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Claiming back PPI with few details

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  • dunstonh
    dunstonh Posts: 119,844 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Well that's very strange, given that the advice given in so many different places is just that you MIGHT have had PPI.

    That is correct. You may have had PPI. Anyone could have. However, statistically, most people did not. Also, there is nothing wrong with having PPI. The issue was not so much over the product (as PPI is still retailed today in some forms - such as mortgages or standalone cover). It was over how it was sold.

    I have had a mortgage broker come to me in tears a few years ago about someone that put in a fraudulent complaint against them. The complaint made up all sorts of allegations. However, the broker never sold any PPI. So, personally, I am in the camp that you should find out whether you had it first before you complain.
    If I approach a financial institution with which I had a loan, to ask whether I had PPI, they could quite easily say "No you didn't", and I would have no idea whether or not that was correct.

    And risk millions of pounds in fines and have the FCA publish their findings for the press to have a field day on? Also, possibly leading to prosecution and imprisonment (as it would be fraud).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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