I've been advised I've had PPI

ssteve

Hi, thanks to this great site and template I finally got around to sending letters of to any bank, building society and cc company I can remember dealing with over the past 25 years...

To be fair the response had been quick and efficient and a few have now come back to me and said i did in fact have PPI, I've always been a staunch believer in never taking out additional insurances etc. so i know for a fact these have been done without my permission (one of them was an old mortgage company!)

So my question is, where do I go from here, do I call them as some suggest or do I put it in writing, if so is there a further template to follow?

I have no issue speaking with them as above I know for sure PPI placed on any account was not with my approval.

Thanks in advance

Ssteve

dunstonh

so i know for a fact these have been done without my permission (one of them was an old mortgage company!)

So, when you saw the monthly direct debit for the MPPI on your current account statement, what did you do about it?

or did you just pay the premium for years/decades? And when you did eventually cancel it, why didnt you complain then?

So my question is, where do I go from here, do I call them as some suggest or do I put it in writing, if so is there a further template to follow?

You put your complaint to the seller of the MPPI and give them your reasons for complaint. Remember MPPI is type with the lowest success rate on complaints. You can still buy it today (unlike other types). So, you will need a decent complaint reason and not one that stretches credibility (nod towards my comments above - credibility is an issue with weak complaint reasons).

ssteve

Hi and thanks for the reply.

The mortgage in question was taken out in 95 and paid off around 07, from memory the MPPI must have been part of the monthly mortgage payment unless I'm wrong? I also never used to check statements and I can't remember seeing it or I certainly would have questioned it.

When we took out the mortgage I remember them offering some type of policy that I can only liken to a vehicle gap insurance that was compulsory, it was in case they had to reposes and sell at auction, the policy paid the shortfall from auction price to mortgaged price iirc but even then I borrowed the cash from the father in law (c£600 iirc) instead of them adding it to the monthly payment to save the interest.

Would this be best in writing or would a phone call suffice, would they look to entrap on the phone?

Thanks again

ssteve

[Deleted User]

ssteve wrote: »

Would this be best in writing or would a phone call suffice, would they look to entrap on the phone?

This isn't the Bourne Identity.

If you want to find out what you had, give them a call.

Nasqueron

ssteve wrote: »

Hi and thanks for the reply.

The mortgage in question was taken out in 95 and paid off around 07, from memory the MPPI must have been part of the monthly mortgage payment unless I'm wrong? I also never used to check statements and I can't remember seeing it or I certainly would have questioned it.

No that's wrong, MPPI is NEVER included in the mortgage payment. It is a standalone product that may even be independent of the lender - it would be a monthly direct debit

ssteve wrote: »

When we took out the mortgage I remember them offering some type of policy that I can only liken to a vehicle gap insurance that was compulsory, it was in case they had to reposes and sell at auction, the policy paid the shortfall from auction price to mortgaged price iirc but even then I borrowed the cash from the father in law (c£600 iirc) instead of them adding it to the monthly payment to save the interest.

Would this be best in writing or would a phone call suffice, would they look to entrap on the phone?

Thanks again

ssteve

That's MIG not PPI, it was compulsory if you had a low deposit and you cannot reclaim it as it was insurance for the bank against you defaulting. You could avoid it by getting a lower loan or increasing the deposit. Put this one to bed

dunstonh

from memory the MPPI must have been part of the monthly mortgage payment unless I'm wrong?

There are a very tiny number of providers with very old mortgages where MPPI would appear on the mortgage statement (along with the household insurance). The vast majority of MPPI is monthly premium standalone direct debit. i.e. a DD of its own.

When we took out the mortgage I remember them offering some type of policy that I can only liken to a vehicle gap insurance that was compulsory, it was in case they had to reposes and sell at auction, the policy paid the shortfall from auction price to mortgaged price iirc but even then I borrowed the cash from the father in law (c£600 iirc) instead of them adding it to the monthly payment to save the interest.

That is MIG. Mortgage indemnity guarantee (or various names similar to that).

Would this be best in writing or would a phone call suffice, would they look to entrap on the phone?

They are not out to entrap you. The banks are much improved over the early days of PPi complaints.

[Deleted User]

ssteve wrote: »

I've always been a staunch believer in never taking out additional insurances etc. so i know for a fact these have been done without my permission (one of them was an old mortgage company!)

Your signature on the documentation (which the Bank will have) agreeing to these insurance policies on your lending will contradict your assertion I'm afraid.

If you had no knowledge, but always refused insurance why did you sign the Agreements without reading them?

In addition, why did you then continue to pay for the insurance instead of cancelling?

ssteve wrote: »

I remember them offering some type of policy that I can only liken to a vehicle gap insurance that was compulsory, it was in case they had to reposes and sell at auction, the policy paid the shortfall from auction price to mortgaged price

Mortgage Indemnity Guarantee (MIG) was/is an insurance to cover the lender, not the customer. It is not refundable.

ssteve

Deleted_User wrote: »

This isn't the Bourne Identity.

If you want to find out what you had, give them a call.

Thanks, as I've never done this before I though it best to ask... I've never seen the Bourne Identity was that about claiming PPI?

Nasqueron wrote: »

That's MIG not PPI, it was compulsory if you had a low deposit and you cannot reclaim it as it was insurance for the bank against you defaulting. You could avoid it by getting a lower loan or increasing the deposit. Put this one to bed

The MIG was only an example, the building society have confirmed I had payment protection.

Anyway I have completed 3 online complaint forms for 3 lenders this afternoon and we shall see what happens.

Nasqueron

If you had payment protection and it was sold by the Nationwide then complain to them with your reasons why you feel it was miss-sold alongside your evidence.


Your complaint about it being "without your permission" is easy to defend as you will have signed up for it (you will have just forgotten, they will almost certainly have copies of your signed application) and logically you would have complained when you saw it being charged on your bank statements (not reading them isn't a miss-sale reason). Don't use the line about it being included in the payments as that is demonstrably false. Focus on factual things though I wouldn't hold my breath, even NHS workers with long term benefits (6 months full, 6 months half pay for sickness for example) get rejected for MPPI complaints as it's protecting a (typically) 25 year debt that could result in you losing your house if unpaid

ssteve

Appreciate the response and sound advice Nasqueron, thanks.

dunstonh

Nationwide did have free for 12 months MPPI. At the end of the 12 month period, they wrote asking if you wanted to keep it or stop it before it became chargeable.