'I reclaimed a quarter of million pounds in PPI' - MSE News

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
5 replies 1.1K views
MSE_CallumMSE_Callum Forumite
696 Posts
Third Anniversary 10 Posts I've been Money Tipped! Newshound!
✭✭
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
The owner of a family business has spoken of his shock after making a PPI reclaim worth £247,000, which is thought to be one of biggest amounts ever claimed...
Read the full story:
''I reclaimed a quarter of million pounds in PPI''
OfficialStamp.gif
Click reply below to discuss. If you haven’t already, join the forum to reply.
Read the latest MSE News
Flag up a news story: [email protected]
Get the Free MoneySavingExpert Money Tips E-mail

Replies

  • VT82VT82 Forumite
    1.1K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    I don't get the PPI reclaiming decisions. He said he had very little paperwork for his PPI - just some account numbers.


    Well we had a claim go all the way to the Ombudsman, for PPI that we had a decent amount of paperwork for, which was very much mis-sold (joint policy where one of us wasn't working, told we needed to take it out to get mortgage). The claim was ultimately rejected because there was no evidence (e.g. voice recording) of Nationwide telling us we would only get the mortgage if we took out PPI.


    Did the Ombudsman just reject ours because Nationwide have generally been found to be less likely to have been mis-sellers? How on earth can people be getting payouts just for handing over account numbers, when ours was rejected because we couldn't provide cast iron evidence of what was said to us?
  • SonOfSonOf Forumite
    2.6K Posts
    1,000 Posts Second Anniversary
    ✭✭✭✭
    Well we had a claim go all the way to the Ombudsman, for PPI that we had a decent amount of paperwork for, which was very much mis-sold (joint policy where one of us wasn't working, told we needed to take it out to get mortgage).

    It is normal to have joint policies on MPPI. However, the split can be adjusted. e.g 50/50 75/25 25/75 or 100/0

    Being told to take it out when it is not compulsory to do so is a missale reason. However, it is one of the weakest complaint reasons and very few complaints succeed on that particular point. Mainly as there will be unlikely any evidence to back up that allegation.

    Where there is no failing found, the lenders then have to consider suitability. And this is where most MPPI complaints fail as most people do have a financial need for it.

    Remember you can still buy MPPI today. The product isnt flawed like loan and credit card PPI often is.

    Finally, Nationwide used to give their MPPI free for the first 12 months. Then at the renewal point they would write out telling you the cost to keep it or if you wanted to cancel it before you paid anything. So, they have a pretty good audit trail on their point of sale cases where they can show you made a choice.
    Did the Ombudsman just reject ours because Nationwide have generally been found to be less likely to have been mis-sellers?
    No. They rejected it as there was no evidence of wrongdoing.
    Just like they do with most MPPI.

    There was a point when the FCA were considering excluding MPPI from the PPI complaints process as it felt the volume of complaints on regular premium PPI would be so low. However, it decided against it as it felt it would confuse consumesr and firms could just reject the complaints that come in with those in the majority of cases.
    How on earth can people be getting payouts just for handing over account numbers, when ours was rejected because we couldn't provide cast iron evidence of what was said to us?

    Because most loan PPI complaints succeed. Around 50% of credit card PPI complaints succeed but only around 20% of MPPI complaints succeed (and many of those have been auto-payouts during the peak periods).
  • kes_65kes_65 Forumite
    17 Posts
    Fourth Anniversary 10 Posts Combo Breaker
    We had 2 mortgages with the Coventry and they refuse to tell us if we had mppi even though we provided old account numbers.
    They say they don't have copies of our signatures.
    They want a professional (eg solicitor ) to verify our signature on some photo I'D.
    By the time we do this (I expect the solicitor's fee won't come cheap either ) they are hoping that the deadline will have expired! !
    It's not as easy to claim as Martin Lewis says .
    Direct Line are fobbing us off as well.
    We had a mortgage with them ,and they are claiming we did NOT, even though we gave them the account number !
    I don't understand why other people claim successfuly and we are getting fobbed off.
  • SonOfSonOf Forumite
    2.6K Posts
    1,000 Posts Second Anniversary
    ✭✭✭✭
    They say they don't have copies of our signatures.
    They want a professional (eg solicitor ) to verify our signature on some photo I'D.

    If they cannot identify you then they are quite correct to refuse to give you information.
    By the time we do this (I expect the solicitor's fee won't come cheap either ) they are hoping that the deadline will have expired! !

    The deadline wont apply as the complaint was started before the deadline.
    Direct Line are fobbing us off as well.
    We had a mortgage with them ,and they are claiming we did NOT, even though we gave them the account number !
    I don't understand why other people claim successfuly and we are getting fobbed off.

    A mortgage account numbers is often not enough to identify if you had PPI or not. One of the reasons most MPPI complaints fail is that most MPPI is not paid via the mortgage. it is a standalone monthly direct debit which is how good PPI should be set up. Many lenders didn't have any reference in their mortgage application or details showing whether you had PPI or not.
    I don't understand why other people claim successfuly and we are getting fobbed off.

    Most mortgage PPI complaints dont succeed.
  • VT82VT82 Forumite
    1.1K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    SonOf wrote: »
    Because most loan PPI complaints succeed. Around 50% of credit card PPI complaints succeed but only around 20% of MPPI complaints succeed (and many of those have been auto-payouts during the peak periods).
    Thanks for your detailed explanation. Genuinely eased my conscience about whether I could have done anything differently, particularly with the deadline looming.
This discussion has been closed.
Latest MSE News and Guides

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides

Cinema MoneySaving tips & tricks

Including year's 2for1 movies for £1

MSE Deals