Mis-sold Payment Protection Insurance

HOv3

Hi, can anyone advise if it's still possible to claim mis-sold PPI insurance?

I knew I had some back in the early 90's, but had no records due to paying off the mortgage and domestic upheavals.

However, the company involved, Cardif Pinnacle, has just written to me in error, so I now have all of the policy details. A quick call to them has confirmed that I tried to claim and they turned the claim down. So that's good evidence that it was mis-sold. But has is it still possible to claim for mis-selling?

Thanks if anyone can help.

[Deleted User]

No. You're a couple of years too late.

And having a claim declined doesn't indicate it was mis sold. Just that you tried to claim for something which wasn't covered.

dunstonh

Hi, can anyone advise if it's still possible to claim mis-sold PPI insurance?

Only if it was sold recently.

. A quick call to them has confirmed that I tried to claim and they turned the claim down. So that's good evidence that it was mis-sold.

That is not good evidence it was missold.   PPI is a budget plan and doesn't have the levels of coverage of the quality plans.  So, if you claimed fro something it didn't cover then it doesn't mean it was missold.

On the plus, side, most MPPI was not missold and most complaints made on MPPI failed.  So, you probably didnt miss out on anything.

brettcta

I might try and claim on my car insurance for breaking my ankle a few years ago at football and then when they refuse the claim, complain that the policy was missold and get my premiums back.

winner!

sourcrates

brettcta said:

I might try and claim on my car insurance for breaking my ankle a few years ago at football and then when they refuse the claim, complain that the policy was missold and get my premiums back.

winner!

I was one of those who, like many, had a loan from a bank, between the mid 1980`s, and the early 2000`s.

I remember the Halifax chap distinctly informing me that the loan I applied for, could only be granted, if I also took out the PPI insurance, along side of it, "I had a much better chance of acceptance" if I was to do that, he said.

This was a fairly common scenario at the time, no questions were asked, no cancelation options were given, of course the internet didn`t exist in the form it does today, people were not that savvy about there rights as they are now.

Miss-selling is far too lenient a term to apply to this debacle, it was theft for financial gain, the banks flogged the insurance using any and all methods available to them, the bank staff were on good commission for helping the fraud to happen, and it wasn`t questioned by anyone.

dunstonh

the bank staff were on good commission for helping the fraud to happen

Actually, the vast majority of banks paid no commission to their staff for these sales.  Instead, the staff were placed under extreme pressure by their management (who were also put under extreme pressure).   Staff were penalised for not selling by being placed on the rubbish jobs in the branch or getting bad annual reports and things like that.

[Deleted User]

sourcrates said:

brettcta said:

I might try and claim on my car insurance for breaking my ankle a few years ago at football and then when they refuse the claim, complain that the policy was missold and get my premiums back.

winner!

I was one of those who, like many, had a loan from a bank, between the mid 1980`s, and the early 2000`s.

I remember the Halifax chap distinctly informing me that the loan I applied for, could only be granted, if I also took out the PPI insurance, along side of it, "I had a much better chance of acceptance" if I was to do that, he said.

This was a fairly common scenario at the time, no questions were asked, no cancelation options were given, of course the internet didn`t exist in the form it does today, people were not that savvy about there rights as they are now.

Miss-selling is far too lenient a term to apply to this debacle, it was theft for financial gain, the banks flogged the insurance using any and all methods available to them, the bank staff were on good commission for helping the fraud to happen, and it wasn`t questioned by anyone.

Bank staff were not on commission for selling PPI

Selling rules now are one thing, the selling rules back then were different. The whole PPI industry started because the FCA decided to retrospectively apply the current rules to old sales. If there was no requirement to give a cancellation option then it wasn't miss-sold based on one not being given. PPI miss-selling is like driving down a 40 limit at 40, then the council change the limit to 30 and sending you a ticket for speeding

The funny thing is, a lot of people would actually have benefited from PPI following things like 2007/8 crash, covid and so on, many of them have cancelled policies (like an MPPI policy that protects your home!) which they might actually need.

You can argue it was theft for financial gain yes, but so too are consumers committing fraud by lying they were miss-sold when they wanted the policy. Their complaints about not knowing they had it (despite signing for it for a loan, or it being on every monthly credit card statement) or being pressured into having it are as likely to be lies as the truth. Any number of complaints from people detailing their miss-selling, their vivid recollections of being told they had to have it, where they never even had PPI, are outright financial fraud and should result in criminal convictions.