Can anyone help/advise? 11 June 2019 at 10:48AM edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance 22 replies 1.6K views

Clement1na

I am baffled as to why BOS trading as Halifax have refused both my claims and are supported by the Financial Ombudsman.For over 2 years I have tried to claim a PPI from 1990(I have the paper work) which I did not need or want on a secured loan.I was also sold an inappropriate endowment mortgage for a small mortgage of £6000!Again I have the proof of purchase.
I was told that I did agree to it(my integrity insulted) as the PPI box was ticked and also I could afford it!.

Although admitting that the mortgage was in appropriate they would not say what would have been more suitable.
Any advice from anyone?

zx81

You don't need to do anything more, as your complaint has been rejected by both lenders and FOS.

If you're still baffled by the reasons for rejection, check the letters your received again, as the reasoning will be in there.

dunstonh

have tried to claim a PPI from 1990(I have the paper work) which I did not need or want on a secured loan.

Secured loans are considered higher risk than unsecured debt. So, its considered more important to take out insurance on them. This is because losing your house creates significant lifestyle changing outcomes. Whereas, unscured debt doesnt carry the same level of risk.

So, you find most PPI, when set up as a monthly premium, covering secured debts get rejected.

I was told that I did agree to it(my integrity insulted) as the PPI box was ticked and also I could afford it!.

Evidence shows the box was ticked. What evidence do you have to support your allegations?

.I was also sold an inappropriate endowment mortgage for a small mortgage of £6000!Again I have the proof of purchase.

Until the late 90s, banks required a repayment vehicle on interest only mortgages. Back then, you really only had Endowments. The alternatives were niche/specialist. So, if the lender needed an endowment, then you had to have it and you couldnt be missold it.

It is very difficult for us to comment further as you havent said what the rejection reasons were. You mentioned your complaint reaons but they are weak reasons that you wouldnt expect succeed on (in isolation of other issues).

Clement1na

My employment was well paid and fairly secure with generous sickness and death benefits at time of PPI and endowment.
I had a relative (still alive) with me at time of PPI when box was ticked.
Also small amount of mortgage would have been cheaper with a repayment mortgage rather than an endowment mortgage with unnecessary life insurance. But Halifax only say that the endowment was not appropriate and that is that.
I have read and re-read letters of refusal. The reasons are neither legal nor logical having checked criteria as laid down by the FCA.

And why are other PPIs paid out without question and without paper-work?Is it because mine is 29 years old?

zx81

Other PPIs aren't paid out without question. They find evidence of mis selling.

That wasn't the case with yours.

Clement1na

To take one part of your reply ......secured loans are a higher risk. So why did Halifax insist on a secured loan.?So that they could insist on a PPI? I am not following your logic,I was a successful professional in full-time employment and considered a fairly good financial risk at that time.

dunstonh

My employment was well paid and fairly secure with generous sickness and death benefits at time of PPI and endowment.

FOS routinely reject secured borrowing PPI (such as MPPI) even when the sick pay is the maximum 12 months.

Endowments have no overlap with sick pay.

I have read and re-read letters of refusal. The reasons are neither legal nor logical having checked criteria as laid down by the FCA.

The FCA operate guidelines. Not laws. And there is very little laid down by the FCA. Indeed, they tend to keep many things as vague as possible.

And why are other PPIs paid out without question and without paper-work?Is it because mine is 29 years old?

Whilst auto-payouts do exist, that was during the peak of the complaining and had a floor limit on value. Statistically, most secured borrowing PPI complaints are rejected.

Clement1na

Disappointed but not discouraged.
Other avenues to be explored.I still feel that at the time of my experience when most people did not have the financial knowledge of today, the financial institutions took advantage of this fact and to an extent are still doing so today.
I would welcome comments from anyone who has had a disappointing experience with BOS or Halifax or any other source , if only to commiserate.

[Deleted User]

Yet another thread about your issue, OP?

You were given all the same answers to these questions (in some detail) starting November 2018 and then April and now June 2019.

You need to accept that your complaint failed and that you've already exhausted all the avenues available to you. The Bank have rejected, the FOS adjudicator and an Ombudsman agreed.

Your complaint had ended when you first posted last year..

Clement1na

You are saying that I need to accept that my complaint has failed and that Ive already exhausted all the avenues available.
When I did NOT agree to the PPI and when this was witnessed??When Halifax admit that an endowment mortgage was NOT appropriate but have consistantly refused to say what was?

I hope that you can understand why I am more than disappointed.

sourcrates

Would Plevin apply to you ?