Uncle Spielberg
Well-known member
The mortgage would be ASU cover, not the same thing
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Which company to do a PPI claim?
- Thread starter Triggaaar
- Start date
The mortgage would be ASU cover, not the same thing
- Thread starter
- #42
Has that always been the case with mortgages? A mortgage is a loan, so if you're getting your payments protected, isn't it basically the same thing?
Uncle Spielberg
Well-known member
No, it is accident, sickness and unemployment cover
- Thread starter
- #44
That's the same thing:
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to insure repayment of loans if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt
Uncle Spielberg
Well-known member
Not regarded as the same product. No doubt the Ambulance chasers will latch onto this product though when the PPI gravy train has ended
glasfryn
cleaning up cat sick
I have an ongoing claim against Lloyds ..............but did think originally that it would be denied due to fact that it was from the late 80's but have been told that is now OK, WOW nearly 30 years ago Lloyds must be pretty desperate to clear their name.
- Jul 7, 2003
- 47,630
I got chased repeatedly by one of these claim firms a couple of years back, as I made the mistake of answering the phone to them one time.
I told the guy I was 99% certain I'd never had any PPI, but he kept insisting I probably had. Eventually I had to start ignoring his persistent calls.
I've only had one personal loan & that was in the last five years so I know PPI wouldn't have been sold on it by that stage.
I've had mortgages with a number of different companies since about 2001, not aware of anything that was added to those loans though. And as for PPI on a bank account, I'm completely in the dark as to how that would work. Where would they take money off you for having a bank account? Does that mean those accounts people pay a monthly fee on?
Someone I know went through the Financial Ombudsman to claim, by the way, & highly recommended it. Didn't have to pay out 30% of his return to some shyster.
I told the guy I was 99% certain I'd never had any PPI, but he kept insisting I probably had. Eventually I had to start ignoring his persistent calls.
I've only had one personal loan & that was in the last five years so I know PPI wouldn't have been sold on it by that stage.
I've had mortgages with a number of different companies since about 2001, not aware of anything that was added to those loans though. And as for PPI on a bank account, I'm completely in the dark as to how that would work. Where would they take money off you for having a bank account? Does that mean those accounts people pay a monthly fee on?
Someone I know went through the Financial Ombudsman to claim, by the way, & highly recommended it. Didn't have to pay out 30% of his return to some shyster.
Garage_Doors
Originally the Swankers
I got one of them with Canada Life, did not know until i stopped paying !
Had the DD for 20 odd quid and never knew what it was for so i stopped it recently, within 3 days had a letter from Canada Life saying they had not received the month premium, as this gave me a contact number i rang them asking what it was all about, was told it was a mortgage protection so if i was off sick it would pay the mortgage, told them i'd paid off my mortgage 10 years ago, they replied you don't need this policy then, i hadn't need it for 10 years ! Asked why they had not contacted me within the last 10 year and stated no reason to as the policy had no changes.
Over 2 grand i have paid them for something i didn't need !
Uncle Spielberg
Well-known member
You need to look into that, let me know if you need any help
- Thread starter
- #50
I can't see why you wouldn't get it back.
severnside gull
Well-known member
£11K back in total doing it myself.
Would've been well fed up to have lost 30% to someone for the three or four hours it took me.
Would've been well fed up to have lost 30% to someone for the three or four hours it took me.
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severnside gull
Well-known member
Tell them to repay in full from the beginning as you were mis-sold the cover (ie. It wasn't discussed but added by them as being conditional for the granting of the loan). They are under a legal obligation to pay it so threaten them with the Financial Ombudsman or whatever.
I got money repaid on personal loans going back 30+ years but was refused repayment of PPI on a credit card because I had claimed on it when off sick. I appealed on the grounds that it was mis-sold in the first place and any utility I got from the policy subsequently was frankly irrelevant. Just banked a cheque for £5K from recompense in full.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,015
point of order, how do you know it was mis-sold, it wasn't discussed or was a condition of the loan? they are only under legal obligation to pay those mis-sold.
severnside gull
Well-known member
I wasn't asked at the time if I wanted it (to my recollection) nor was it explained or the option given to accept or decline.
The banks accept this was normal practice even to the extent of staff being trained to "imply" that loans/credit would not be extended unless PPI was taken out. That is the foundation of their having to repay (even when) their is neither proof or otherwise that it was the actual case at the time of sale.
It's a fair point, but burden of proof that it was correctly sold rests with the provider in these cases, the buyer doesn't have to prove it was mis-sold. Even if it was correctly sold, doubt that any supporting documentation could be found so the bank would pay up anyway. Given this, plus the number of genuine mis-sales, the banks are mostly paying up.
chucky1973
New member
Yourself all the way it's easy to do and quick. Had just shy of 12k back in last 3 years.
BensGrandad
New member
I want to do this myself but when I tried a couple of years ago Brittania said they had no record of me having a mortgage as it was too long ago for their records so I didnt carry on. It now appears that that may have been an excuse to fob me off as most people seem to think their is no time scale so surely they would have records still.
My other largest lender who I am sure would have charged it was the original credit card company Access and Amex
My other largest lender who I am sure would have charged it was the original credit card company Access and Amex
seagullsovergrimsby
#cpfctinpotclub
You might need documentary evidence to prove the existence of a mortgage. I wonder how many tons of paper ended up being shredded by these companies after the time limit on any potential comeback was up ?
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,015
given how long they keep financial records - 7 years i believe - its a pretty good chance of no PPI when taking out a mortgage in 1980's. they generally apply to unsecured loans, and didnt always get added or mis-sold. afaik it took of in the late early 00's when every loan tried to add insurance on, to boost profits in a competitive market (you take a cheap % loan, but they make up for that on the PPI). when i took out mortgage with Nationwide the chap actually advised against the policy.
what i find staggering is the repayments some seem to get, must have either been taking huge loans or making substantial repayments. did none of you question the figures or shop around?