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PPI on Mortgages
maegaz
Posts: 38 Forumite
My husband has been paying for PPI on his mortgage since he took his mortgage 13 yrs ago with Northern Rock, the insurance company is Pinnacle Insurance. He was self-employed since then that's why he didn't really want the PPI but the agent said that the PPI goes with the mortgage. So he took the PPI and still paying for it £30 a month until now.
I am just wondering if he could reclaim his PPI back and what would be the easiest, do it ourselves or through a claiming agency.
Thanks in advance.
I am just wondering if he could reclaim his PPI back and what would be the easiest, do it ourselves or through a claiming agency.
Thanks in advance.
0
Comments
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You have given no grounds for complaint. Unlike many PPI plan, MPPI does cover self employed. As there are no employer benefits, he clearly did have a financial need for it. So, you cannot claim unsuitability. It isnt single premium, so you cannot complain about that and it isnt added to the loan and being charged interest on so you cant complain about that.
The only area you have any potential on is you saying it was forced on him. However, that will be his word against theirs and that is much harder to prove.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I would ask this in the reclaim PPI section, but I think you do have a claim based on the fact that you were told that the PPI goes with the mortgage and you were not told it was optional.My husband has been paying for PPI on his mortgage since he took his mortgage 13 yrs ago with Northern Rock, the insurance company is Pinnacle Insurance. He was self-employed since then that's why he didn't really want the PPI but the agent said that the PPI goes with the mortgage. So he took the PPI and still paying for it £30 a month until now.
I am just wondering if he could reclaim his PPI back and what would be the easiest, do it ourselves or through a claiming agency.
Thanks in advance.0 -
If that was indeed said, then it is a mis-sale. However, proving that was said is the big problem. Especially if a mortgage adviser was used and its recorded as a financial need on the factfind and detailed as a recommendation in the report.I think you do have a claim based on the fact that you were told that the PPI goes with the mortgage and you were not told it was optional.
Being told an MPPI is compulsory is one of the hardest things to prove and get upheld on. Other party will say they didnt say that. You say they did but no evidence exists.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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