PPI Claim Question

Dumuzi

Hi All!

Apologies if the answer to this is covered elsewhere but I couldn't find any guidance in any of the guides so...

I wonder if anyone here can offer any advice. I had a mortgage with my bank, and they convinced me I needed PPI with it, which I duly took. After a year I decided to shop around and changed my PPI provider to Pinnacle, who I then paid for the next 3 years until I sold my house and stopped payments.

It seems clear from what I've read that it's reasonable to claim for a refund from my bank for the first year, but I'm unsure what to do regarding the subsequent Pinnacle payments. Whilst it was my decision to change to a cheaper provider, I did so based on the recommendations I'd had from my bank, so is it correct that I should claim the PPI back from Pinnacle, after all they gave me no advice, I went to them!

Can I claim the money I paid to Pinnacle from my bank as it was there advice that led me to keep paying the PPI albeit from another provider, or should I just write off the PPI I had from Pinnacle?

Yours Confused

Dave

[Deleted User]

You don't claim for a refund.

You make a complaint to the lender who sold you the PPI, giving your reasons as to why you believe you were mis sold.

Clearly if you sought out and bought PPI, there would be no mis sale.

-taff

Dumuzi wrote: »

Hi All!

Apologies if the answer to this is covered elsewhere but I couldn't find any guidance in any of the guides so...

I wonder if anyone here can offer any advice. I had a mortgage with my bank, and they convinced me I needed PPI with it, which I duly took. After a year I decided to shop around and changed my PPI provider to Pinnacle, who I then paid for the next 3 years until I sold my house and stopped payments.

It seems clear from what I've read that it's reasonable to claim for a refund from my bank for the first year, but I'm unsure what to do regarding the subsequent Pinnacle payments. Whilst it was my decision to change to a cheaper provider, I did so based on the recommendations I'd had from my bank, so is it correct that I should claim the PPI back from Pinnacle, after all they gave me no advice, I went to them!

Can I claim the money I paid to Pinnacle from my bank as it was there advice that led me to keep paying the PPI albeit from another provider, or should I just write off the PPI I had from Pinnacle?

Yours Confused

Dave

You took no advice from Pinnacle, you bought from them.
You can't 'claim' it back in any case, you must make a complaint of misselling. Since you bought it with no advice from anyone, you can't complain to anyone, except yourself.

dunstonh

It seems clear from what I've read that it's reasonable to claim for a refund from my bank for the first year

Nothing you have said suggests that is a reasonable request. Why do you think it is?

After a year I decided to shop around and changed my PPI provider to Pinnacle, who I then paid for the next 3 years until I sold my house and stopped payments.

That breaks the link and as you self bought the policy, you would send the complaint to yourself and decide if you are going to refund yourself from your own money

Can I claim the money I paid to Pinnacle from my bank as it was there advice that led me to keep paying the PPI albeit from another provider, or should I just write off the PPI I had from Pinnacle?

No. You didnt buy the Pinnacle policy from the bank. The bank has no liability for products you buy elsewhere.

Dumuzi

Hi all,

Thanks for your replies...yes I figured that I wouldn't really have a valid complaint against Pinnacle as I made the decision to move to them. The fact that I didn't query the original assertion by my bank that I needed it is my fault entirely! I just wondered if I had more of a case against my bank than just the first year's payment as their advice cost me more in the long run...I wouldn't have switched to Pinnacle at all had I not put so much stock in my bank's advice.

I will proceed with my complaint against the bank though for the first year as they did originally tell me I required PPI and I bought it from them for that first year or so.

Thanks so much for your advice

dunstonh

The fact that I didn't query the original assertion by my bank that I needed it is my fault entirely!

What makes you think you didnt have a financial need for it?

Remember that most regular premium MPPI complaints fail. So, if you intend to make a complaint, you need to be clear on your reasons and make sure they apply.

[Deleted User]

Dumuzi wrote: »

I will proceed with my complaint against the bank though for the first year as they did originally tell me I required PPI

That's not a valid complaint unless you were told it was compulsory and it actually wasn't. In many instances mortgage PPI was indeed required.

How long ago did you cancel the original PPI policy? Why did you not complain about it at the time?