Should I claim?

gycraig_2

So basically you have had 13 years of cover and now want a refund on it because you haven't needed to use it ?

dunstonh

So you don't agree with this part then?

No. You seem to have the wrong grasp on what insurance is about and what the PPI issue is about. You cannot just ask for a refund because you havent claimed.

PPI is a bit of a mixed issue. Most of it is down to failures in how some of the policies were sold. A small bit is down to the quality of certain versions and how it was set up.

For example, single premium PPI is mostly considered bad. Monthly regular premium PPI taken from an account is considered correctly set up. The FOS has a very negative view of high cost PPI covering short term debt with little consequence if it goes unpaid. However, it has a positive view of MPPI covering a major long term debt with significant consequences if it goes unpaid.

So, the focus is on whether the policy was sold correctly and you were eligible (and for advised cases, but non non-advised - whether it was suitable).

Then to muddy the waters completely, you have the banks with their scattergun approach sometimes and the auto-payouts that can result in complaints with no valid reason for being upheld getting a payout and complaints that appear to be nailed on upholds being rejected.

Jayjay08

Jayjay08 wrote: »

Please excuse my lack of knowledge on the subjust in hand, this is why I'm here asking advice from people more knowledgeable than myself.
The PPI was set up through my mortgage lender, the YBS with Cardiff pinnacle at the same time I took out my mortgage.
Why is sufficient savings classed as double my salary? I have enough savings to cover the same as the mortgage PPI would.
Other bills aren't covered under my PPI so how are they relevant?
Can you explain the part about how MPPi doesn't overlap with redundancy for me please.
How much realistically on the above amounts would I get if I made a successful claim?
The way I'm seeing it is if I was made redundant the PPI would pay my monthly mortgage payment for 12 months, a total of around £3500. If I could claim back at least that amount and put it in the bank then should the worst happen I have the same money as the PPI would have paid out to cover my mortgage, if I don't need to use it then I'm £3500 better off, no?

societys_child wrote: »

You don't just claim it back, it's an insurance policy that has covered you for the past 13 years. I've had buildings and contents, car, and various other policies for many years, that fortunately, I didn't have reason to claim against. I can't claim the premiums back!

As asked in post #2, do you have any valid reasons for complaint?

I answered that in post #3

The other part of the reply doesn't really make any sense tbh, the PPI issue is a different scenario from the other type of insurance policies you've mentioned, all of which I have aswell and I'm well aware I can't claim back on them just because I didn't claim on them, unless there's another scandal like the PPI one in say for example car insurance.

Jayjay08

gycraig wrote: »

So basically you have had 13 years of cover and now want a refund on it because you haven't needed to use it ?

No, not because I never needed to use it, more to that fact that bqnks and building societies have been found guilty of more or less conning people into taking it in wondering whether I should claim or not.

Your statement above covers a lot of people who have put claims in for no other reason than the simple reason they had it, never used it now they can claim it back because just because they can.

dunstonh

No, not because I never needed to use it, more to that fact that bqnks and building societies have been found guilty of more or less conning people into taking it in wondering whether I should claim or not.

No they havent. A high proportion of PPI sales were found to be unsuitable. However, not all sales were. Some types of PPI had very high mis-sale rates. Some had very low. This is why each complaint would be looked at on its own merits. The type of PPI you are referring to has fewer issues than loan and credit card PPI.

We only have what you have told us. And based on what you have told us, there appears to be no wrongdoing.

Jayjay08

dunstonh wrote: »

No. You seem to have the wrong grasp on what insurance is about and what the PPI issue is about. You cannot just ask for a refund because you havent claimed.
.

I'm not asking for a refund because I haven't claimed.
I'm asking for a refund because I think it has been sold to me when I didn't need it, she made it look like it was a neccessary add on to my mortgage and being first time buyers I didn't know any different.

Nasqueron

Jayjay08 wrote: »

I'm not asking for a refund because I haven't claimed.
I'm asking for a refund because I think it has been sold to me when I didn't need it, she made it look like it was a neccessary add on to my mortgage and being first time buyers I didn't know any different.

Did you get free advice or pay for it?

Jayjay08

Nasqueron wrote: »

Did you get free advice or pay for it?

I can't remember to be honest, it was the same person who set up my mortgage and arranged the PPI at the same time. I just went into the Yorkshire and she done it all.

Nasqueron

Jayjay08 wrote: »

I can't remember to be honest, it was the same person who set up my mortgage and arranged the PPI at the same time. I just went into the Yorkshire and she done it all.

This is key, you see if she did it free she is allowed to insist on insurance purchases through her so she gets commission to pay the bills. This is a common mix-up on things like MPPI sales from more recent times with dodgy sales staff on say loan PPI claiming you had to have it to get the loan (when you didn't).

You need to establish this as well because an allegation you were forced to have it will fail in that scenario as you would have been able to pay for advice and then choose your own policies