So the banks have admitted i should never have been sold PPI now what

[thedevelopmentengineer]

I have been told by every single company/bank i had protection with that due to being self employed it would never have benefitted me .I have all the offer letters sat here 7 of them

Heres the rub and I suppose I'm seeing it only from my POV but

I was sold this on advice ,I mentioned I was starting a buisness and told that it would cover me if the company ran into trouble ,peace of mind etc ,when it did run into trouble and I tried to claim this led to me being basically in the finacial s*** ,I lost my house ,Car the lot basically because non of these policies were valid, no money no payment no roof essentially was the chain of events despite being told i was protected

So the culmination of events cost was far more than the paltry 1000 quid here or there I'm being offered, could I now claim damages afterall the insurance would not have covered me and i had done all i could to protect myself leading up to this?

The wording on the letters states I accept this as full and final redress for the PPI and in signing i can take no further action (Natwest in particular)in relation to this, surely this cannot be correct they have admitted they were wrong and now owe me the money i shouldn't have paid in the first place?

In reality (or maybe im daydreaming here) the redress would be to put me back in the financial position I was in ,where if i had been financially covered i would still be living in a house and had time to find a new position without being placed in such an untenable position it was literally hell on earth trying to get out of.

the irony of it was the letter i recieved stating after 1 months missed payments that my insurance was now null and void ...you couldn't make it up

Any ideas or advice would be greatfully recieved or am i just after an unlikely revenge, should i just let sleeping dogs lie?

[des8]

Re: So the banks have admitted i should never have been sold PPI now what

Hi and welcome.
Regarding mis-selling of PPI, they only have to repay premiums and interest, and possibly charges.
You cannot expect them to pay claims contrary to the terms of the policy.


However, if they were acting as your business advisor & when advising you to take out PPI, they failed to tell you about Business Interruption Insurance &/or Trade credit Insurance. and your business failed because of a peril insurable under either of those policies you might have a claim against them for that.

It will depend on why your business failed, and who was advising you.