PPI Claim - Lots of Evidence but apparently not enough

Nasqueron

You need to prove that you had PPI and that it was miss-sold


Did you take the mortgage directly with the bank or via a broker? This is crucial as a loan with the bank is treated differently to a broker as the bank has no liability if you took the product out with a third party, indeed, they may not even know you had PPI (if you did) if it was organised via the broker with a third party (for example, Paymentshield). If it was a broker they weren't regulated in 2002 anyway.


If you did get the finance (and this cover) with the bank then they will have to look at it but as they say, they have no records left which is logical for a product closed 14 years ago.

dunstonh

I have been trying to make a PPI claim for some time against a very unhelpful bank. The claim is old (June 2002-October 2005). They are saying as this is over 6 years the records may have been destroyed. But I have read I should still be able to make my claim ?

Records do get destroyed over time. The FCA recommends 6 years with most things but in reality, it is more of a phased destruction. If you are no longer a customer of the bank, they tend to destroy records quicker.

You can still make a complaint without evidence. However, if your complaint is weak and there are limited or no records to support your allegations then chances of success are lower.

I cannot find documentation or statements of the protection, but I have lots of documentation regarding the property I purchased with the mortgage.

Which is irrelevant. As you are talking MPPI and not PPI, that means it will not be built into the mortgage but a standalone plan. That is one of the number of reasons why most MPPI complaints fail. It is set up differently and how it should have been.

Also, most mortgages in the UK are not set up by the lender but by estate agents and mortgage brokers/advisers. So, you could have a mortgage with the lender but the lender wont have a clue what insurances you had and it has nothing to do with them.

Plus, this is pre-regulation. All that may have existed back then was an application form.

Statistically, most MPPI complaints fail. You can still buy MPPI today (one of two types of PPI that are classed as good). Many of the reasons that succeed on loan PPI do not succeed on MPPI. So, right from the off you know that the chances of success on an MPPI complaint are low. If records do not exist then its pretty much non-existent.