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  • FIRST POST
    Former MSE Rose
    PPI Reclaiming Discussion Part 5
    • #1
    • 28th Feb 12, 3:40 PM
    PPI Reclaiming Discussion Part 5 28th Feb 12 at 3:40 PM



    Hi all, this thread is for discussing the
    PPI Reclaiming
    article.

    This is Part 5 of the discussion, as the last one was so long (read parts one, two, three and four). To discuss or ask a question about this article, click 'post reply'.

    To read about non FOS claims read this thread.
    Report and read success stories in this thread
    .

    Please remember:

    We're often quite laid back about discussion threads as this is a community after all.

    I'm afraid in the case of the PPI Reclaiming thread we're really going to have to ask you to keep the discussion on topic though, so that people can find the relevant information quickly and easily.

    If you do start making like-minded friends on here and would like to carry on chatting about what you did at the weekend/what you ate for dinner etc, that's fine, but the best way to do that is to go to our local pub the MoneySavers Arms where anything and everything is chatted about, start a thread there, then pop a link in here and suggest you all head over to there to chat.

    Thanks,

    MSE Rose
Page 525
    • dunstonh
    • By dunstonh 15th May 19, 5:03 PM
    • 98,270 Posts
    • 66,504 Thanks
    dunstonh
    I was missold an insurance policy back when I was 21 - I am now 62!
    financial regulations didn't start until April 1988. So, you bought before there were any rules. So, its unlikely you were missold when there were no rules in place to break.

    I was told I could not have a mortgage unless I took the policy through a broker with Crusader Ins who had an office in Portsmouth.
    Endowments were mandatory on interest only mortgages at that time. So, that is logical.

    We did complain to the Ombudsman at the time the policy matured as it was also a rubbish payout but this current situation of missold policies didn't exist at that time & we were told there was nothing could be done!
    Again, you bought before regulation. So, nothing could be done.

    You bought in 1978. So, you had LAPR on the insruance premiums and double MIRAS on the mortgage. So, it was pretty much a no brainer to go with an endowment.

    Is it too long ago to claim?
    Nothing has changed.

    Who would I claim from anyway as the company no longer exists?
    Nobody.

    Also, your post is off-topic for this thread. This is about PPI
    Last edited by dunstonh; 15-05-2019 at 5:08 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Wistful100
    • By Wistful100 15th May 19, 5:51 PM
    • 18 Posts
    • 16 Thanks
    Wistful100
    ok thanks
    Guess it was an endowment thank you.
    • Muzgrave
    • By Muzgrave 16th May 19, 8:55 AM
    • 1 Posts
    • 0 Thanks
    Muzgrave
    PPI Close to or After 2010??
    Hi,

    I canít find an answer elsewhere, but want to know for sure before itís too late and donít 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 Iím pretty sure thatís 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 £100ís if that?
    Banks were Santander and Nationwide, Iíve seen claims they stopped charging PPI circa 2004?!
    Older cards and mortgages, big name providers after 2011.

    Thanks in advance, just donít know what to believe! Even when you tell the claims people your CCís were after 2010, they still tell you that you could have PPI....very confused.

    Alex
    • Moneyineptitude
    • By Moneyineptitude 16th May 19, 8:59 AM
    • 23,611 Posts
    • 12,942 Thanks
    Moneyineptitude
    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??
    Originally posted by Muzgrave
    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
    • By ely_ellis 17th May 19, 9:52 AM
    • 133 Posts
    • 377 Thanks
    ely_ellis
    PPI from the old TSB
    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 Ďsavingsí 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 donít 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, 15į East of South, 35į Pitch, 16 (250w) x 8.33 Eternity Panels, Solaredge Optimisers and SE4000(16A) inverter, iBoost. Just North of Gainsborough, Lincolnshire.
    • Moneyineptitude
    • By Moneyineptitude 17th May 19, 10:26 AM
    • 23,611 Posts
    • 12,942 Thanks
    Moneyineptitude
    Was it also possible to have paid PPI on a savings endowment
    Originally posted by ely_ellis
    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
    • By dunstonh 17th May 19, 10:29 AM
    • 98,270 Posts
    • 66,504 Thanks
    dunstonh
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • mattjohns1
    • By mattjohns1 17th May 19, 5:49 PM
    • 66 Posts
    • 288 Thanks
    mattjohns1
    Can you reclaim PPI from a mortgage taken out in 2002?
    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
    • By antrobus 17th May 19, 6:48 PM
    • 16,663 Posts
    • 23,597 Thanks
    antrobus
    .... 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."
    Originally posted by mattjohns1
    That would be correct.

    ....
    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?....
    Originally posted by mattjohns1
    No.

    But as a matter of interest, why do you think it was mis-sold?
    • dunstonh
    • By dunstonh 17th May 19, 10:41 PM
    • 98,270 Posts
    • 66,504 Thanks
    dunstonh
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 18th May 19, 9:26 AM
    • 23,611 Posts
    • 12,942 Thanks
    Moneyineptitude
    I've got a month to wait until I can escalate to the FOS
    Originally posted by mattjohns1
    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.
    • mattjohns1
    • By mattjohns1 18th May 19, 1:27 PM
    • 66 Posts
    • 288 Thanks
    mattjohns1
    Thanks all, appreciate the advice. I wanted to ask to make sure as I'd read in Martin's emails and posts about banks trying to fob people off, so I wanted to be certain.
    If I have no claim, then that's fair enough - just thought it was worth a try, particularly as some of the commentary I'd read seemed to state that there was no limitation how far back you can go in claims. I'd obviously misread or misunderstood that, so it's my fault.
    As to why I thought it was missold, I remember in the estate agents they had the Countrywide rep who basically told us that we needed to have the insurance to get the mortgage. I was a lot younger and not so financially savvy at the time, and it's only recently that I thought that I might be able to claim. Obviously not, but I lose nothing by trying.
    Thanks again.
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