Can I reclaim PPI on my mortgage?

cppm64

Does anyone know if I cam reclaim PPI on my mortgage in the same way as other loans and credit cards , or is it only the MPPI increases which can be reclaimed? I hope that made sense !

di3004

cppm64 wrote: »

Does anyone know if I cam reclaim PPI on my mortgage in the same way as other loans and credit cards , or is it only the MPPI increases which can be reclaimed? I hope that made sense !

Hi and welcome.

Yes I think you can if mis sold for any reason you have, although I'm sure Dunstonh will be able to confirm on this one for you with some advice.
Good luck.;)

marshallka

cppm64 wrote: »

Does anyone know if I cam reclaim PPI on my mortgage in the same way as other loans and credit cards , or is it only the MPPI increases which can be reclaimed? I hope that made sense !

Was it paid as a single premium?

cppm64

Hi Guys, thank you for your comments. No the insurance wasn't paid as a single premium but I was led to believe that the insurance was compulsory through my lender and not optional.

di3004

cppm64 wrote: »

Hi Guys, thank you for your comments. No the insurance wasn't paid as a single premium but I was led to believe that the insurance was compulsory through my lender and not optional.

Hi there

Well you do have good reason, also check this out here too:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

marshallka

cppm64 wrote: »

Hi Guys, thank you for your comments. No the insurance wasn't paid as a single premium but I was led to believe that the insurance was compulsory through my lender and not optional.

So if this was not a single premium you could have cancelled then at any time and not been charged a penalty unlike single premiums. I would think that that is what they will tell you on this one TBH. DId you have the terms and conditions of the mortgage insurance? Did it state that it was cancellable at any time? Also most of us actually pay to protect our mortgages and it is not always a bad thing.

dunstonh

You can complain about anything you want. That includes the colour of the carpet in the office if you want. However, its your chance of success that matters. Not the ability to complain.

With MPPI, most are sold after a needs analysis has been completed and by authorised staff. So, that eliminates the "no knowledge of your needs" and "not qualified" reasons that you often see with loan or credit card complaints.

If the MPPI is paid monthly and you are eligible for cover then it has been set up correctly so you cant complain on that basis either.

Typically, only MPPI set up on single premium basis or where you are not eligible are likely to be successful. Those set up on monthly basis via a broker or adviser are almost certainly going to be watertight.