Technical question re PPi claim

[Blinkin73]

Hello everyone,

 

I have been paying monthly payments for a halifax mortgage protection product for 10 years and currently pay £83.00 a month on an interest only loan of £71.500.

 

In Sept/Oct 2009 I put in a complaint as I believed the policy was missold to me. The policy was recommended by Halifax staff when I went to see them and enqire about my first ever mortgage. I was told that it was a really good award winning product and that taking up the policy would be benefical to my mortgage application. The mortgage protection policy has three components -

 

As an experienced child protection social worker working for a Local Authority (please dont hate me !) there really is zero chance of me being made redundant and if hell should freeze over and I be made redundant there is no shortage of work in other Local Authorities around the county and abroad. I enjoy sickness benefit of 6 months full pay and 6 months half pay, benefits would be paid to my next of kin should I die prematurely and I have family that could help me out should I reqire financial assistance. Consequently I didn't believe the policy was sold to me in my best interests.

 

Halifax predictably rejected my complaint, gave a final decision and a leaflet regarding FOS at the end of November 2009. I had every intention of referring to FOS but Some horrible and demanding thiings happened over the following 2.5 years and I forgot all about it.

 

Having resolved many of the problems I was experiencing and being completely ignorant in respect of PPI claims, I wrote to Halifax this year on 6th March giving further information on why I belived that the policy was missold to me. namely that I had no dependents and never had had who might benefit from the life insurance component and that through work I was also entitld to benefits should I become so incapacitated that I was unable to undertake a job.

 

I recieved no acknowledgment of my complaint and phoned Halifax on 30th of March. they gave me a reference number for my complaint which was the same number as the complaint reference for 2009. having heard nothing further I contacted them again last week and got a written response this week with the same reference number refering me to their original response in 2009 and advising that the case would not be reopened.

 

Now, I have come to understand that I only had 6 months to refer to FOS and that my reasons for not referring within the timescales will not be accepted as valid enough to justify an exemption. Howevr I have become aware that my complaint in March this year should have been treated as a new complaint and have a new reference number. Does the fact that my new complaint has the same reference number as my original complaint mean that they have inadvertantly reopened the case? If I write back asking them to reconsider and give me a final final decision would this not restart the clock in terms of the 6 months?

 

I've initially asked this question on the Monsavingexpert forum but I only get answers from finacial advisors poohing me but not fully explaining their reasons for doing so. They advise that you only get one bite of the cherry and that I have missed my chance. However other's o the site have resubmitted claims after being rejected and been successful. They advise that I made a complaint about the policy being missold which was rejected and therfore cant make any further complaints of this nature. What else can you complain about in respect of PPI's? I have looked at a number of banking sites about such a situation and they advise that if I have new information they will review it after setting up a new complaint. this has not happened in my case.

 

As I write this it has just occured to me that given I ohave only ever made interest only repayments which were in the regioun of £1116-250 a month isnt £83 a month a lot to pay?

 

Any advice would be appreciated

 

G

[ims21]

Following the Judicial Review, lenders are required to re-open previously rejected cases.

 

Pop along to the fos website and download a copy of the consumer questionnaire and complete it.

 

Prepare this spreadsheet.

 

StatIntSheet v101.xls

 

Send both to the lender with a covering letter requiring refund.

 

If they write back and say they are not re-opening then you remind them of their obligations following the judicial review.

 

This will then open the door for you to go to fos again but this time make sure you do it within six months if the lender doesn't play ball.

[Blinkin73]

ims21,

 

Thank you so much for your advice. Im shocked that the moneysavingexpert site is so impartial and pro the banks.

 

Can you tell me where I might find details regarding the Judicial review. A reference would help and i would like to look at the judgement regarding when they have to reopen a case. I'd also like to post the information on the moneysavingexpert site.

 

Thank you so much once agian

[ims21]

A quick google of PPI judicial review will bring up lots of information for you.

 

The fos website also has lots of information.

[Blinkin73]

Hi again ims21,

 

They have already written back to advising that they will not reopen the case. I shall complete the spreadsheet and the forms from the fos site and forward them to the halifax along with a reminder of their obligations following the judicial review once i get more details abou this, as well as a few other reasons why I believe the policy was missold.

 

Regards

G

[Blinkin73]

I've looked up a little about the judicial review and WOW!!!!!

 

Sorry one more question. When completing the spreadsheet I dont know exctly how much my premium was in 2001 up until 2005 when I remortgaged and was advised to increase my MPPI to take account of a £5000 I had. Shall I just put £83.00 a month down for the last 10 years or should I put in some sort of request to halifax sking for details of all premiums paid?

 

Thank you

[ims21]

Hi

 

What you could do is work out the percentage of PPI to loan that you do know and then apply the same percentage to the old amount of loan to give a proportionate premium.

[Blinkin73]

Hello again,

 

I only recall that my premium was upped in 2004( I think) to cover 125% of my mortgage instead of 100% because I had to remortgage then and I had taken out a £5000 loan later in 2002. in addition to a £71,500.00 mortgage. The premium I pay is for the seperae components, mortgage repayment, life assaurance and critical illness cover. They are stand alone policies in thier own right so it might not work on a percentage basis.

