We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

MSE News: £60m refund for mortgage protection hike victims

Options
191011121315»

Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    Options
    Clyde1 wrote: »
    Can anyone help me please?

    I have a mortgage and an advanced mortgage. I was sold PPI & MPPI on both, under the premise of not having a mortgage without them and losing my home without them.

    The problem comes where it was several years ago I applied for the mortgage(s) and cannot remember if it was the morgage lender or another financial advisor who mis sold the PPI/MPPI.

    I rang Nationwide who say they didnt advise but say they do not have the relevant info regarding who they received the information from.

    What can I do next? Help
    Clyde1


    Hi and welcome

    Hopefully Dunstonh and/or MagpieCottage will be along soon to advise on this one, but what "may" help is a Subject Access Request (SAR), a letter template for this below, you enclose the one off payment of £10 cheque or postal order, they have up to 40 calendar days to comply and send you all data they still hold on the account, which may also include details of who set up and sold you the account.

    http://forums.moneysavingexpert.com/showthread.php?t=1475553

    Good luck.
    The one and only "Dizzy Di" :D
  • dunstonh
    dunstonh Posts: 116,865 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Can anyone help me please?

    Yes. Although your question is not relevent to this thread. So, if you require more info, it may be better to do it on your own thread as not to confuse subjects.
    I have a mortgage and an advanced mortgage. I was sold PPI & MPPI on both, under the premise of not having a mortgage without them and losing my home without them.

    The problem comes where it was several years ago I applied for the mortgage(s) and cannot remember if it was the morgage lender or another financial advisor who mis sold the PPI/MPPI.

    I will answer how it that would likely be viewed by a complaints handler. You remember being told you needed it but dont remember if it was the lender or a financial adviser. That is improbable given the two very different roles. It indicates selective memory.

    However, that is largely irrelevant. A verbal allegation of "i was told i had to have it" is nearly always impossible to prove and most complaints on that basis alone with no other failing would be rejected. Anyone can accuse anyone else of saying something but it didnt mean it happened.

    There is also the issue that if a mortgage adviser was used then many of them do require you to purchase the insurances through them to give you free mortgage advice. This is allowed and not a mis-sale.

    If Nationwide didnt advise on it then it would be the adviser. However, you will need something better than an unprovable verbal allegation to succeed. It is an easy rejection if that is all you have.
    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.
  • Bellelux
    Bellelux Posts: 2 Newbie
    edited 26 June 2013 at 9:05PM
    Options
    Hi, I wonder if somebody can advise me. My wife and I took a mortgage with Natwest in Nov 2005. We were sold MPPI as well. My wife attended the meeting alone and then the papers were sent home for me to sign. The MPPI went out from our joint account on monthly basis. My wife deals with all the financial matters including mortgage etc. The MPPI papers at that time said that the monthly benefits was 50% each and also we were not told that the MPPI was for the maximum period of 12 months only. Early this year in Feb I was sent the review papers (just to myself) and not to my wife and the papers said that the benefit were only for the maximum priod of 12 months and the benefit was equivalent to percentage of jointly income. If we knew these facts at the time of taking the policy, we would not have taken it out as it was not worth it. As soon as we realised these changes, we cancelled the policy. For sickness and illness, both of us were covered under companies sickness policies and also if we knew that the payout was limited to 12 months, it was not worth taking the policy as we had enough savings and other incomes to pay off our instalments. Was this policy mis-sold? Do we have a case to compliant or claim our premium back? Please advise. Many thanks

    I am sorry if I have posted this under a wrong thread. Could not figure out how to post my question.
  • dunstonh
    dunstonh Posts: 116,865 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    For sickness and illness, both of us were covered under companies sickness policies and also if we knew that the payout was limited to 12 months, it was not worth taking the policy as we had enough savings and other incomes to pay off our instalments. Was this policy mis-sold?

    no indication of mis-sale. Just a few weeks ago, the FOS rejected a complaint on MPPI where the person has 6 months full pay, 6 months half pay. This was because the mortgage is a long term debt of significant proportion and with lifestyle changing consequences. Had it been loan/credit card PPI it would have been upheld.
    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.
  • Bellelux
    Bellelux Posts: 2 Newbie
    edited 27 June 2013 at 5:33PM
    Options
    dunstonh wrote: »
    no indication of mis-sale. Just a few weeks ago, the FOS rejected a complaint on MPPI where the person has 6 months full pay, 6 months half pay. This was because the mortgage is a long term debt of significant proportion and with lifestyle changing consequences. Had it been loan/credit card PPI it would have been upheld.

    Thanks. When the papers came to me the box was already ticked for me and I was not given an opportunity to have any discussion with the adviser. Also, the original papers never said that redundancy was excluded whereas the reviewed papers have excluded the redundancy. The original papers said the benefit to me and my partner was 50:50 but the reviewed papers said that it was percentage of our income. When my wife contacted the Natwest they said that on original policy they made an error. So I wonder whether it was an error or done deliberately? My wife attended the meeting but I never did so on that basis will we be able to claim my part of PPI atleast? Regards
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.2K Spending & Discounts
  • 236.4K Work, Benefits & Business
  • 609.8K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 249K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards