Claim on policies that have paid out

AvK

Can I claim on policies that paid out while I was off work for 10 months or will they want their money back if I do?

[Deleted User]

Apart from the issue of why would you complain about a policy that net your needs so well, the amount of your claim would be deducted from any any redress from a successful complaint.

Bermonia

Given that the successful claim would be offset against any potential redress (assuming you could put a reasonable arguments as to why this policy that you clearly had a need for was mis-sold)... then you would have had to have paid more premiums than the claim amount received to get anything

[Deleted User]

AvK wrote: »

will they want their money back if I do?

Basically, "they'll get their money back" by paying you nothing or next to nothing.

If you claimed for ten months, the chances are you received more back than you ever paid.

What "complaint" would you offer?

The_squirrell

This is a classic example of MPPI not being bad, not being mis-sold, helping someone potentially keep their home and not having their credit file ruined. But someone still wants to complain! The frenzy continues

Old_Lifer

Yes squirrell - its nuts!

Vectis

This has to be a wind up - or are people really that daft?

SonOf

Bizarrely, the rules do allow someone to make a complaint about a policy they have benefited from.

However, it is harder for a complaint to be successful as the claim payout means that
a) they knew about the policy
b) they had a need for it
c) they were eligible for it

So, the reasons for complaint are much more limited than someone that hasn't made a claim.

Thankfully, if the firm decides to uphold the complaint, they can deduct the claim payout from the redress and that often means that there is nothing to pay out. Indeed, in another bizarre outcome is that firms that know there is no payout will usually uphold the complaint for statistics reasons and to avoid a FOS fee in case the person is daft enough to go to the FOS (and some are).

JustRi

Hi AvK

This simple answer is yes, as long as you have a valid reason for complaining.

They will take the amount paid to you in your claim and pay you the remainder, if there is any.

I have indeed done this. I was mis-sold as I was a homemaker/housewife at the time when taking it out, so not working.
I did start a full time job some years later and claimed on it when I was off work sick for several months. They deducted around £700 for the payments they made to me for the claim but I still received in excess of £3,000 in ppi !