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Can I claim back the PPI on an endowment policy?

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Can I claim back the PPI on an endowment policy?

Postby beak » Tue May 29, 2012 2:32 pm

I know about PPI, but I have just discovered that I had paid for the above policy on an endowment policy.

Can I claim that back in the same way that PPI can be claimed back?
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Re: Can I claim back the PPI on an endowment policy?

Postby Debtwizard » Tue May 29, 2012 4:25 pm

Hello beak and a very warm welcome to the fee-free debt help and IVA forum.

I see no reason why you cannot consider a claim against the PPI provider for the endowment policy if you can prove you have been mis-sold the policy. You may need to check out how far you can go back, so my question to you is, when did you take out the PPI policy?

Are you thinking of doing this yourself or through a legal firm?

Best wishes,

Mike
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Re: Can I claim back the PPI on an endowment policy?

Postby beak » Tue May 29, 2012 7:23 pm

Thank you for getting back to me so quickly. My mortgage was with the Woolwich. We took it out in June 1991. The endowment policy was with Legal and General and began at the same time. We paid off our mortgage in 2006. I had noticed that a separate payment of £10.96 began to be taken from the same current account as the endowment policy but I only noticed this well after the endowment policy had started (I am not sure,but I think it was about 2001). We had intended to continue with the endowment policy as a means of savings but decided to cut our losses in 2007. I noticed that the £10.96 was still being taken from my account and I contacted L&G by phone. I was told that this was to cover any shortfall in our mortgage! I explained that our mortgage was cleared and cancelled the payment! I know this is hard to believe but at that time we actually trusted financial companies!!
At present I havent decided how I will proceed
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Re: Can I claim back the PPI on an endowment policy?

Postby beak » Tue May 29, 2012 7:25 pm

I did mean to say that I have absolutely no memory of signing an agreement.
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Re: Can I claim back the PPI on an endowment policy?

Postby Debtwizard » Tue May 29, 2012 10:04 pm

Hello beak

I will ask Tony from 'Bank Charge Recovery Ltd' who represents numerous members of the forum on PPI claims to have a look at your posting and see what he says.

Best wishes,

Mike
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Re: Can I claim back the PPI on an endowment policy?

Postby Tonyb » Wed May 30, 2012 8:26 am

Hi Beak

In theory you can claim on any PPI policy.

However you have not told us how old the policy is and as such there may be problems with

1. Obtaining a copy of the documentation
2. The statute of limitations on the claim

In addition further issues are that the endowment will have been sold to support a loan. The basis of claim will be as against the person who advised you on taking out the policy. If your bank advised you then this is not a problem. However if a broker advised you then your action will be as against your broker who may no longer be in business, if that is the case you action will be a lot more complex.

If you have a copy of the original paperwork or you are able to get a copy from your lender your chances are very good. If you have not got a copy or are unable to get a copy from your lender it is a lot more difficult but not impossible.

Kind Regards


Anthony P.J.Brennan LL.B ACCA
CEO Bank Charge Recovery Ltd
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Re: Can I claim back the PPI on an endowment policy?

Postby beak » Wed May 30, 2012 1:24 pm

I have already contacted Legal and General and have received copies of my endowment plan. They also gave me the DTA policy number although they did not send me any agreement form. As the policy number is on record I will contact them again asking for details. Many thanks
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Re: Can I claim back the PPI on an endowment policy?

Postby Debtwizard » Thu May 31, 2012 11:47 am

Hello beak

Very useful and helpful information posted by Tony B. That's what you get when you use a legal firm to help claim back PPI as against trying to sort it out yourself. Will be interested to hear how you get on, I have more details about PPI claims here -

You have two ways of getting your PPI back, if proven to be mis-sold; DIY or Employ a firm.

DIY

You can enter a claim by using our free templates;

* Letter 1 is to request your terms and conditions and more information on the policy.

* Letter 2 is our general letter in word format to demand a refund.

You will need to delete sections that do not apply to you; you will also need to add some personal details.

You will find the template letters on a link on the bottom of this page.

Employ a firm

If you feel that it is too difficult to claim yourself or are unsure how to work out the interest you can add to the claim then we can help.

We have made an arrangement with a firm that will help consumers claim back not only their payments but interest as well! This will apply when it has been proven that you were mis-sold PPI. You will be charged a fee if successful as they work on a no-win, no-fee basis.

Need to know more? -

Payment Protection Insurance & Template letters

Trust this helps.

Best wishes
Mike
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Re: Can I claim back the PPI on an endowment policy?

Postby beak » Mon Aug 13, 2012 3:21 pm

I sent a letter (using your suggested format)to Legal and General. I sent it by recorded delivery and it was delivered on 8th June. To date I have have had no reply or acknowledgement.
I would like to pursue this matter by using your suggested company.
Many thanks
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Re: Can I claim back the PPI on an endowment policy?

Postby Debtwizard » Tue Aug 14, 2012 10:43 am

Hello Beak

You can download the application form here -
Payment Protection Insurance & Template letters this will have the DIY guide and also the details of the a firm that can help under the heading 'Employ a firm'.

Best wishes

Mike
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