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  • FIRST POST
    • loz77
    • By loz77 25th May 19, 1:53 PM
    • 5Posts
    • 0Thanks
    loz77
    PPI & Independent Financial Adviser
    • #1
    • 25th May 19, 1:53 PM
    PPI & Independent Financial Adviser 25th May 19 at 1:53 PM
    We were sold a PPI Policy back in 2003 and still have the paperwork.

    However, we were sold it by an Independent Financial Adviser that we can no longer trace.

    Is there anything we can do about this?
Page 1
    • zx81
    • By zx81 25th May 19, 1:56 PM
    • 23,842 Posts
    • 26,516 Thanks
    zx81
    • #2
    • 25th May 19, 1:56 PM
    • #2
    • 25th May 19, 1:56 PM
    No. It was pre regulation.
    • dunstonh
    • By dunstonh 25th May 19, 2:05 PM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    • #3
    • 25th May 19, 2:05 PM
    • #3
    • 25th May 19, 2:05 PM
    Is there anything we can do about this?
    What did you want to do about it?

    You cannot complain about it as it is pre-regulation. And IFAs only sold the good types of PPI (which you can still buy today - i.e. regular premium standalone plans).
    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.
    • Colin V
    • By Colin V 1st Jun 19, 8:41 AM
    • 2 Posts
    • 1 Thanks
    Colin V
    • #4
    • 1st Jun 19, 8:41 AM
    18 years and counting....
    • #4
    • 1st Jun 19, 8:41 AM
    My wife and I were told by an independent advisor we had to take out a mortgage decreasing term assurance with critical illness cover mortgage protection for the term of our mortgage in 2001 and we are still paying today. I remember I was angry that even though we had moved up to a more expensive mortgage that this was forced upon us basically saying we couldnít have the mortgage without it. Iím pretty sure this counts as mis-sold ppi but because the independent advisor is no longer there does that mean we canít claim? If we canít then Iím not even sure if we can stop the payments as we are tied into it until 2026. Any advice please?
    • -taff
    • By -taff 1st Jun 19, 9:18 AM
    • 10,521 Posts
    • 14,789 Thanks
    -taff
    • #5
    • 1st Jun 19, 9:18 AM
    • #5
    • 1st Jun 19, 9:18 AM
    Trust me, if I'd had critical life cover I'd be a hell of a lot better off than I am now.
    Critical life is useful. You can stop the payments at any time and get it with someone else, but personally, I would still get the CI.
    No you cannot complain to anyone, your complaint is over. However, your IFA sold you a useful product, because if you had needed it, you would definitely have used it. And as your memory is that it was compulsory, the liliehood is that he sold it to you in lieu of free advice.
    Be grateful you have't needed it.
    • dunstonh
    • By dunstonh 1st Jun 19, 9:45 AM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    • #6
    • 1st Jun 19, 9:45 AM
    • #6
    • 1st Jun 19, 9:45 AM
    My wife and I were told by an independent advisor we had to take out a mortgage decreasing term assurance with critical illness cover mortgage protection for the term of our mortgage in 2001 and we are still paying today.
    Seems to be good advice. Most people take it out with their mortgage and it is considered to be common sense.

    I remember I was angry that even though we had moved up to a more expensive mortgage that this was forced upon us basically saying we couldn’t have the mortgage without it.
    A common mortgage broker model is to require the purchase of an insurance to allow them to give free mortgage advice. That is allowed as long as the insurance is suitable.

    I’m pretty sure this counts as mis-sold ppi
    No it doesnt.

    1 - its not PPI
    2 - its a model that is allowed

    but because the independent advisor is no longer there does that mean we can’t claim?
    Correct.
    If we can’t then I’m not even sure if we can stop the payments as we are tied into it until 2026.
    Why would you want to stop something that is important to have with your mortgage?
    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.
    • Colin V
    • By Colin V 2nd Jun 19, 4:07 PM
    • 2 Posts
    • 1 Thanks
    Colin V
    • #7
    • 2nd Jun 19, 4:07 PM
    • #7
    • 2nd Jun 19, 4:07 PM
    Thank you at least that’s put my mind at rest and I can ignore all these ppi adverts now lol
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