Taking on the Mortgage Company

Olives · 4 January 2008 at 3:36PM

Hi

I was looking into PPI reclaiming last year else. I remembered a little while ago i wanted to make a claim for a secured loan PPI I thought we had. Being new and not to sure how to go about claiming I contacted my loan company(who also happen to be my Mortgage Company) and asked them how to make a claim. They told me that I dont have insurance.

Now at the time this was a bit of a blow.

My daughter had already been very ill that year so I had lost earnings from my self employed job as I couldnt work, so things were getting kinda hard financially. Then my husband had what the doctors were assuming to be a brain tumor (it wasnt but he still had 6 months of work). So I was kinda bummed out when the mortgage company told me I had no insurance. I took there word for it as the Mortgage company knows best (so i thought)

So things got harder payments got missed and eventually we had an eviction notice last christmas. We sorted it (just) and finally went in to debt management.

I recently contacted the loan broker and they said we was insured. I went straight to Mortgage company and said that I wanted to claim PPI back and told them why.

Anyway to cut a very long story short Mortgage company said that they were not responsible we should have known that we were insured and they didnt hold that info anyway (which is pants as one department told me who my insurers were).

So I have contacted F O S and said that i wanted to make a complaint in respect that if the Mortgage company had told me that they do not hold that infomation and suggested that I contacted my broker instead of saying Sorry you are not insured, I would not be in this financial mess. After all that is what insurance is for.

I have asked for full reimbursement of all fees which include courts, solicitors and late payments and also compensation so that I can pay all the other people who had piled on there own charges.

Has anybody heard of this before and what do you guys think my chances are.

Thankx

dmg24 · 4 January 2008 at 3:43PM

You might want to edit your post, as at the moment it is very, very difficult to read.

DaisyFlower · 4 January 2008 at 5:43PM

Your post is a little hard to understand. Do you have a loan and a mortgage - you say your loan company and mortgage company are the same?

You also say you were looking to reclaim you PPI last year - do you mean you were going to try and get it cancelled and claim the premiums back as mis-sold insurance? If so and you had gone ahead, you wouldnt have had any insurance anyway?

I dont think your chances are the best tbh of claiming back everything you are after. If you had PPI insurance you would have had policy documents and would have been paying the premium - its usually separate from your mortgage payment but can be arranged by the bank or done separate. The mortgage company dont insist on this cover and may not hold any details of it on their records.

They will argue that you should have been aware what cover you had and pursued the matter if you thought you were correct in that cover existed.

As for the actual claim, your policy may not have covered you not being able to work as your daughter was sick - have you checked if the claim would have been valid. Did the policy cover your husband and was he losing any income by being off sick - ie does his company not pay sick pay etc?

Lastly, you mention you were going to claim on the PPI of a secured loan - is this totally separate from your mortgage?

Olives · 2 February 2008 at 1:39AM

Hi there

Sorry if i sounded too confusing

It is a loan I am claiming on. My mortgage is with Kensington Mortgages (who I Really do not like)

We origionally took out a secured loan using Loans.co.uk. They organised a loan with a company called Money Partners. On top of the money we wanted we also borrowed anouther £3,500 to pay for PPI. This was paid to an insurance company but was on the breakdown list the Loan company sent.

As soon as the Loan was completed we started receiving letters from Kensington Mortgages about the same loan.

When I contacted Money Partners about this they told me that Kensington now own the Loan. This did not please us but there wasnt a awful lot we could do.

in 2006 we started to fall behind on payments because my daughter was ill. I took a huge cut in wages. I knew i could not make any claim.

In August 2006 my husband became ill. He was signed off work alltogether for 6 months and had to return to work early as ssp was about to kick in and we couldnt afford it.

Whilst Hubby was oof work I contacted Kensington Mortgages about making a PPI claim as hubby was ill

Kensington said I didnt have any.

When I found out that we did 1 year later I wasnt very happy. as Kensington have actually tried to evict us several times because we fell so far behind on everything. We ended up going on to debt mangement

When I contacted Kensington they actually said that they dont hold that type of infomation

If they dont hold this type of infomation how can they tell me that I dont have PPI. Why do I also have a letter from Money Partners when the loan was completed telling me that £3,500 went to the insurance company.

I have now gone to FOS and am waiting for them to investigate.

