Ppi upheld but no refund

Johng56

UKAR upheld my claim for PPI on my endowment mortgage but stated that as the policy acquired a maturity value in the time it was in force that must be off-set against the losses and consequently there has been no financial loss and no redress payable. Can this be correct? The policy was expected to provide a favourable return at maturity but that value has been decreased due to mis-selling. Am I missing something. Advice please much appreciated.

SonOf

UKAR upheld my claim for PPI on my endowment mortgage but stated that as the policy acquired a maturity value in the time it was in force that must be off-set against the losses and consequently there has been no financial loss and no redress payable. Can this be correct?

Endowment policies could not have PPI on them. and UKAR is not an endowment provider.

Am I missing something.

Yes.
You seem to be mixing things up. You say you made a PPI complaint but are talking about an endowment that cannot have PPI. So, there is nothing to refund as you never paid it in the first place.

If it was an endowment complaint, then it only matters if they agreed you were missold and endowment was in a shortfall position at the time of surrender/maturity when measured against a repayment mortgage. At certain points, endowments did go off track and resulted in redress but at other times they were ahead of repayment mortgages and no redress was payable.

Perhaps you could clarify if you are referring to PPI or an endowment.

but that value has been decreased due to mis-selling.

That is not correct. Gross returns have fallen due to lower interest rates, increased volatility in markets and a number of other economic changes. None of which has anything to do with how it was sold.

Johng56

Firstly thank you for your reply. Unfortunately I am really good of any intelligence when it comes to PPI, endowment etc. I was relating exactly what UKAR replied. My mortgage was with BRADFORD & BINGLEY but UKAR were the resolution body. If, as you say, endowment don't attract PPI then I would have thought UKAR would have saved themselves time and masses of paperwork by advising me accordingly. Thanks again.

Johng56

Yea. UKAR have compared it to a repayment mortgage. Thank you things are more understandable now

[Deleted User]

Johng56 wrote: »

. Unfortunately I am really good of any intelligence when it comes to PPI, endowment etc.

That has unfortunately handicapped your mortgage mis-selling complaint which always had nothing to do with PPI or Endowments.


Regardless, your complaint has resulted in no redress simply because (as explained) you've suffered no monetary loss.

AnotherJoe

Johng56 wrote: »

The policy was expected to provide a favourable return at maturity but that value has been decreased due to mis-selling. Am I missing something. Advice please much appreciated.

How could the value of an endowment be decreased by misselling ???
What they've told you, I presume, is that you coudl have bought a repayment mortgage instead of an endowment, but when you look at how much you spent (which would would have been cheaper than a repayment) you are no worse off.
The other possibility is that they should have not sold you a mortgage at all, but again if you look at the difference between cost of rent vs a mortgage/endowment plus the gain in house prices, again you are not worse off.
So, whilst they either should have sold you a repayment or not given you a mortgage at all, in either case you lucked out and are better off.
So don't go thinking you've been done, you are better off even if its by luck.