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  • FIRST POST
    • Bunny4jeff
    • By Bunny4jeff 25th Aug 17, 12:32 PM
    • 7Posts
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    Bunny4jeff
    How to reclaim PPI from Abbey National mortgage
    • #1
    • 25th Aug 17, 12:32 PM
    How to reclaim PPI from Abbey National mortgage 25th Aug 17 at 12:32 PM
    Hi,
    Id appreciate any help on reclaiming any PPI from an old mortgage I held with the Abbey National back in the 1980's. I have made a claim through a PPI claiming source, but they say I need to supply evidence I had a mortgage with the Abbey National before I can put in a claim. I don't have any evidence now as the mortgage was paid up and closed when I transferred the mortgage to a different company, (the Woolwich). The Woolwich mortgage details can be traced as it now belongs to Barclays.
    Does anyone know to whom I write or email, to get this evidence, ie. account number etc. I've been told that because the Abbey was taken over by Santander, a foreign company, that this information is not available. There must be some way of finding it, as I had a mortgage with them for quite a few years, and I believe we had to take out PPI or the mortgage offer would not be made.
    Many thanks for any advice.
Page 2
    • dunstonh
    • By dunstonh 11th Sep 17, 4:49 PM
    • 91,144 Posts
    • 58,155 Thanks
    dunstonh
    I have no paperwork to support my claim for PPI from Abbey National as a box of personal paperwork went 'missing' during a house move.
    Noting that you are not only talking about pre-regulation of insurance. You are also pre-regulation of financial services completely. You also pre-date the data protection act.

    Most building societies pre-regulation did not sell their own brand product. They used local insurance brokers or (what later became known as) IFAs. Often the broker would see you in the society office and there would be a commission share agreement.

    PPI was a mid 80s product. Are you sure you had MPPI? And are you sure Abbey sold it to you and not a broker?

    Abbey National say they cannot identify me even with all my personal details and three previous addresses - for which I had mortgages with them.
    That is not a surprise. There would be little expectation of there being records going back that far. Even if they could find you for mortgage purposes, they probably wouldnt find anything for insurance and certainly wouldnt if a broker was used for the insurance.
    When I took out the original mortgage (endowment) I also had to take out another insurance because they would not lend me the amount asked for without it.
    That is MIG. Not PPI.

    It was not a one off payment (MIG?) but a separate insurance which continued until the mortgage was paid off.
    Most lenders allowed the MIG payment to be added to the mortgage and paid over the full term or a sub account with reduced term. You didnt have to pay it as a lump up front.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Farmy
    • By Farmy 24th Jan 18, 9:06 PM
    • 1 Posts
    • 0 Thanks
    Farmy
    Apologies for the late post to this thread, but just joined the forum! Anyway, although not directly related to this, I was wondering if anyone took out a mortgage with Abbey National in the early 80’s to be told they could only have an endowment mortgage, which they also charged 0.5% above the base rate (15% at that time). As we only had 5% deposit there weren’t many other lenders at the time who would even consider us for a mortgage! Interested to here from anyone about this?
    • safestored4
    • By safestored4 24th Jan 18, 9:56 PM
    • 421 Posts
    • 393 Thanks
    safestored4
    This was fairly common practice at the time. We took out a mortgage with the Liverpool Building Society in 1979 to which the same conditions applied. In the event this worked out very well financially for us. At that time there was full tax relief on the endowment policy costs and stock markets went up considerably in the 1980s. When we eventually cashed the policy in it paid off the mortgage in full and left us with around £15000. You were presumeably in a similar position and benefited accordingly. I certainly don’t see why there are any grounds for complaint about the conditions under which the mortgage was offered to you.
    • dunstonh
    • By dunstonh 24th Jan 18, 11:22 PM
    • 91,144 Posts
    • 58,155 Thanks
    dunstonh
    Apologies for the late post to this thread, but just joined the forum! Anyway, although not directly related to this, I was wondering if anyone took out a mortgage with Abbey National in the early 80’s to be told they could only have an endowment mortgage, which they also charged 0.5% above the base rate (15% at that time). As we only had 5% deposit there weren’t many other lenders at the time who would even consider us for a mortgage! Interested to here from anyone about this?
    Originally posted by Farmy
    No issues there. Again, you predate financial services regulation and back then you had things like LAPR and MIRAS that made endowments a no brainer. They were £20-£30pm cheaper than repayment mortgages and it was the era when maturities were 2-4 times more than target.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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