Are banks telling the truth?

givealttlerespect · 31 July 2018 at 6:01PM

I have now gone through the process of trying to claim PPI after believing I might be entitled to a payout after reading a thread on this forum. I was led to believe that the Life Cover I took out with my HSBC mortgage was a form of PPI, despite my bank telling me that no product i'd bought from them was misold with PPI . I was led to believe that the bank was fobbing me off so pursued my claim and took it to the ombudsman and made a subject access request (many, many trees were used to send me several versions of every transaction i've ever made on multiple accounts). I would like to know that if a bank tells you you didn't have PPI are they to be believed and why should we believe them? If I can make sure one person thinks twice about making fruitless subject access requests, i'll have done my bit for mother earth and be happy that not all of my time was wasted!

dunstonh · 31 July 2018 at 6:10PM

I was led to believe that the Life Cover I took out with my HSBC mortgage was a form of PPI, despite my bank telling me that no product i'd bought from them was misold with PPI

Life assurance is no more PPI than your car insurance is.

Who led you to believe that something that isnt PPI was PPI?

I was led to believe that the bank was fobbing me off so pursued my claim and took it to the ombudsman and made a subject access request (many, many trees were used to send me several versions of every transaction i've ever made on multiple accounts).

Who led you to believe that you were being fobbed off?

I would like to know that if a bank tells you you didn't have PPI are they to be believed and why should we believe them?

If you have been told you didnt have PPI and you have done a SAR and no PPI was found and gone o to the FOS and they have confirmed there was no PPI then its pretty clear you didnt have PPI.

You have your own records as well. They would show you had PPI if you kept them. Most people in the UK never purchased PPI. So, not having any puts you in the majority.

Banks may not always be able to find very old records going back multiple decades. However, where the banks are today, in terms of trust, compared to 12 years ago when PPI complaining was in its infancy is like chalk and cheese.

-taff · 1 August 2018 at 8:23AM

givealttlerespect wrote: »

I have now gone through the process of trying to claim PPI after believing I might be entitled to a payout after reading a thread on this forum. I was led to believe that the Life Cover I took out with my HSBC mortgage was a form of PPI

Life cover is life cover, it isn't and never has been or will be, PPI.

givealttlerespect wrote: »

despite my bank telling me that no product i'd bought from them was misold with PPI .

And looks like they were right

givealttlerespect wrote: »

I was led to believe that the bank was fobbing me off

Sounds like a CMC were involved here

givealttlerespect wrote: »

so pursued my claim and took it to the ombudsman and made a subject access request (many, many trees were used to send me several versions of every transaction i've ever made on multiple accounts)...I would like to know that if a bank tells you you didn't have PPI are they to be believed and why should we believe them?

They are to be believed if you alrwady have all the paperwork they have left regarding your accounts and none of them show you had PPI. They don't sift through it first. Some bored spotty youth prints it all off, bundles it into a massive envelope, then you get it to sift through yourself so you can prove to yourself you didnt have any.

givealttlerespect wrote: »

If I can make sure one person thinks twice about making fruitless subject access requests, i'll have done my bit for mother earth and be happy that not all of my time was wasted!

Fruitless in that it didn't show you had PPI? Because again, if you didn't, you didn't.

givealttlerespect · 2 August 2018 at 11:30PM

Hi, thanks for your replies taff and dunstonh. Yeah, my issue was partly down to me only having limited paperwork about my life cover. It wasn't clear that it was life cover and not PPI and to be honest i didn't know there was a difference. I just remember that the cover would insure my mortgage payments if i was sick or off work. Nothing I'd heard in the media told me that there was a difference, yet there is a lot out there saying don't believe the banks when they say they can't trace any ppi. What i wanted to know was whether the banks should be believed and are they legally obliged to tell you straight?

[Deleted User] · 3 August 2018 at 12:20AM

givealttlerespect wrote: »

It wasn't clear that it was life cover and not not PPI and to be honest i didn't know there was a difference. I just remember that the cover would insure my mortgage payments if i was sick or off work.

Life insurance covered you in case of death, PPi simply covered unemployment.

Not that easy to confuse the two, therefore.

Sorry.

-taff · 3 August 2018 at 8:04AM

They are obliged to fulfil the conditions of the SAR which they did. You saw there was no PPI.

Are banks telling the truth?

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