PPI Reclaiming Discussion Part 5

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  • Wistful100
    Wistful100 Posts: 18 Forumite
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    Guess it was an endowment thank you.
  • Muzgrave
    Muzgrave Posts: 1 Newbie
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    Hi,

    I can’t find an answer elsewhere, but want to know for sure before it’s too late and don’t want to either give my details to companies that will no doubt farm it out or invest my time for minimal reward/end up getting fobbed off by the banks. Also all the calls from claims people try to argue I could have PPI, but I’m pretty sure that’s not the case....

    I took out two credit cards in or around 2009, they had very modest credit limits, probably under £2k and minimal repayments would have been minuscule in terms of the claims I hear of.
    For more details other cards or loans were taken out 2011-2017....surely these are pointless claiming against??

    So just wondered, am I right in thinking that a claim if at all I have one would be £100’s if that?
    Banks were Santander and Nationwide, I’ve seen claims they stopped charging PPI circa 2004?!
    Older cards and mortgages, big name providers after 2011.

    Thanks in advance, just don’t know what to believe! Even when you tell the claims people your CC’s were after 2010, they still tell you that you could have PPI....very confused.

    Alex
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    Muzgrave wrote: »
    I took out two credit cards in or around 2009, they had very modest credit limits, probably under £2k and minimal repayments would have been minuscule in terms of the claims I hear of.
    For more details other cards or loans were taken out 2011-2017....surely these are pointless claiming against??
    By 2009 those banks were no longer selling PPI on credit cards or loans.
    The end.
    Ignore claim company operators desperate to sign you up because any "complaint" is just a waste of time.
  • ely_ellis
    ely_ellis Posts: 140 Forumite
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    Hi all,


    I'm pretty sure I may have a PPI claim as I took out an endowment mortgage with the TSB in (I think) the early 90s.
    I remember paying off the mortgage in full well before time, but I kept the endowment part running as a sort of savings account.
    I also took out a separate ‘savings’ endowment during the period and left that running too.
    After the big market crash I remember getting statements and noticing that thousands had been wiped off their value almost overnight, so I decided to cash them both in at the same time to cut my loses.
    When I went to the bank, I remember questioning the pay-out amount and distinctly remember them telling me that a portion of the payment were used for an insurance and worse still an insurance on the endowment I was using for savings.
    I was extremely annoyed and questioned why I would need insurance on a savings endowment!
    So, looking back, I am wondering if this is the PPI but have not seen any reference to PPI on savings endowments only on loans and mortgages.
    So, I would like to ask the community a couple of things.
    1. I this likely to have been PPI?
    2. Was it also possible to have paid PPI on a savings endowment
    3. This was with the OLD TSB which then became Lloyds TSB and now they are split I don’t know if I approach Lloyds or the TSB or someone else.
    Any advice would be appreciated.
    Thank you
    Martin
    Martin (With an I)

    4.00 kWp System, 15° East of South, 35° Pitch, 16 (250w) x 8.33 Eternity Panels, Solaredge Optimisers and SE4000(16A) inverter, iBoost. Just North of Gainsborough, Lincolnshire.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    ely_ellis wrote: »
    Was it also possible to have paid PPI on a savings endowment
    Endowments didn't have PPI.

    Basing a "complaint" on a very vague memory of three decades ago is generally unwise. The insurance you "remember" could have been life assurance, critical illness or one of a number of combinations. In any and all cases, you would have signed your agreement to these policies.

    It's important to note that not all insurance was/is PPI and not even all PPI was mis-sold.

    In addition, almost thirty years on, I would be very surprised if there is any record of this finance and any linked insurance.
  • dunstonh
    dunstonh Posts: 116,376 Forumite
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    I'm pretty sure I may have a PPI claim as I took out an endowment mortgage with the TSB in (I think) the early 90s.

    Endowments didnt have PPI on them.
    After the big market crash I remember getting statements and noticing that thousands had been wiped off their value almost overnight, so I decided to cash them both in at the same time to cut my loses.
    Shame. The year that followed was the best year on the stockmarket ever and went on to breakeven and return to profit.
    distinctly remember them telling me that a portion of the payment were used for an insurance and worse still an insurance on the endowment I was using for savings.

    That is correct. Endowments are a life assurance.
    and worse still an insurance on the endowment I was using for savings.

