Provident Life refuse PPI refund

HappyTrails

I took an endowment mortgage with Winterthur in 1994/1995. They demanded that I took out PPI [Provident Life] as a pre-requisite for that policy. I did not need PPI. I have never been insolvent nor unemployed.

I approached Winterthur a few months ago to seek PPI compensation for that miss-sold policy. They declined. Do any on this forum know which agency can best intercede?

SonOf

They demanded that I took out PPI [Provident Life] as a pre-requisite for that policy.

Are you suggesting that this was an additional policy or was it part of the endowment?

Off the cuff, I wouldnt think Provident Life did PPI as they were a life assurance company and Life companies dont have PPI plans. They are issued by general insurance policies. Are you sure it is PPI and not something else (like life assurance or income protection)?

I have never been insolvent nor unemployed.

Neither of which are grounds for complaint.

I approached Winterthur a few months ago to seek PPI compensation for that miss-sold policy. They declined.

Why did they decline? The reason is quite important. i.e. maybe they were not the seller, maybe its not PPI, maybe its pre-regulation. All of which have an impact on what you do next.

Do any on this forum know which agency can best intercede?

There is no agency. That isnt how it works. There may be the ability to refer the case to the FOS if you disagree with the outcome but it really depends on the complaint rejection reason. Hence why we need to know that.

HappyTrails

Winterthur were the endowment mortgage lender. Their criteria for lending me the money to buy the property was that I look out PPI with their sister company Provident Life. [I have all policy details and agent's name]



In other words, I was forced to take on PPI despite not want nor needing that facility.


Winterthur declined to refund the PPI as they declare it was a reasonable add-on to an endowment policy.

[Deleted User]

That all sounds correct.

If it's a condition of the mortgage, it can't be mis sold.

HappyTrails

Sorry, just re-read your post: the Provident product was definitely intended to insure against my inability to service the repayments. I am not sure how PPI and "income protection" differ as products. They sound like the same thing. If it was sold as the latter, there is no recourse under the PPI refund umbrella? [either way, I was coerced into an expensive product I did not want or need and which yielded me nil benefit]

Bermonia

If it was a condition of the mortgage then you had the choice to accept the mortgage or not with those terms... as such you were not mis-sold, whether it be PPI or income protection

SonOf

I am not sure how PPI and "income protection" differ as products. They sound like the same thing.

Payment protection insurance falls under general insurance companies and is covered by the FCAs short term insurance rules. Income protection is issued by life assuarance companies and falls under the FCAs long term insurance rules.

Payment protection only pays out for a limited period (typically 12 months). It is not underwritten at point of sale but at point of claim.

Income protection pays out until the end date (typically retirement age) and is underwritten at point of sale.

Income protection is a far superior product.

If it was sold as the latter, there is no recourse under the PPI refund umbrella?

Its not PPI. Its a different product.

[either way, I was coerced into an expensive product I did not want or need and which yielded me nil benefit]

Just because you didn't claim, doesnt mean you can get your money back. For a successful complaint to happen, the insurance has to be unsuitable. Virtually everyone needs income protection. It is considered one of the most important insurances someone can have. PPi, on the other hand, is way way way down the pecking order.

[Deleted User]

HappyTrails wrote: »

I am not sure how PPI and "income protection" differ as products. They sound like the same thing.

They are not the same thing at all .Income protection insurance pays a regular income in the event of sickness or disability and continues until a return to paid work or retirement. PPI does similar, but only for a set temporary period, Note that not all insurance is PPI and not even all PPI was automatically mis-sold.

HappyTrails wrote: »

I was coerced into an expensive product I did not want or need and which yielded me nil benefit

That's not a valid complaint. You don't get a refund of insurance simply because you were fortunate enough to not have need to claim on it.

There is no "agency" which can "intercede" here.