making a PPI claim

[buzzer]

anyone done it?

Seems out daughter was encouraged to take mortgage protection 7 years ago when they moved house and has continued to pay £53 a month since...

Thing is, her husband is paid for up to 12 months if he is off sick, they have a fair amount of savings, and I get the feeling they were mis-sold...

Anyone been through this and offer any advice?

should she just approach the bank or go through a PPI claim company?

any advice greatly appreciated...

[The Leaper]

Don't you just wish PHers will use the search facility sometimes!

See here form a few days ago:

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[vinnie83]

buzzer said:

anyone done it?

Seems out daughter was encouraged to take mortgage protection 7 years ago when they moved house and has continued to pay £53 a month since...

Thing is, her husband is paid for up to 12 months if he is off sick, they have a fair amount of savings, and I get the feeling they were mis-sold...

Anyone been through this and offer any advice?

should she just approach the bank or go through a PPI claim company?

any advice greatly appreciated...

You can either attempt to claim it yourself - there are template letters available online. Alternatively you can seek help from a claims firm, which charge ~30% of the won amount on a no-win no-fee basis.

Stay away from any claims company asking for any money up front.

(awaits PHers saying claims companies are all crooks - 70% of something is better than 100% of nothing if you don't have time to chase it up yourself).

PM me if you'd like assistance.

[Upthejunction]

How was she miss sold?
She knew she had plenty of savings
She knew her husband had a good financial support package at work and yet she purchased it knowing all that?


Or does she just want some free money?

[vinnie83]

Upthejunction said:

How was she miss sold?
She knew she had plenty of savings
She knew her husband had a good financial support package at work and yet she purchased it knowing all that?


Or does she just want some free money?

Was she advised that she may be able to get cheaper cover elsewhere?

Was she advised that alternative products may be more suited - eg. PHI, which is lower cost and more suitable for many people, however banks don't sell it.

Was she asked about any past medical problems?

The answer to those are usually no, and constitute mis-selling.

It's not a matter of 'wanting free money' if it's money that they have paid in the past in good faith, then realise that they were not given the full picture when sold the policy.

[buzzer]

vinnie83 said:

Upthejunction said:

How was she miss sold?
She knew she had plenty of savings
She knew her husband had a good financial support package at work and yet she purchased it knowing all that?


Or does she just want some free money?

Was she advised that she may be able to get cheaper cover elsewhere?

Was she advised that alternative products may be more suited - eg. PHI, which is lower cost and more suitable for many people, however banks don't sell it.

Was she asked about any past medical problems?

The answer to those are usually no, and constitute mis-selling.

It's not a matter of 'wanting free money' if it's money that they have paid in the past in good faith, then realise that they were not given the full picture when sold the policy.

Thanks Vinnie83. Its clear now she was mis-sold and will be pursuing a claim.

[darreni]

Mortgage protection, Income protection & payment protection are very different products.

Which does she have?

[Upthejunction]

vinnie83 said:

Upthejunction said:

How was she miss sold?
She knew she had plenty of savings
She knew her husband had a good financial support package at work and yet she purchased it knowing all that?


Or does she just want some free money?

Was she advised that she may be able to get cheaper cover elsewhere?

Was she advised that alternative products may be more suited - eg. PHI, which is lower cost and more suitable for many people, however banks don't sell it.

Was she asked about any past medical problems?

The answer to those are usually no, and constitute mis-selling.

It's not a matter of 'wanting free money' if it's money that they have paid in the past in good faith, then realise that they were not given the full picture when sold the policy.

The original post makes it sound like she didn't need it in the first place, regardless of the other facts.
Why did she purchase something she clearly didn't need?

[vinnie83]

Upthejunction said:

vinnie83 said:

Upthejunction said:

How was she miss sold?
She knew she had plenty of savings
She knew her husband had a good financial support package at work and yet she purchased it knowing all that?


Or does she just want some free money?

Was she advised that she may be able to get cheaper cover elsewhere?

Was she advised that alternative products may be more suited - eg. PHI, which is lower cost and more suitable for many people, however banks don't sell it.

Was she asked about any past medical problems?

The answer to those are usually no, and constitute mis-selling.

It's not a matter of 'wanting free money' if it's money that they have paid in the past in good faith, then realise that they were not given the full picture when sold the policy.

The original post makes it sound like she didn't need it in the first place, regardless of the other facts.
Why did she purchase something she clearly didn't need?

Regardless of whether it was needed or not, if the product was sold, it should have been sold with certain facts being provided to the client.

There is a multi tier system of whether it is mis-sold or not -

Was it needed? Eg. was the client self employed, therefore a policy with unemployment cover is not suitable?

If it was needed, was it sold correctly? eg. was the client made aware that they can source the cover elsewhere if they wish, that it may be lower cost elsewhere, that other products altogether may be better suited - like PHI.

If all of the above are ticked off, was the client asked about their current and present medical history and the fact that certain things may not be covered by this policy and pre-existing conditions are not covered?

See, it's not only at the first stage of the sale that a product can be 'mis-sold' but at every step of the sale, there is potential to mis-advise and mis-sell a product.

A bit like going to someone asking for advice on how to borrow money to buy a house. If the advisor doesn't happen to arrange mortgages, but arranges loans... and he/she set up a number of small loans for you (at high rates) to get their commission (without even telling you that a mortgage is the best way), is that not a mis-sale?

After all, you went there asking for money to buy a house...