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[cam2502]

Does anyone know if PPI can be claimed back on a mortgage that was for a shop? Or is it just for residential property's ?
Swmbo has been told that because the mortgage was for a business she can't claim.
Seems a bit unfair if that's the case, surely PPI is PPI regardless of what it was for.

[Plomien]

I believe it can be claimed for if incorrectly sold, no harm in putting in a claim

[cam2502]

That's the thing though, she has been in touch with the bank that (mis) sold her PPI, in fact the mortgage is still running, but they say that as it is a business mortgage PPI can't be claimed back.

[omegod]

There are 2 types of PPI for mortgages, single premium which is effectively a loan at the start and adds interest to the debt or the monthly type where you pay the same per month. The former is more often claimable but it is possible to claim the latter but it is often less succesful.

which type is it?

[cam2502]

It would be the latter, as she pays the mortgage each month

[omegod]

Sorry Cam, they are both paid monthly but the former would be part of the initial agrement and would show as accruing interest, the latter type is along the lines of life insurance you pay at £17.99 monthly.

Have a route through the paperwork and feel free to PM me, it's a bit of a minefield and I'm just looking at my own mortgage PPI claim.

[cam2502]

Will do  , I'll get back to you when I've spoken to 'er indoors 

[TheBoy]

Just because you bought PPI, it doesn't mean you were missold it?

[omegod]

Just because you bought PPI, it doesn't mean you were missold it?

True TB, but the many I have dealt with for friends and family most certainly do not comply with the financial ombudsman services guidance around standards of sale. Some to quite shocking extents In respect of a buisness owner the simple fact that they are self employed would likely preclude them from being able to make a claim,  not that that fact would stop the bank rep selling the policy to them and earning a fat commision

[TheBoy]

Just because you bought PPI, it doesn't mean you were missold it?

True TB, but the many I have dealt with for friends and family most certainly do not comply with the financial ombudsman services guidance around standards of sale. Some to quite shocking extents In respect of a buisness owner the simple fact that they are self employed would likely preclude them from being able to make a claim,  not that that fact would stop the bank rep selling the policy to them and earning a fat commision

Hence the Q. It seems like everyone who bought one feels there are entitled to compo, same as the endowments a few years back.

The country is full of too many spongers who always feel entitled to compo, courtesy of the daytime TV ads.  Though thats not to say that the corporations selling this tat weren't being underhand. Although, bear in mind I'm just the stupid kid from the local comprehensive, but if I was signing for something, I'd do a tiny bit of research to ensure it was right for me 

[Kevin Wood]

Indeed. Clearly, anyone selling anything will say whatever is going to get you to sign so they can get their commission, and sling their hook before you read the small print. Had more people done exactly that before signing away thousands of pounds they wouldn't be out of pocket now.

Granted, there were some incidents where insurers refused to pay out unfairly, but I find it hard to gather sympathy for those who fell for something as daft as the self-employed rule, as that would have been plastered all over the policy Ts and Cs.

[albitz]

Some cases of PPI werent mentioned either verbally or anywhere in the paperwork,it was simply factored in at the start of the process.Imo thats theft.

[omegod]

Indeed. Clearly, anyone selling anything will say whatever is going to get you to sign so they can get their commission, and sling their hook before you read the small print. Had more people done exactly that before signing away thousands of pounds they wouldn't be out of pocket now.

Granted, there were some incidents where insurers refused to pay out unfairly, but I find it hard to gather sympathy for those who fell for something as daft as the self-employed rule, as that would have been plastered all over the policy Ts and Cs.

Depends if small print or T&C's were actually supplied, clear, exclusions explained, the fact it was actually optional or was portrayed as being a condition of getting the loan or mortgage. I don't doubt people are jumping on the bandwagon and don't agree with it but.....the banks left themselves wide open due to their greed!

BTW one person I helped was over 65 when sold the policy on a credit card......you cant even claim when over 65

[TheBoy]

Some cases of PPI werent mentioned either verbally or anywhere in the paperwork,it was simply factored in at the start of the process.Imo thats theft.

Forgive me, as I'm not all that bright, but wouldn't you check what made up any payments/charges?

[albitz]

Someone who had it happen told me that there was no clue in the payment details from his bank or loan agreement from the lender to show anything other than he was paying for the loan he took out.Couldnt find anything anywhere to suggest he had taken out PPI until he decided to ask the question after being bombarded with emails & texts from companies offering to reclaim it for him.He got curious and contacted the lender who admitted fault and repaid him.