New to PPI claiming ~ please help!

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  • dunstonh
    dunstonh Posts: 116,044
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    My complaint is based on the fact that I was told I needed their PPI policy in order to get the mortgage.

    If you did actually need it then its not missold (some mortgage deals in the 90s required it as a cross subsidy purchase and that is allowed).

    If you were lied to then it was missold. However, the problem is that nearly every PPI complaint says that and half of those are try-it-on complaints. So, you are not going to be believed unless there is evidence.

    So, its a weak complaint reason that rarely succeeds by itself.
    I now know that I could have purchased a similar policy elsewhere probably at a more competitive price.

    That is not a missale reason and actually does more damage than help your position.
    Are these not good grounds for a complaint?

    Second one no. First one yes but its one of the weakest types. You would be relying on an unidentified reason being found by Barclays or an auto payout.
    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.
  • Spurs501
    Spurs501 Posts: 67 Forumite
    ^^^^^^
    Thank you for your feedback.

    Sounds like I dont have much of a chance with my complaint.

    Lets see what they come back with.

    I assume Mortgage PPI payouts are usually large amounts of money - because of the loan amount? So for that reason more likely to be thrown out?
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    Spurs501 wrote: »
    I assume Mortgage PPI payouts are usually large amounts of money - because of the loan amount? So for that reason more likely to be thrown out?
    The size of the (potential) refund is irrelevant. If you have a valid and compelling complaint, it will be upheld whatever the cost to the Bank. If you don't have a valid complaint then it will be rejected.

    Your complaint is only likely to be "thrown out" because it is a weak "hearsay" type. You can provide no evidence you were told (wrongly?) that you had to purchase the insurance and the bank will have no such evidence either. It's even possible that the insurance was compulsory with your mortgage, have you checked this in advance of complaint? If you haven't checked and it was mandatory then your complaint will fall at the first hurdle.

    As Dunston says above, your current complaint is largely reliant on the Bank finding other faults with the sale of the PPI.
  • Spurs501
    Spurs501 Posts: 67 Forumite
    Thank you for the advice guys - it really is appreciated.

    I will keep you all updated as I hear anything back.

    They have said I will have a decision in 8 weeks, but I assume that they are all very busy at the moment with the PPI deadline looming?
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    Spurs501 wrote: »
    They have said I will have a decision in 8 weeks, but I assume that they are all very busy at the moment with the PPI deadline looming?
    Stop assuming. :)
  • dunstonh
    dunstonh Posts: 116,044
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    Many people with equally weak complaint reasons go onto succeed. The bank has to check all areas and not just the ones you complain about.

    It's just a case that your complaint is about a type of PPI that sees most complaints fail. You can still buy MPPI today. And that you stated reasons are weak. So, lower odds than say a loan PPI. But not impossible.
    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.
  • Spurs501
    Spurs501 Posts: 67 Forumite
    Thanks!

    I do have complaints on Credit Card PPI too so maybe stand a better chance with those!
  • Spurs501
    Spurs501 Posts: 67 Forumite
    Have sent forms back tonight to CITI Financial Credit Cards and Capital One Credit Cards.

    Let!!!8217;s see how we go!
  • Spurs501
    Spurs501 Posts: 67 Forumite
    One thing that I cant help thinking about with PPI reclaiming......

    ......I assume its the lenders themselves who carry out the investigation into our complaints?

    We are surely them relying on THEM being honest and truthful?

    Isnt it in their interests to give themselves the benefit of doubt?
  • dunstonh
    dunstonh Posts: 116,044
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    ......I assume its the lenders themselves who carry out the investigation into our complaints?

    Some use third party companies.
    We are surely them relying on THEM being honest and truthful?

    And consumers too. Around half of all PPI complaints made dont even have PPI.
    Isnt it in their interests to give themselves the benefit of doubt?
    If you disagree with the outcome, you have a right to appeal. Banks are much better than in the past. They now know how the FOS is going to consider a case and the system is largely evidence based. i.e. if you make an allegation that can be proven then its a strong reason. If you make an allegation that cannot be proven and nothing suggests that took place then it will not carry much or any weight.
    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.
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