Newbie needs lots of help on PPI !!

Krankyoldman

I have read Martins article about 'Reclaim PPI for Free' and done some Forum searches, but couldn't find the answers to my very basic questions ( possibly due to the search phrases that I used ).
I keep hearing about PPI, but I don't think it applies to me, as I have already had a payout for Mortgage Endowment mis-selling in the past - surely the mortgage companies will not entertain further refunds ?
I also see comments that Loans, Credit Cards & Store Cards are involved in PPI -
Does this involve Car Hire Purchase Loans with Lending Agencies, or just non-specific Bank Loans ?
In most cases I paid off my credit cards & store cards in full every month, therefore does this mean that I did not have PPI, as there was no regular monthly charge or any outstanding amount carried over ?
Finally, I always declined PPI when I was specifically offered this, as we were both in 'stable' employment at the time - are there actual cases of this being ignored or automatically added by Banks or Building Societies, and hence I should claim anyway ??
Thanks In Anticipation,

dunstonh

I keep hearing about PPI, but I don't think it applies to me, as I have already had a payout for Mortgage Endowment mis-selling in the past - surely the mortgage companies will not entertain further refunds ?

PPI has nothing to do with endowments.

Does this involve Car Hire Purchase Loans with Lending Agencies, or just non-specific Bank Loans ?

It can do. However, dealers only became regulated in Jan 2005. So, typically it will only apply to them for PPI bought after that date (some caveats apply).

In most cases I paid off my credit cards & store cards in full every month, therefore does this mean that I did not have PPI, as there was no regular monthly charge or any outstanding amount carried over ?

With cards, you only paid it when you borrowed outside the interest free period. So, if you cleared it each month, no PPI would be paid.

Finally, I always declined PPI when I was specifically offered this, as we were both in 'stable' employment at the time - are there actual cases of this being ignored or automatically added by Banks or Building Societies, and hence I should claim anyway ??

Very rare as it would be fraud. Plus, most people would spot it and get it removed when it happened. If you are lazy with your financial admin, then you could miss it. If you are on top of these things, you cannot miss it.

Krankyoldman

Thank You dunstonh, that has considerably narrowed down the size of the task to undertake if I go ahead and claim !!
So it sounds like I would be best to concentrate on past mortgages and car purchase agreements (after 2005) ?

dunstonh

So it sounds like I would be best to concentrate on past mortgages and car purchase agreements (after 2005) ?

Most mortgages in the UK are arranged by advisers/brokers. They only became regulated in 2005 too. Banks and building society sold products have to consider earlier.

Also, most MPPI complaints fail. The product is considered suitable in most cases and is one of two types of PPI still retailed today. So, statistically, even if you have it, it is unlikely to have been missold. One of the reasons is that most MPPI is monthly premium with a standalone direct debit. That is how PPI should be set up.

So, that may narrow it a bit more.

Krankyoldman

Thanks for the reply dunstonh, unfortunately I could not get my head around it all yesterday !!
So this is my final interpretation of my situation
The 4 areas I should be focusing on are :-
Mortgages before 2005
(mostly through Buiding Societies in my case - Documentation is available)
Mortgages after 2005
( 1 through a Broker in my case - Documentation is available)
Car Hire Purchase Loans before 2005
( I am pretty sure that I haven't got any documentation)
Car Hire Purchase Loans after 2005
( Documentation is available - all cars purchased through major dealerships)

MPPI I am assuming is PPI on Mortgages, and you have stated that there is little likelyhood of a successful claim in this area, which leaves just the Car Hire Purchase Loans after 2005 for me to investigate.
Thank you so much for your expert assistance, as I was totally baffled as to what I should be looking at, and what I could ignore.
Thanks again for your time and efforts
Best Regards, Roger