Reclaim PPI from an IFA

judithray6

I have tried to reclaim PPI from an IFA who sold me PPI when I remortgaged my house. I wrote to him direct and he replied saying that I was willing to take it out. I have not pursued the matter any further. Can I try again? Thanks.

[Deleted User]

Why would you "try again"?

Your complaint was over back when it was rejected the first time.

Unless you have compelling new evidence not in your original complaint?

dunstonh

judithray6 wrote: »

I have tried to reclaim PPI from an IFA who sold me PPI when I remortgaged my house. I wrote to him direct and he replied saying that I was willing to take it out. I have not pursued the matter any further. Can I try again? Thanks.

A PPI complaint against an IFA is rare. The PPI issue is not one that really affects IFAs as IFAs put in place standalone cover (which is how PPI should be set up - ie. not built into the debt)

The stats for PPI complaints against IFAs are tiny and the uphold rate on those is also very small as well.

IFAs are usually able to provide audit trails on their advice that a bank can only dream of. In your case, it is also a MPPI you are referring to. One of two types of PPI that see more complaints rejected than upheld. So, you have the least missold PPI product sold to you by the most reliable distribution channel. Anything is possible but the odds are against you.

So, why do you think it was missold?

judithray6

I did not know what the direct debit coming out of my bank account was for. It rolled on for a few years and when I rang the company they told me it was PPI. I stopped the direct debit immediately.

dunstonh

judithray6 wrote: »

I did not know what the direct debit coming out of my bank account was for. It rolled on for a few years and when I rang the company they told me it was PPI. I stopped the direct debit immediately.

None of that is a reason for complaint though I'm afraid.