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  • FIRST POST
    • NathanHolmes
    • By NathanHolmes 11th Jan 18, 9:25 AM
    • 1Posts
    • 0Thanks
    NathanHolmes
    Mortgage with PPI
    • #1
    • 11th Jan 18, 9:25 AM
    Mortgage with PPI 11th Jan 18 at 9:25 AM
    Hi, I have been reading through the threads and not found the answer to my query so I thought I would start a new thread. In July 1997 I had a 25 year endowment mortgage with an additional insurance policy. The insurance policy was there for providing payment to cover the cost of the mortgage if I was unable to work. This was a short term policy that covered mortgage payment upto 12 months. A year before I started the mortgage with this policy, I started in the NHS and I am still in the NHS 22 years later. I was fortunate to be able to pay off my mortgage early, but 3 months after I noticed the insurance was still being taken out of my account. I quickly contacted the insurance company and had this stopped. I wrote a letter and complained to my 'broker' who sold me the mortgage and the policy advising that I was told I HAD to have the insurance to get the mortgage. If the policy was a short term income policy for me being out of work for 12 months, this would be covered under the NHS sickness policy where I would get 6 months full pay and 6 months half pay. My broker asked for a copy of my working contract from 1996. Unfortunately, I as I am not in the same job and the trust names have changed, I am unable to get this contract from when I took out the mortgage. I do however, have EVERY pay slip for the last 22 years (proving my date of employment). My broker then closed my complaint saying without a copy of my working contract they could not look into it further. I contacted the Financial Ombudsman who looked into it and rejected my claim. Unfortunately I now dont have the financial ombudsman letter (I have my reference number from my complaint so I think I should be able to apply for another copy if needed), but I clearly remember on their letter it stated that they couldn't pursue the complaint as it was before a date of 2006 (or 2008). I thought there was no date restrictions on these complaints? I am now hearing and reading about Plevin suggesting even if I had PPI I should still be entitled to compensation. So my point is, I had a mortgage in 1997. I was told I HAD to have the insurance in the event of sickness, injury, involuntary reduncancy etc, when I clearly stated at the time I didn't need it as my work covered the payment. If the broker has refused my complaint and the FOS has refused my complaint, Can I take this further and should I be covered under the Plevin rule? If so, what should be my next step in taking my complaint further to hopefully retrieve back what I shouldn't have paid out initially. Thanks
Page 1
    • societys child
    • By societys child 11th Jan 18, 11:59 AM
    • 4,950 Posts
    • 5,416 Thanks
    societys child
    • #2
    • 11th Jan 18, 11:59 AM
    • #2
    • 11th Jan 18, 11:59 AM
    Whoever sold you the policy would be liable, but the broker wasn't regulated in 1997 so can dismiss your complaint. Regulation was introduced in 2005. There is no where to go to "take it further".
    Plevin is a slightly different issue, but I don't think your mortgage falls within the time scales.

    • dunstonh
    • By dunstonh 11th Jan 18, 2:53 PM
    • 90,350 Posts
    • 57,134 Thanks
    dunstonh
    • #3
    • 11th Jan 18, 2:53 PM
    • #3
    • 11th Jan 18, 2:53 PM
    The FOS have been rejecting complaints by NHS workers on MPPI. The 12 months sick pay can work with short term debts but doesnt work with long term secured debts as long as the MPPI pays out in addition (which most do).

    Not that the FOS had the right to review this complaint as it was pre-regulation. Maybe they rejected it because they could not look at it.

    Broker sold MPPI is unlikely to be affected by Plevin as MPPI was typically around 25%-35%. The tipping point is 50%.
    Last edited by dunstonh; 11-01-2018 at 6:19 PM.
    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.
    • -taff
    • By -taff 11th Jan 18, 5:45 PM
    • 7,314 Posts
    • 5,368 Thanks
    -taff
    • #4
    • 11th Jan 18, 5:45 PM
    • #4
    • 11th Jan 18, 5:45 PM
    Hi, I have been reading through the threads and not found the answer to my query so I thought I would start a new thread. In July 1997 I had a 25 year endowment mortgage with an additional insurance policy.

    The insurance policy was there for providing payment to cover the cost of the mortgage if I was unable to work. This was a short term policy that covered mortgage payment upto 12 months.

    A year before I started the mortgage with this policy, I started in the NHS and I am still in the NHS 22 years later. I was fortunate to be able to pay off my mortgage early, but 3 months after I noticed the insurance was still being taken out of my account. I quickly contacted the insurance company and had this stopped.

    I wrote a letter and complained to my 'broker' who sold me the mortgage and the policy advising that I was told I HAD to have the insurance to get the mortgage. If the policy was a short term income policy for me being out of work for 12 months, this would be covered under the NHS sickness policy where I would get 6 months full pay and 6 months half pay.

    My broker asked for a copy of my working contract from 1996. Unfortunately, I as I am not in the same job and the trust names have changed, I am unable to get this contract from when I took out the mortgage. I do however, have EVERY pay slip for the last 22 years (proving my date of employment).

    My broker then closed my complaint saying without a copy of my working contract they could not look into it further. I contacted the Financial Ombudsman who looked into it and rejected my claim.

    Unfortunately I now dont have the financial ombudsman letter (I have my reference number from my complaint so I think I should be able to apply for another copy if needed), but I clearly remember on their letter it stated that they couldn't pursue the complaint as it was before a date of 2006 (or 2008). I thought there was no date restrictions on these complaints?

    I am now hearing and reading about Plevin suggesting even if I had PPI I should still be entitled to compensation. So my point is, I had a mortgage in 1997. I was told I HAD to have the insurance in the event of sickness, injury, involuntary reduncancy etc, when I clearly stated at the time I didn't need it as my work covered the payment.

    If the broker has refused my complaint and the FOS has refused my complaint, Can I take this further and should I be covered under the Plevin rule? If so, what should be my next step in taking my complaint further to hopefully retrieve back what I shouldn't have paid out initially. Thanks
    Originally posted by NathanHolmes
    So much easier to read now.
    • -taff
    • By -taff 11th Jan 18, 5:48 PM
    • 7,314 Posts
    • 5,368 Thanks
    -taff
    • #5
    • 11th Jan 18, 5:48 PM
    • #5
    • 11th Jan 18, 5:48 PM
    The broker wasn't regulated. You can complain if you like, but they still weren't regulated, no matter if it was PPI or Plevin.
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