PPI reclaim - Friends Life

skhturner

Hi, I hope someone can help me (and thanks in advance).

In 2011 I got my first mortgage (Santander). At the same time I took out a policy, with what is now Friends Life, for three things:

1. to pay off the mortgage should my partner or I die
2. to pay a fixed monthly sum should I be made redundant
3. as 2 but for my partner

I have been paying all three since I got the mortgage.


Having read the PPI page on moneysavingexpert.com, 2 and 3 seem to be PPI. Is this correct? And if so might I be eligible to make a claim? The template MSE have provided don't mention Friends Life.

Happy to provide more info if that's needed.

dunstonh

Having read the PPI page on moneysavingexpert.com, 2 and 3 seem to be PPI. Is this correct?

Yes

And if so might I be eligible to make a claim?

On what basis do you think there has been a wrongdoing?

The template MSE have provided don't mention Friends Life.

It wouldnt do.
1 - You dont complain to Friends Life
2 - Its a type of PPi that generally people dont complain about (you can still buy it today)
3 - Its sold via a distribution channel that generally doesnt have issues with regards to missold PPI.

So, again, why do you have a problem with it?

-taff

How did you get your mortgage? Who sold you the policy?

skhturner

Sorry for the late response, it took me ages to figure out how to find my old post (I had to search under user name in the end).

This was sold to us through Countrywide who the mortgage broker worked for. I don't think we were told it was mandatory (I can't quite remember) but it seemed risky to start a mortgage without it. We gave the chap a target figure for mortgage + insurance based on our monthly rent.

I'm asking because the MSE PPI page states "Just having had PPI means you were mis-sold and are likely due a payout". If this covers the arrangement I've described then it's probably worth pursuing (no?)

[Deleted User]

skhturner wrote: »

I'm asking because the MSE PPI page states "Just having had PPI means you were mis-sold and are likely due a payout".

Unfortunately, MSE can be very inaccurate/mis leading. The above isn't true in the slightest.

You seem to have actively bought the policy - as a result, it won't have been mis sold.

antrobus

skhturner wrote: »

,,,
I'm asking because the MSE PPI page states "Just having had PPI means you were mis-sold and are likely due a payout". If this covers the arrangement I've described then it's probably worth pursuing (no?)

And then it says;

That's because a court ruling called Plevin means most who bought PPI – even knowingly – were likely to have been mis-sold because banks pocketed excessive commission.

It's an opinion.

Although in your case the MPPI was sold by Countrywide who are not a bank. I have no idea what commission arrangements Countrywide had with Friends

[Deleted User]

The MSE article is giving the impression that everyone who ever had a PPI policy is entitled to a refund.

This is plainly not the case, though there will certainly be plenty of additional payouts as a result of Plevin.

The Plevin Ruling pertains to undisclosed commission of 50% and above. Not all PPI had commission charged at or above that threshold. It was mainly bank loans with single premium PPI which exceeded the 50% though credit card PPI was also sometimes affected.

From what I can gather, Mortgage PPI commission was well below the point at which a Plevin refund becomes due.

skhturner

Fair enough, thanks to all for clarifying