Mortgage Payment Protection Insurance

caroline25

Please could I have some further help? As expected I have now receivd a letter from Carrington Carr bascially telling me to get lost, I now need to write to the FOS, is there a standard letter? Any help would be greatly received.

Desperado99

Hi Caroline,

there is a questionnaire to fill in here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

it's a way down the page, but the page itself has some really important info.
I'm actually in the same boat as you (except I haven't sent the first letter yet).
We remortgaged thro Carrington Carr in 2002 and again in 2004 (and were missold PPi both times) so I am watching this thread with interest!!

good luck!

growler8936

1st letter now sent! Will keep you posted on how it goes.

pennypenny_3

Hi, I am also claiming mis sold PPI on my mortgage sold by Carrington Carr. I have sent the first letter and got a reply saying they are looking into it but that was a month ago so I am now about to send an LBA.

Mine was a single premium policy added to the mortgage and only covered us for six years which is the main cause for mis selling.

I will keep an eye out for any further news and will let you know what happens with mine (hopefully it will be good news):j

growler8936

Just a quick update guys. Letter sent off to L&G and got a reply back from Carrington Carr in 2 days. Nothing much in the letter just acknowledging my letter and saying they should be in touch within 4 weeks.

Will keep you updated on any further progress.

reepo

yes i got contacted by them...called infinite financial solutions...looking into my ppi claim that i got sold by awd ..think they are now called carrington carr...also infinite redid all of my insurance i bought from awd. saved me about £20 per month. Made me feel quite guilty though as i cancelled everything the previous adviser at awd did..this is ok as aws would lose all the commission they got from me..serves them right for mis-selling me the ppi

stereo_mike

reepo wrote: »

yes i got contacted by them...called infinite financial solutions...looking into my ppi claim that i got sold by awd ..think they are now called carrington carr...also infinite redid all of my insurance i bought from awd. saved me about £20 per month. Made me feel quite guilty though as i cancelled everything the previous adviser at awd did..this is ok as aws would lose all the commission they got from me..serves them right for mis-selling me the ppi

Is it actually Infinite Financial Solutions that are looking into your PPI complaint or have they passed it on to another third party?? as IFS don't seem to be regulated by the MOJ and therefore they could be in breach of the MOJ's regulation if they are providing claims management services without being authorised.

growler8936

Hi guys. Have now received communication from Carrington Carr basically telling me to get knotted and citing the following

"At the meeting, Mr xxxxxx provided you with 2 key facts about your mortgage documents. One detailed an amount of your mortgage balance including the single MPPI policy and the other document excluded this from the balance. This therefore detailed to you the difference in monthly and overall cost of adding the policy premium to your mortgage balance.

Following Mr xxxxxx's recomendations, you completed a mortgagecare application form, which confirmed that the term of the policy was for 72 months.The term of the policy was also confirmed in the reasons for ASUR recommendation to which you signed your agreement. The reasons for ASUR recommendation also detailed that the policy premium was added to the mortgage balance and would therefore attract interest over the mortgage term.

I am unable to agree with your stance that a monthly policy premium was more suitable for you. At the time of you application an income & expenditure assesment was conducted and this detailed that you had available funds of xxxxx. The cost of an equivalent monthly MPPI policy was xxxxxx and was therefore not affordable."

Am I flogging a dead horse here? I do feel that we were pressured into taking the MPPI ("how will you survive with wife and two kids if sick blah blah blah) and we were never afforded the opportunity to seek comparative monthly policy quotes and only saw the figures CC provided, which were probably the worst rates that were available at the time. Honestly we did not even know we could go and get that type of cover elsewhere.

Any wise words appreciated guys.

Thanks in advance

dunstonh

Dont accept the initial rejection when it comes to single premium MPPI. Take it to the FOS as they will nearly always uphold the complaint.

It doesnt matter if you were told about it and accepted it. If the advice is bad to begin with then that is the problem. The FOS uphold complaints on single premium MPPI in over 90% of cases.

Their reason is rubbish anyway. By paying for 6 years worth, you borrowed that money and paid interest on it. Your monthly payment to cover that borrowing would probably be the same or higher than a monthly premium MPPI.

Common_Sense_2

Growler - what price did they quote you for the monthly paid premium as opposed to the Single sum? if it works out to be anything greater than 9% of the monthly payment that is going to be protected then go back to them with "the FSA state in their recent policy statement issued in August 2010 that the price for comparrison between Monthly Paid policies and policies paid for with an upfront premium should be 9% of the monthly payment to be covered"

That should help.