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I wanted PPI, I got PPI, but was I eligible?


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Back in 2004 I thought things were getting a bit tight and I'd not long started a new job, I remortgaged to help finance paying off some loans. But at the time got talked into PPI and I thought it was a good idea to protect my repayments.

 

But, the new job saw me join a company as a Director and so was self employed taking a moderate wage and annual dividends. So being self employed does that immediately exclude me from eligibility for PPI?

 

I also find we're still paying it! :o So I've cancelled it as I now work in local Gov't where sickness would be paid for about the period PPI would cover and a change of circumstances would require a pretty decent notice period.

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No, being Self employed then you would not have benefited from much of the protection supposedly provided by the policy :)

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thanks for the response. I was originally quite daunted by the prospect of trying to claim. But after reading for some time on here I decided "what's the worst that can happen?", I get nothing - so I don't have anything to lose by trying.

 

I went onto what I thought was the site for Lloyds, downloaded the complaint form and started filling it in when I realised I needed one for C&G. So went to C&G downloaded the form and was surprised they're the same form from FOS.

 

So now this has me thinking, all these PPI Clams Management Companies taking a big slice for doing little more than a credit search and filling out some standard forms! What a [problem]!

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Which is why we try to steer people clear of using Claims Management Companies.

 

They kind of give you the impression that your claim will jump the queue if you use them.. it wont - the Banks will still fluff around and if it ends up with the FOS anyway.. !!

 

If you read the stickies in the Payment Protection forums, you will find almost everything you need to make your own claim.

 

If you get stuck, just yell and someone will be able to help :)

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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  • 1 month later...

Do they say why? Or is it their usual first try bog off letter ?

 

If you want to scan it in and let us have a look you might want to try and get them to change their mind before joining the queue for the FOS !

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Do they say why? Or is it their usual first try bog off letter ?

 

If you want to scan it in and let us have a look you might want to try and get them to change their mind before joining the queue for the FOS !

 

Thanks for that I can't tell if it's a first pass standard rejection though, I'm not at all familiar with the process.

 

I have had another thought though. I believe I had a life policy with Scottish Widows which was taken out to protect the other directors, we all did. So not sure it that's relevant at all.

 

My complaint basically laid out that the bank manager and colleague turned up at my home to help me with a remortgage, but as part of that process they certainly required me to take out PPI as I would be unlikely to be successful with the mortgage application if it wasn't protected by PPI.

 

Being paid by dividend, not salary the company would have paid me in the event of sickness anyhow. But the PPI was pitched more about covering the bank for the mortgage in the event the business failed. So I really don't think PPI would have done anyone other than the bank any good anyhow.

 

I'll give them a scan in a bit.

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Hmm, well I have the policy booklet and it doesn't say anything about it being optional, neither does it say it's compulsory - it's all about making a claim, definitions and eligibility. But the letter I have with it does say:

 

If you decide you don't want this cover, please return the documents to us within 30 days, along with a note from you asking us to cancel the policy.

 

We will cancel this policy as soon as we receive this information.

So I guess that's clear, I could have cancelled the policy if I understood that it wouldn't affect my mortgage application, which I didn't.
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It sounds pretty much like a bog off letter to me.

 

I find it quite amusing when the pompous author advises that their membership of the GISC required them to act with honesty and integrity in their sales !! What did they suddenly become dishonest and lose their integrity when they became regulated by the FSA !!

 

They were lambasted for mis selling when they were members of the GISC and they continued to act without any concern for their customers when they became regulated by the FSA.

 

That is excellent you have copies of the documents they claim will back up their decision. So you can wave that in their faces.

 

I will ask those with more knowledge of this to pop in and have a read and further advise you.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi

 

Yes it looks like a standard fob off to me.

 

Haven't read the letter in full but at least one point jumps out that they admit that some exclusions would apply to you. Therefore the product as a whole was not suitable for you and therefore mis-sold.

 

In addition you should not attach any importance the cancellation clause. The FSA have said that a firm cannot rely on that as a reason for not upholding a claim.

 

Have a read of Appendix 1 of the FSA handbook here....you will find some useful information on which to base a challenge to their findings.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?305682-FSA-Handbook

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1. Single Premium PPI Q&A Read Here

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