Can PPI possibly apply to non borrowing situations like savings policies?

bigpat

I'm working through accounts I had in the past and using the Resolver tool to ask various banks etc. to check if I ever had PPI.

But does this only apply to accounts where I had borrowings i.e. mortgages, credit cards, HP etc? What about other savings policies that I paid into over the years? Endowment in the 90s, unit linked investment plan, friendly society investment plans, and things of that nature?

Is it worth my while making a request against all of those, or do they fall completely outside of this whole area?

dunstonh

What about other savings policies that I paid into over the years? Endowment in the 90s, unit linked investment plan, friendly society investment plans, and things of that nature?

How would PPi work on those things?

PPI standard for payment protection insurance. It is used to cover the repayment of a debt. Savings and investments are not debts. There is nothing for a PPI to cover.

bigpat

Yeah, I'll be honest, that's pretty much what I was thinking for most of these.

What about the endowment policy though? We took it out with MGM (now Scottish Friendly) in 1993 and were persuaded to take out an additional policy with them as well. We cashed in that second one years ago, but kept the first one as a "paid up" policy. i.e. when we started getting warnings about a likely shortfall, we stopped paying into it and took out a repayment mortgage instead. That endowment policy is actually due to mature later this year.

I'm just wondering whether, for the period we were paying into these two, there would have been anything "like" PPI, designed to ensure that payments would still be made, critical illness cover, stuff like that.

After all this time I have very little recollection of the exact circumstances, but would things like that - if they were added to the policies - potentially come under PPI/Plevin rules?

[Deleted User]

bigpat wrote: »

What about the endowment policy though? We took it out with MGM

Metro Goldwyn Mayer??

Endowments don't have PPI.

bigpat

Marine and General Mutual.

Thanks

dunstonh

What about the endowment policy though? We took it out with MGM (now Scottish Friendly) in 1993 and were persuaded to take out an additional policy with them as well. We cashed in that second one years ago, but kept the first one as a "paid up" policy. i.e. when we started getting warnings about a likely shortfall, we stopped paying into it and took out a repayment mortgage instead. That endowment policy is actually due to mature later this year.

Endowments cannot have PPI on them.

After all this time I have very little recollection of the exact circumstances, but would things like that - if they were added to the policies - potentially come under PPI/Plevin rules?

No. Only PPI comes under plevin and plevin only applies to debts outstanding after 2008 and arranged under the consumer credit act.