I have to win this because they have bullied us for nearly two years now nad they are getting ready to evict us again as i cannot pay what they want. They are Unsympathetic loan sharks.

All I want is for them to clear all solicitors fees which will clear the arrears and then pay some compensation so I can pay all the debt fees that we got.

olives

Olives · 2 February 2008 at 1:44AM

Hi there

Sorry if i sounded too confusing

It is a loan I am claiming on. My mortgage is with Kensington Mortgages (who I Really do not like)

We origionally took out a secured loan using Loans.co.uk. They organised a loan with a company called Money Partners. On top of the money we wanted we also borrowed anouther £3,500 to pay for PPI. This was paid to an insurance company but was on the breakdown list the Loan company sent.

As soon as the Loan was completed we started receiving letters from Kensington Mortgages about the same loan.

When I contacted Money Partners about this they told me that Kensington now own the Loan. This did not please us but there wasnt a awful lot we could do.

in 2006 we started to fall behind on payments because my daughter was ill. I took a huge cut in wages. I knew i could not make any claim.

In August 2006 my husband became ill. He was signed off work alltogether for 6 months and had to return to work early as ssp was about to kick in and we couldnt afford it.

Whilst Hubby was oof work I contacted Kensington Mortgages about making a PPI claim as hubby was ill

Kensington said I didnt have any.

When I found out that we did 1 year later I wasnt very happy. as Kensington have actually tried to evict us several times because we fell so far behind on everything. We ended up going on to debt mangement

When I contacted Kensington they actually said that they dont hold that type of infomation

If they dont hold this type of infomation how can they tell me that I dont have PPI. Why do I also have a letter from Money Partners when the loan was completed telling me that £3,500 went to the insurance company.

I have now gone to FOS and am waiting for them to investigate.

I have to win this because they have bullied us for nearly two years now nad they are getting ready to evict us again as i cannot pay what they want. They are Unsympathetic loan sharks.

All I want is for them to clear all solicitors fees which will clear the arrears and then pay some compensation so I can pay all the debt fees that we got.

olives

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[/EMAIL]

money_maker_3 · 10 February 2008 at 9:58PM

All PPI insurances should let you back date a claim up to 2 years ago if you can prove that the insured person was off work by giving them a letter form the employer and doctor. As for claiming compensation and solicitors fees, well I'm not too sure about that one, but if you could get the PPI back, it would be a start.

dunstonh · 10 February 2008 at 11:16PM

It should be noted that with mortgages, the MPPI policy you take out is independent of the lending decision and the lender may not even be aware you have it.

jonesMUFCforever · 11 February 2008 at 12:20AM

I too would investigate a claim under the policy first before going all guns blazing to cancel it.
Work out how much you are likely to receive from the policy if your claim is successful against what you paid for the policy in the first place.

Once they settle you will not be able to claim a miss-sale though or get a back dated refund of premium.

Olives · 11 February 2008 at 10:47AM

dunstonh wrote: »

It should be noted that with mortgages, the MPPI policy you take out is independent of the lending decision and the lender may not even be aware you have it.

The money paid for the insurance was borrowed on top of the loan as it was paid for in one go. Yes it was arranged by a loan broker but the loan/mortgage company knew that this was being done as they disbursed the money and sent me a letter showing how it had been disbursed. All the loan/mortgage company needed to say was
"sorry we dont know who your insurers are so maybe you should contact your broker"
Instead of "you are not insured"

Olives

Olives · 11 February 2008 at 10:52AM

ejones999 wrote: »

I too would investigate a claim under the policy first before going all guns blazing to cancel it.
Work out how much you are likely to receive from the policy if your claim is successful against what you paid for the policy in the first place.

Once they settle you will not be able to claim a miss-sale though or get a back dated refund of premium.

I did look into it and it is not enough for the loses we have incurred. In fact it would barely touch rthem. So no i wont be making a claim as you are right I wouldnt be able to do any of this.

We are not going to claim for mis selling. We are going for professional negligence as the loan/mortgage company had a care of duty that they didnt adhere to therefore resulting in a lot of financial damages on our part.

jonesMUFCforever · 11 February 2008 at 7:53PM

Let's hope you have deep pockets then to pay the legal charges.

Taking on the Mortgage Company

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