What is the definition of nessary mppi?

Rclj

I recently posted about a ppi that was not upheld but couldn't comment on the exact outcome of the first decision as I hadn't received paper work well I have now received said paper work and one of the areas I brought up in the telephone conversation seems to have been completely omitted and that was I didn't think the ppi was nessary due to our monthly income versus the borrowing can any one clear this up for me ?

[Deleted User]

It depends what you mean by necessary.

Something may not be necessary, but may be a good idea. Neither automatically makes it mis sold.

dunstonh

You may have a financial need for something. So, to fill that need, it is necessary to put something in place. Does the MPPI fit that need area? If yes, its unlikely to be missold. If no, then it could be.

[Deleted User]

Rclj wrote: »

one of the areas I brought up in the telephone conversation seems to have been completely omitted and that was I didn't think the ppi was nessary due to our monthly income versus the borrowing

It sounds to me as if you are wasting time trying to get the Bank to re-think their rejection of your complaint.

If you feel the complaint has been unfairly rejected, you have just six months to refer it to the Ombudsman. I suggest you do that now rather than continuing back-and-forth with the bank. In your earlier thread you mentioned "stalling tactics", but these really are not a feature of PPI complaints. Your complaint really has been fully rejected.

Unless you have discovered very compelling and preferably documentary evidence not in your original complaint, then the Ombudsman is the next stage of the complaint process.
The Ombudsman is the final arbiter of your complaint, so I recommend you take full advantage to have any hope of success.

Rclj

Ok my main greveince was that I was 20 years old and no family to question about mortgages and what was involved I had a good wage for were i lived at the time so bought my first home my only financial advice was through the bank I had banked with since I was fifteen and trusted
I borrowed 1.3 times my yearly income and had payments of around 120 per month which was on a tracker mortgage and actually dropped to 98 for about 6 month my take home after tax was about 900 pm so wouldn't it have been better advice to save than pay more for ppi ?

[Deleted User]

Rclj wrote: »

wouldn't it have been better advice to save than pay more for ppi ?

Savings are voluntary and you could spend any such saving any time you wanted to. So any such recommendation would not have been sound financial advice.

Forget about that line of questioning and refer the complaint to the Ombudsman.

Again, there has been no "stalling". Your complaint has simply failed the first stage of the complaint process.

dunstonh

so wouldn't it have been better advice to save than pay more for ppi ?

and how much difference would the small premium for the MPPI made to your savings?
What if the claim had been early on and you needed 12 months of mortgage being paid?