can i claim ppi ?

mitch59_2

hello, I have just registered and would like to know how to go about finding out if I can claim ppi mis selling.
I did not know about finances and someone told me about an independent financial adviser to advise on how to buy a house. consequently I had to get the relevant insurances etc.
I left all the financial dealings with him.
I would like some advice on where to find out if i was mis sold the accident,sickness and redundancy policy that i was told to take out.
i have looked at the template and i need to have the relevant paperwork or know the specific bank or building society that we used but the adviser changed mortgage lenders regularly during the loan period.

dunstonh

I would like some advice on where to find out if i was mis sold the accident,sickness and redundancy policy that i was told to take out.

Ask the IFA. They are the adviser.

i have looked at the template and i need to have the relevant paperwork or know the specific bank or building society that we used but the adviser changed mortgage lenders regularly during the loan period.

The lender doesnt matter. The IFA is what matters. However, why do you think you were missold?
What PPI insurance company was it?

IFAs are not seen as a problem distribution channel. To give you an idea, the FOS had just over 1600 complaints about IFAs last year. Despite IFAs being responsible for millions of transactions. The two largest IFA/mortgage broker companies in the UK (whch handle around 4 in 6 mortgages arranged in the UK have less than 30 PPI complaints at the FOS all year.

There are a couple of reasons for this. For IFAs and mortgage brokers, most only became regulated in Jan 2005. So, they do not need to consider sales before 2005. Plus, they are generally regarded as a quality distribution compared to banks. Mainly as most IFAs are personally responsible for the advice they give. Unlike the bank staff.

So, why do you think you were mis-sold? (and who is the insurer and what year ddi you buy it)?

mitch59_2

thank you for your reply Dunstonh,
I am not sure if I was mis sold ppi, all I did was pay everything that my IFA told me to, also every time I had an annual rise he told me to put it into a pension. I ended up with 3 pensions I was unaware of until I had an unexpected interview at my bank ( Lloyds ) where the adviser there looked into my finances and questioned why I was sold an endowment policy for my mortgage when they were under performing at the time.
ok, I will try to find out who the sickness policy was with as the IFA has not been in touch for years.
thanks again

dunstonh

also every time I had an annual rise he told me to put it into a pension.

What a sensible thing to do. Shame more people dont do that.

I ended up with 3 pensions I was unaware of until I had an unexpected interview at my bank ( Lloyds ) where the adviser there looked into my finances and questioned why I was sold an endowment policy for my mortgage when they were under performing at the time.

It is was normal to end up with multiple pensions over the years. A provider would issue a version 1 plan then some years later they would issue a cheaper v2 and then a v3 etc etc. It was cheaper to be on the latest version than the ealier versions.

Banks are the main cause of the PPI side and most have pulled their invesment advice arms due to continued poor advice. Banks were tied to their own product range and were encouraged to slag off everyone else to get you to go with them.

ok, I will try to find out who the sickness policy was with as the IFA has not been in touch for years.

Remember that if you took it before January 2005, then that is pre-regulation.

mitch59_2

thanks for the advice, much appreciated.