Adding details to Mortgage PPI Claim through Revolver

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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susiep1978susiep1978 Forumite
7 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
I've had 2 mortgages, one with the National & Provincial and the other with the Portman. Both had PPI and in both cases I wasn't told that the PPI was optional, I wasn't told about any exclusions, such as it wouldn't cover pre-existing medical conditions, and I wasn't told that I could purchase the PPI from an alternative provider.

I intend to pursue this through the Revolver site and was wondering if anyone who has successfully reclaimed PPI this way could advise me what are the most important points to make in the "Tell us what happened when you took out the payment protection insurance" and the "Tell us why you are now unhappy with the insurance" boxes.

I'd greatly appreciate any advice. I also took out a car loan with Natwest in 1983 but unfortunately, unlikely the mortgages, I don't hold any paperwork for this and I very quickly paid off the loan within a few months of taking it out so am I right in thinking that any potential PPI claim would amount to very little? Am I also right in thinking that any loan taken out in 1983 would be too early to make a potential PPI claim?

Also, I have had a couple of endowment policies over the years which paid out a lump sum. Am I right in thinking that PPI does not apply to endowment policies?

Many thanks in advance, S

Replies

  • dunstonhdunstonh Forumite
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    . Both had PPI and in both cases I wasn't told that the PPI was optional, I wasn't told about any exclusions, such as it wouldn't cover pre-existing medical conditions, and I wasn't told that I could purchase the PPI from an alternative provider.

    Were not told it was optional

    1 - maybe it wasnt. A lot of deals in the 90s required MPPI as a cross subsidy purchase - a model that was allowed as long as the insurance was suitable.
    2 - if not 1, then were you told it was compulsory? They dont have to explicitly make the point it is optional over and over. This is a weak complaint reason as there is rarely any evidence to back up the allegation.

    Exclusions
    A weak complaint reason as there is rarely any evidence to back up the allegation you were not told key exclusions.

    Pre-existing conditions

    A stronger complaint reason as long as the medical conditions are severe enough to invalidate cover. A minor ongoing condition would not be a good enough reason.

    Not told you can buy elsewhere.
    A nonsense complaint reason as they were never required to tell you that.

    and was wondering if anyone who has successfully reclaimed PPI this way could advise me what are the most important points to make in the "Tell us what happened when you took out the payment protection insurance" and the "Tell us why you are now unhappy with the insurance" boxes.

    MPPi has the lowest success rate of any type of PPI. If its standalone regular direct debit monthly payment then it has no structural failing. If you bought via a mortgage adviser then the uphold rate is tiny and possibly unable to complain if pre-regulation.

    Your reasons are weak. It is unlikely you can evidence them. Pre-existing condition is probably the strongest one but it really needs to be severe enough a condition to invalidate coverage in most areas of the policy. Not just on that particular condition.

    Telling the truth is the best way. its one of the reasons template letters have a lower success rate as lies can work against you. Many complaints have a balance of probability decision as to whether they succeed or not. They tend to go with the most credible side. If you are caught out telling lies, then you lose credibility.
    I'd greatly appreciate any advice. I also took out a car loan with Natwest in 1983 but unfortunately, unlikely the mortgages, I don't hold any paperwork for this and I very quickly paid off the loan within a few months of taking it out so am I right in thinking that any potential PPI claim would amount to very little?

    PPI wasnt widely available in the early 80s and wasnt heavily oversold until the late 80s/early 90s. So, did you have it on that loan? and if you did, a few months would be peanuts.

    Also, I have had a couple of endowment policies over the years which paid out a lump sum. Am I right in thinking that PPI does not apply to endowment policies?

    Correct.
    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.
  • antrobusantrobus Forumite
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    susiep1978 wrote: »
    ...

    I intend to pursue this through the Revolver site and was wondering if anyone who has successfully reclaimed PPI this way could advise me what are the most important points to make in the "Tell us what happened when you took out the payment protection insurance" and the "Tell us why you are now unhappy with the insurance" boxes....

    The most important points to make would be the truth.:)

    No one else knows what happened when you took out the payment protection insurance; no one else can know why you are now unhappy with the insurance.
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