11th September 2012, 09:13 AM #1
- Join Date
- Sep 2009
Ppi claim through the bank or financial advisor???
I have three different PPI payment running alongside each other and have done for the last two years. I didnt even know I had these and now wish to reclaim them back. The problem is I was sold these through my financial advisor and when writting to the banks they said I had to take it up with the finiacial advisors company. I need to know if this is true or are they fobbing me off. Whos do I claim against? Thanks Ross
12th September 2012, 10:00 AM #2
- Join Date
- Sep 2003
- Blog Entries
You do need to claim against the person who mis-sold you, but I am a bit confused about you saying it was a "financial adviser". PPI was usually sold alongside loans and credit cards so would have been sold by the loan company or credit card company - and often via high pressure sales, or people didn't even know it had been included with their loan.
There's something called MPPI (mortgage payment protection) that you can have with a mortgage. If you had some other type of insurance and you took financial advice, that's a bit different (it could also have been mis-sold, but it's not necessarily as straightforward as an ordinary PPI claim). Presumably if you consulted an adviser there was some discussion about the suitability of having loan insurance. Was it in fact an "adviser" (as in independent financial adviser), or was it a loan broker who sold you this insurance? Or were you sold something completely different from PPI, such as life insurance or critical illness insurance connected with a mortgage or pension, etc?
If a discussion took place about the insurance, why do you now think it was mis-sold? If no discussion took place, how did you come to get the product (did the adviser forge your signature on an application form, for instance?)
PPI - and other insurances - can actually be very good products. The fact that you have bought PPI or some other type of insurance doesn't mean you were mis-sold. You say you didn't know you had them - so what made you aware of them now?
You would claim against the adviser if you were in fact mis-sold, but an adviser should have documentation saying that you had discussed the products you were buying, that they were suitable for you and you would qualify for a payout if you needed to claim, and you should have agreed as to how the adviser was to proceed. An adviser should have documents to say all this took place, which you will have signed. I think you need to look into exactly what it is you have bought before you try to claim.
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