Please Help!!!

caz333

My wife and I took out a mortgage with the RBS in 2000/01. We were only mortgaged for part of the value of the house as we were buying from local authority. We took out a personal loan for the remaining balance of around £6500. I seem to be paying something called PPI monthly by direct debit but I have no idea if this was for the loan or the mortgage. The loan ended about eighteen months ago and we transferred our mortgage to a new property in 2005. The PPI is still running and when I contacted the RBS all they sent me was a copy of the front cover a leaflet. I must apologise for my ignorance here but as seems to be a similar tale, it was simply a case of sign here, here, here, here etc and I have lost track completely. I would be very grateful for any information at all.

maxdp

Can you ring and ask them if the PPI refers to the Mortgage (which is a good thing to have anyway) or the loan, in which case the PPI would have sstopped being taken when the loan finished unless it was a stand alone Policy. Can you let us know and we can then guide you from there.

dec22

From personal experience that sounds like a Mortgage protection insurance (aka Loanguard). We were also given direct debit forms to sign way back in 2001 and as we had only been in the country for 18 months, were just so grateful to be getting a mortgage, that we didn't really question anything. The It was taken by direct debit from Direct Line and we also had home and car insurance through them at the time, so didn't realise what the MPPI was. The financial system nd requirements were quite different out here to back in SA where we had a mortgage.

With RBS, normally your personal loan would have had the PPI added in a single premium. I've not heard of loan premeiums being paid monthly with RBS, only aware of it with one of their other companies, Lombard Direct who used an insurance company called St Andrews, if I can remember correctly.

As Maxdp says, best to check with the bank to identify what it is you are paying for. Also check your old loan docs to see if you had PPI added to that as well.