my wife's income. I can't remember which bank we borrowed from, potentially C&G.

I had forgotten all about it until I spotted the £35 pcm direct debit still being collected and rang Scottish provident to work out what it was. The original sum insured was matched to our mortgage at the time however this is now probably only 33% of our current mortgage.

I have spent much time on this yet but based on the outline above is it worth me digging out paper work or does the fact an IFA was involved mean it's unlikely to have been miss sold?

Very grateful for any advice.

Nick

dunstonh

How exactly do you think this was mis-sold?

You had a mortgage. You had financial dependants and, like most people, you too out life assurance to cover the liability.

Are you suggesting that you are immortal and life assurance is not applicable to you

It is very common for mortgage brokers to insist on insurance being bought via them to allow the provision of free mortgage advice. That model is allowed as long as the insurance put in place is suitable.

does the fact an IFA was involved mean it's unlikely to have been miss sold?

If you want stats on how likely, less than 1% of complaints at the FOS are in respect of IFAs and the majority are rejected.

However, if we look at your situation, there doesnt appear to be too much wrong there. You had a need and the policy filled the need.

Nearlyold

You describe the policy as PPI then say the policy provided a sum insured matching your original mortgage which indicates that it is life cover. Life insurance is not PPI.

Can you be more specific as to the cover the policy provides and as Dunstonh asks why you think it may have been missold?

dunstonh

I forgot to add the bit that its not PPI. So making a PPI complaint on a product that is not PPI does seem a bit daft. Thanks nearlyold.

[Deleted User]

foofaroo wrote: »

My wife and I took out payment protection insurance

No, you took out Life Assurance. PPI is insurance that provides short term cover in the event of unemployment. Life Assurance is cover in the event of death.

As the others have said, difficult to see a situation in which you could complain that this was mis-sold unless you could somehow show that the insurance would not have paid out for some reason.

magpiecottage

You remember being told that the insurance was a requirement of the lender but you can't remember who the lender was?

That doesn't really ring true to me.

addedvaluebob

Hey, lets all rubbish the OP. You want to complain about PPI but don't understand the policy, you must be stupid or 'it doesn't ring true'

You think the policy matched your mortgage so it must be life assurance, so it can't be mis-sold but nobody knows exactly what policy was sold. But apparently there is enough information to judge the whole circumstance

Apparently everything was fine and perfectly legal at the time because advisers cannot make a mistake;)

dunstonh

Hey, lets all rubbish the OP. You want to complain about PPI but don't understand the policy, you must be stupid or 'it doesn't ring true'

Not understanding something is fair enough. However, making a formal regulated complaint with allegations that is going to create stress and anxiety to a regulated individual and possibly a lifetime of additional cost as well as potentially harming their career.

Its easy to complain against banks, card providers etc as they dont hold their staff responsible. The staff are not individually regulated. IFAs are individually regulated and making fake complaints harms them.

If there is a genuine reason to complain then fair enough. However, why not ask the IFA for a reminder of what they have and why if they no longer have the information? Much fairer and reasonable than jumping to a complaint. Especially when there doesnt appear to be anything wrong?

magpiecottage

addedvaluebob wrote: »

Hey, lets all rubbish the OP. You want to complain about PPI but don't understand the policy, you must be stupid or 'it doesn't ring true'

I was simply making an observation which reflects what the OP said. That is not the same as saying it was or was not missold. However, it is in keeping with views expressed in complaints that a number of ombudsmen have rejected.

addedvaluebob wrote: »

You think the policy matched your mortgage so it must be life assurance, so it can't be mis-sold but nobody knows exactly what policy was sold. But apparently there is enough information to judge the whole circumstance

Not at all. However, I DO know that Scottish Provident has never been permitted to the provide class of insurance that includes PPI. Therefore either it is not a Scottish Provident policy or it is not PPI.

addedvaluebob wrote: »

advisers cannot make a mistake

Of course they can - but so can you, as demonstrated by your misunderstanding of the implications of what the OP has told us.

Nearlyold

addedvaluebob wrote: »

You think the policy matched your mortgage so it must be life assurance, so it can't be mis-sold but nobody knows exactly what policy was sold.

Actually the OP stated this
"The original sum insured was matched to our mortgage at the time however this is now probably only 33% of our current mortgage."

I would have thought this was a pretty clear indication that it's life cover or some form of lump sum cover rather than PPI

magpiecottage

Nearlyold wrote: »

Actually the OP stated this
"The original sum insured was matched to our mortgage at the time however this is now probably only 33% of our current mortgage."

I would have thought this was a pretty clear indication that it's life cover or some form of lump sum cover rather than PPI

An inconvenient truth for any conspiracy theorist.