Mortgage Payment Protection Insurance

Applecider_2

Would this be the same with halifax morgage? I was only 19 and got a morgage and just took what I got! I went thro a morgage lender in beresford adams I have no idea who they were tho.

dunstonh

Would this be the same with halifax morgage? I was only 19 and got a morgage and just took what I got! I went thro a morgage lender in beresford adams I have no idea who they were tho.

Halifax have never done single premium MPPI/ASU. So, no it wouldnt apply.

Applecider_2

ahhh right thats good then I remeber the guy I bought it off did sell us something - cause i remember him saying, what will you do oif ur boyfriend loses his job. Countrywide!! That was the name of the company. did they?

dunstonh

Applecider wrote: »

ahhh right thats good then I remeber the guy I bought it off did sell us something - cause i remember him saying, what will you do oif ur boyfriend loses his job. Countrywide!! That was the name of the company. did they?

Countrywide have a poor reputation. Its quite possible they did single premium PPI but it wouldnt have been via Halifax.

Applecider_2

I took my morgage with countrywide to begin with, they sorted out every insurance i could think of if I recall life insurance, morgage insurance everything. They arranged everything and they set it up that i had morgage with halifax. Should I claim for this, thanks for answering by the way dunstonh.

dunstonh

Applecider wrote: »

I took my morgage with countrywide to begin with, they sorted out every insurance i could think of if I recall life insurance, morgage insurance everything. They arranged everything and they set it up that i had morgage with halifax. Should I claim for this, thanks for answering by the way dunstonh.

If the insurances were paid monthly and you had a financial need then there is little chance of winning. (i.e. life assurance is right to have if you have financial dependents). If the insurances were single premium then that is bad (in the case of mortgages and loans). Then you should complain. The complaint is to Countrywide though. Not the lender.

pennypenny_3

I have received the same reply from Carrington Carr as Growler8936. They have said the policy was explained to us and they are not going to give us a penny basically, so it's off to the FOS I go.

How is your claim going Growler? Have you gone to the FOS yet, I will keep you updated with any news I get when I have submitted my claim.

Harry_the_dog

HSBC Mortgage PPI claim
Hello Dunstonh,
I wonder if you could give me some advice on my proposed current attempt to claim back the PPI i had been paying to the HSBC and hopefully get some positive feedback.
I am currently trying to claim back off the HSBC for 4 PPI policies for 2 mortgages that ran after each other. The 1st mortgage (our 1st home) was started in 1998 and had 2 PPI`s attached to it. I then moved house in 2003 whereby i cancelled the 1st 2 PPI`s and remortgaged with the HSBC again taking out another 2 PPI policies. I have since changed mortgage supplier in 2007 whereby i cancelled the last 2 PPI policies with the HSBC.
Now my arguement as to why i think i was misold the PPI was the fact thae both myself and my wife were in extremely well paid and stable jobs which supplied a minimum of 24 weeks full sick pay, private health care and death benefits of 4 x ours salaries and excellent redundancy packages if it would have come to being made redundant, our point is that we would have had more than suffiecient funds / income to cover our mortgages if need be.
When we took out our 1st mortgage we did verbally state this but was pursuaded to take out the insurance "just in case" and as for the 2nd mortgage we thought we had to take extra cover as it was the "norm" we was not told we could get PPI elsewhere also that our employer benefits could be used as cover!
We also had an HSBC credit card from 2004 to 2007 with PPI attached that we are trying to claim back for the same reason.
estimated premiums paid for the 5 PPI`s is £10,050 without any interest that might be calculated.

HOPEFULLY we may see some return in the near future as i have written the 1st letter enclosing all copies of the PPI and C/C details as well as our employer benefits package and private health cover. I hope this should do the trick but i would be extremley graeful for some feedback from the wonderful people at MSE.

Regards
Harry

dunstonh

Now my arguement as to why i think i was misold the PPI was the fact thae both myself and my wife were in extremely well paid and stable jobs which supplied a minimum of 24 weeks full sick pay, private health care and death benefits of 4 x ours salaries and excellent redundancy packages if it would have come to being made redundant, our point is that we would have had more than suffiecient funds / income to cover our mortgages if need be.

breaking that down....

well paid jobs - It doesnt matter what the income level is

stable jobs - again doesnt matter. All it takes is a recession and stable jobs can become unstable.

24 weeks of sick pay - small issue there as income protection wouldnt have kicked in until after the 24 weeks. However, they would have kicked in after that. So, grey area. Probably one that is not good enough by itself to get an upheld decision as 24 weeks is not 52 weeks. However, if there are other valid reasons then it gets stronger.

private health care - irrelevent. has no overlap at all with MPPI

death in service of 4x - irrelevant as MPPI doesnt have any payment in death. (as it happens, even with life cover, the adviser does not have to include death in service due to limitations and trust issues).

redundancy packages - possibly some legs on that but you only get paid redundancy if the company has the funds to pay it. If the company fails and there isnt the money then you dont get it.

Sufficient funds - if you can provide evidence that you had savings that could allow you to self insure then you had no financial need for the product. So, that would be a pretty easy uphold decision for your complaint. If you cant provide evidence then it wont (I know an IFA recently that received a template letter from a claims company that used that excuse. The person had no savings and was doing debt consolidation. So, that reason was easily ruled out. The claims company were just doing their usual lies)

When we took out our 1st mortgage we did verbally state this but was pursuaded to take out the insurance "just in case"

So, that one seems like a valid sale.

and as for the 2nd mortgage we thought we had to take extra cover as it was the "norm"

No indication of mis-sale there

we was not told we could get PPI elsewhere

There is absolutely no reason for you to be told that. This is one of those template letter/internet myths.

The council of mortgage lenders regulation at that time was such that it was recommended that you have MPPI (or ASU as it was called then). So, the regulatory body of the day considered it bad advice if you were not recommended to have it.

You have a couple of possible areas where it may get considered mis-sale. Plus, the banks at the moment are under a lot of political pressure and have a volume of complaints and seem to be upholding more complaints than they should be (i.e.if the complaints were looked into more fully they would reject but constraints on time or pressure from above is seeing them pay out). So, its hard to call a complaint to a bank at the moment as you really dont know what the outcome will be.

Be wary of using a template letter though and including things that are not relevant. The FOS has confirmed that template letters have a lower success rate than personal letters. Also, in areas that are grey with no proof available on either side, a balance of probability decision may be taken and that generally goes to the most credible party. If you have listed reasons in a template that can be shown to be incorrect (or even lies - as some do try it on) then it will go against you (just as it would the other way too).

Harry_the_dog

Dunstonh,
thanks for your reply,
I have been finding out a lot more from my employers ( LARGE MULTI NATIONAL PHARMACUETICAL COMPANY ) and it appears that if i was unable to return to work due to a serious / critical illness i had 28wks full pay not 24wks then 24 wks half pay then the company PHI would have kicked in.

Also on redundancy as my employers were a top 10 in the world Pharmacuetical manufacturer the packages were excellent ie due to my service (started 1985 ) would have been at least 1 years salary and in 1998 = £41,900 and in 2003 it would have been 18months = £73,500

also at the time of us taking out the insurances both my wife and i had sufficient income to cover each other loss in salary.

I have not used a template letter to complain but a hand typed stating the issues concerned.

once again thanks your advice and info has been great.

regards
Harry