PPI, bank not paying out

[FuzzzyDuckosaurus]

Anyone have any experience with this? I sent a few letters away about PPI that I believe I was mis sold. I got one back yesterday with a lengthy letter stating I was not entitled to any refund as they believe I was fully aware of the terms when I took it out. It was on my mortgage, I was 20 when I signed for it, not really understanding all the 'jargon' that goes with. My fault perhaps, but I really don't agree with what they have said in letter.

What would be my next steps to take further?

Hmmm not sure I really think this is right tbh. Personally I don't think you should sign things you don't understand. If you were old enough to get a mortgage you were old enough to read the documents through and educate yourself on any 'jargon' you didn't understand.

Probably not want you want to hear, but hey.

The main tests are 1. You were told the policy was compulsory in order to get the loan or HP agreement and that it had to be with a particular insurer. 2. You could not have claimed on the policy e.g. if you were self-employed, unemployed or retired. 3. You were misled into buying the policy with high-pressure sales tactics or incorrect information.

From the MSE website which has a very good PPI guide here
I was told to buy mortgage PPI, was it mis-sold?
Yes, but mortgage PPI wasn't as commonly mis-sold, so it's less of an issue. Remember, good PPI protects your mortgage repayments in the event of accident, sickness or unemployment - see the Mortgage Arrears Help and Mortgage PPI guides for more.
Mortgage lenders can legitimately say that having PPI is a condition of allowing you a mortgage - but they aren't allowed to say it must be theirs.

So it could be that yours wasn't mis-sold. However they recommend, if you have been rejected, that you contact the Ombudsman as quickly as possible within 6 months of the rejection letter. They make the final decision.

To be honest, I don't remember being given an option with ppi. I always was on the understanding that it was something you 'had to have' in order to get a mortgage. I remember being asked how I would make my payments if I was to be out of work etc. I said in the case my family would help out (which they would). So really, I never needed it and they would've known that from what I said. I guess going to the ombudsman won't do any harm

Definitely go direct to the Financial Ombudsman Service (FOS) and not some dodgy PPI claims company who will only go to the ombudsman anyway on your behalf but charge you a hefty slice of any compensation you may get.

Don't know how long you had been paying the PPI but you could be looking a significant compensation. Lastly 75% of PPI claims rejected by the banks are later overturned in the customers favour by FOS but get your skates on cos FOS are getting 1500 PPI referrals a day so there will be a delay getting your complaint resolved. Best of luck.