A different sort of PPI-related question

soilandsoul

I've tried to search for my specific problem but can only find info on claiming back missold PPI payments. But what I want help with is, I was sold a 'payment waiver' on the life insurance payments for my mortgage (also missold) after being asked if I wanted PPI for the mortgage payment itself and declining. I had no idea the financial advisor had added this.



The payment waiver fee (just 54p/month) was to cover my life insurance payment of £13.96/month in event of unemployment due to disability or serious illness.


Around 9 years ago I was incapacitated and had to give up work and claim disability benefits, which I am still in receipt of. I had no idea that I had PPI on the £13.96 monthly life insurance payment, so (naturally) kept on paying it. Had I known I would have claimed, obviously.



But I only discovered that I had a 'payment waiver' attached to this policy when going through some old documents at the end of last year.


My question is, can I have the payment waiver backdated to the time of my incapacity? Because I didn't know that I had this, I was therefore unable to make a claim.


By my calculations I have paid 114 months (9.5 years) of payments which I should not have been paying, totalling £1591.44!


Can this be addressed in a PPI claim?


If I just went for missold PPI I would only be looking at 22 years at 54p a month, £142.56, which is nothing compared to the almost £1600 I have overpaid from not knowing I had PPI.


I understand this is a bit more complicated than a straighforward PPI claim where the protection was not required. Any help/advice greatly appreciated!

Nearlyold

Waiver of Premium is not PPI so can't be addressed in a PPI complaint.

The adviser wouldn't have added Waiver to your life cover because you wouldn't buy PPI, Waiver was and is considered "Best Advice". It's very unlikely to be classed as missold to you.

The addition of Waiver would have been clearly documented in your Life Cover policy documents and in any "Reason Why" document provided by the adviser

Your best course of action is to contact the insurer and put your case for a backdated claim to them.

[Deleted User]

Don't mention PPI in your complaint, you didn't have PPI.

Simply detail and send to the insurer everything just as you have done here and provide proof of disability and dates.

You are wanting to make a backdated claim on an insurance which is not PPI, so why mention PPI?

As mentioned above, don't complain that you were not made aware of the Waiver Of Premium, because it will be clearly documented that you were.

You are looking for a goodwill payment here, so approach your undertaking accordingly.

SonOf

I've tried to search for my specific problem but can only find info on claiming back missold PPI payments. But what I want help with is, I was sold a 'payment waiver' on the life insurance payments for my mortgage (also missold) after being asked if I wanted PPI for the mortgage payment itself and declining. I had no idea the financial advisor had added this.

Waiver of premium is considered best advice to be included. It is not PPI.

I also doubt your opinion that you were not told about it.
1 - it appears on the insurance quote issued at point of sale
2 - it appears on the cancellation rights again
3 - it is in the suitability report/reasons why letter/statement of demands and needs (which version will depend on when you did it)

The payment waiver fee (just 54p/month) was to cover my life insurance payment of £13.96/month in event of unemployment due to disability or serious illness.

WOP does not cover unemployment.

Around 9 years ago I was incapacitated and had to give up work and claim disability benefits, which I am still in receipt of. I had no idea that I had PPI on the £13.96 monthly life insurance payment, so (naturally) kept on paying it. Had I known I would have claimed, obviously.

You dont have PPI. You can make a retrospective claim on the policy.

Can this be addressed in a PPI claim?

Its not PPI. So, no.

If I just went for missold PPI I would only be looking at 22 years at 54p a month, £142.56, which is nothing compared to the almost £1600 I have overpaid from not knowing I had PPI.

Or zero as its not PPI.