 

Shall I just leave that spreadsheet out?

[ims21]

I'd still do a spreadsheet and maybe just use the same premium for the whole lot. They will soon let you know of the premiums were different.

[Blinkin73]

Thats what I thought especially as the premium was not always taken out of my account on the 1st of the month. I've done that and completed the consumer questionairre, now all I have to do is write my complaint.

 

I have only briefly looked at the judicial review but would I be right in my assumption that financial organisation have been asked to review all ppi sold in ight of the new FSA regulations made in 2010 therefore it was not sufficient for htem to reject my additional information on the basis that they looked intom y complaint and gave an unfavourable judgement in 2009?

[ims21]

Yes, your original complaint was in 2009 but all of that was superceded by the JR and FSA/fos guidelines.

 

Don't over-complicate it...its not necessary.

 

Put in a fresh claim and demand that this is looked at.

[Blinkin73]

Thats what I thought its just that on Moneysavingexpert they are saying that the judicial review doesnt apply to me and I have misconstrued it. It worries me that people looking at the forums there are being given "advice" by people who are pro the financial industry and giving wrong advice.

 

Thank you so much

Edited June 17, 2012 by Blinkin73

[ims21]

Here you go

 

Just one source of confirmation...there will be lots of others out there

 

http://www.guardian.co.uk/money/2009/sep/29/ppi-complaint-cases-reopened-fsa

[Blinkin73]

The link did not work it said the page had gone!!

[ims21]

Odd

 

Be right back....

[ims21]

Hmm odd...not working for me now.

 

Still, plenty of information out there on the subject....bit of research as mentioned and you'll find a lot of stuff

[Blinkin73]

Thanks for looking.

 

A "bit of research" has so far turned into two days! anad counting so far!!!!!!!!

 

I've just recieved a PM on moneysavingexpert advisng me to raise a new complaint requesting that my complaints be reveiwed under PS10/12 rules but not to mention previous complaints. Given that this person posted earlier to advice that I only had one bite of the cherry in respect of my complaints and I had missed it I am not sure what to make of thier message.

[ims21]

http://www.guardian.co.uk/money/2011/apr/23/ppi-compensation-claim

 

Try the above link

 

The relevant paragraph is

 

Financial groups will now have to look back at past sales of the insurance, even in cases where people have not complained. But you don't have to wait for them to get in touch. If you have recently had your complaint rejected by your bank, loan provider or credit card company, or you think you may have been a victim of mis-selling and haven't done anything about it, now is the time to act.

 

Hope the link works this time

[Blinkin73]

Thank you once again.

 

If you have time, check out the PPI forum on moneysavingexpert and my thread - FOS and the 6 month rule - its bizarre.

[ims21]

Ok....I'll grab a look tomorrow

[Blinkin73]

Nope..the link still doesnt work : ) so its good job you copied the relvant paragraph

[ims21]

That's weird

 

OK go to guardian.co.uk and then to the money section and you may well be able to find the pages from there.

 

I've actually just read the thread on MSE....not very helpful were they? All a bit blunt too.

 

What you might like to do is have another look at the reasons for the mis-sale. You might like to consider things such as did they carry out a needs assessment? Were you advised that a policy could be purchased elsewhere at possibly lesser cost? Was it intimated or advised that your loan application would only be successful if you took the policy, or that your application would be looked on more favourably if you took the policy?

 

And of course the thought that the JR only related to future sales isn't right. Amongst other things it was to do with the FSAs introduction of rules which said that past sales had to be looked at.

 

Hope this helps.

[Blinkin73]

Hello again,

 

I have a few questions if someone wouldnt mind answering.

 

Firstly I read this from the guardian April 23 2011

 

I had my complaint turned down by the bank and I never pursued it. Can I now go to the ombudsman? Providers are supposed to issue a "final response" letter, saying that if you remain dissatisfied, you have six months to take your complaint to the ombudsman. If you received such a letter, and if more than six months have passed and you have not acted, you may well have missed the boat. But if you didn't receive a final response letter, or it didn't mention the six months' deadline, you should still have a claim.

 

I did recieve a final response letter in 2009. So I dont understand entirely how I can complain agian and push to get my case reopened in light of the judicial review and FSA/FOs changes in policy?

 

My missold PPI was a mortgage PPI and therefore I guess I cant argue tht it is one of the 185000 cases related to unsecured loans that the financial institutions have been ordered to reopen. Am I incorrect?

 

Thanks

G

[ims21]

Well unless you try you will never know

[Blinkin73]

Thanks Ims21,

 

I will try. But I do need to be aware if I have a right to have my case reviewed or if I am just chancing it given that I missed the 6 months I have to refer to FOS.

 

 

In case my 2nd try fails do you know where I might find more information on what constitutes new information soo that I can see if I have new information that mahy get my case reopened.

 

Thanks

G