    Again, all quite normal for the era. Savings endowments had a much smaller element of life assurance than a mortgage endowment. The life assurance was required to allow the tax benefits of the tax wrapper.
    So, looking back, I am wondering if this is the PPI

    No it is not PPI. It is an endowment.
    So, I would like to ask the community a couple of things.
    1. I this likely to have been PPI?
    2. Was it also possible to have paid PPI on a savings endowment
    3. This was with the OLD TSB which then became Lloyds TSB and now they are split I don’t know if I approach Lloyds or the TSB or someone else.
    1 - no
    2 - no
    3 - Lloyds. But you wouldnt be making a PPi complaint as its not PPI
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mattjohns1
    mattjohns1 Posts: 91 Forumite
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    Hi all,

    Hope you can help me. I've tried to reclaim PPI on a mortgage I took out in 2002 (which is still active, along with the PPI) through Countrywide Principal Services.
    I used the Resolver service through the MSE newsletter, and have had a response back from Countrywide that is a bit rubbish, if I'm honest...

    They've said they can't find any record of me having a PPI policy with them, despite me having a copy of the latest statement next to me right now (useless!). They've also quote the Limitation Act, which states they can reject a complain without considering the merits if more than 6 years have elapsed since the event. They also state that as the policy was sold prior to FCA regulation in January 2005 it falls outside of the jurisdiction of the Financial Ombudsman Service and they don't "give them voluntary jurisdiction to look at policies sold prior to January 2005."

    This feels to me like a stock letter that they'd send out to try to wriggle out of paying anything (I was told when I got the mortgage that we had to have the policy otherwise we couldn't have the mortgage, or something along those lines). That whole "it happened too long ago" line also sounds like rubbish. I've got a month to wait until I can escalate to the FOS - do you think I'm in with a chance?
    Thanks :)
  • antrobus
    antrobus Posts: 17,386 Forumite
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    mattjohns1 wrote: »
    .... They also state that as the policy was sold prior to FCA regulation in January 2005 it falls outside of the jurisdiction of the Financial Ombudsman Service and they don't "give them voluntary jurisdiction to look at policies sold prior to January 2005."

    That would be correct.
    mattjohns1 wrote: »
    ....
    This feels to me like a stock letter that they'd send out to try to wriggle out of paying anything (I was told when I got the mortgage that we had to have the policy otherwise we couldn't have the mortgage, or something along those lines). That whole "it happened too long ago" line also sounds like rubbish. I've got a month to wait until I can escalate to the FOS - do you think I'm in with a chance?....

    No.

    But as a matter of interest, why do you think it was mis-sold?
  • dunstonh
    dunstonh Posts: 116,376 Forumite
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    They've said they can't find any record of me having a PPI policy with them, despite me having a copy of the latest statement next to me right now (useless!).

    Its not useless. 2002 is three years prior to regulation. All they needed in 2002 was an application form. That gets sent to the provider. So, at best a copy of that may exist and as its 17 years ago, they really have no reason to keep it.
    They've also quote the Limitation Act, which states they can reject a complain without considering the merits if more than 6 years have elapsed since the event. They also state that as the policy was sold prior to FCA regulation in January 2005 it falls outside of the jurisdiction of the Financial Ombudsman Service and they don't "give them voluntary jurisdiction to look at policies sold prior to January 2005."

    All correct and expected.
    This feels to me like a stock letter that they'd send out to try to wriggle out of paying anything

    They dont have to wriggle. It is pre-regulation. An automatic rejection.
    I've got a month to wait until I can escalate to the FOS - do you think I'm in with a chance?

    None whatsoever

    That makes no sense.
    1 - there is no one month waiting period before you can go to the FOS.
    2 - it was sold in 2002. So, you dont have access to the FOS.

    Countrywide tell you in their response you dont get access to the FOS too.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    mattjohns1 wrote: »
    I've got a month to wait until I can escalate to the FOS
    Clearly your complaint has been rejected far more quickly than the eight weeks allowed. Resolver is an automated E-Mail template which will therefore "remind" you to escalate only after eight weeks have passed. You don't have to wait for Resolver to do this but, as Dunston says above, in normal circumstances you would be able to go to the Ombudsman now (not after a month). In your case, however, you will NEVER be able to refer your pre-regulation complaint because FOS has no jurisdiction.

    Your complaint is over. Carefully re-read the rejection letter, which is only a bit "rubbish" and "useless" because it has not found in your favour.

    Sorry.
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