PPI claim on loan from current mortgage provider - should i do it?

vickster77

5 years ago I took a loan out with Northern Rock, and took out PPI against my will as i explained several reasons why i didnt want it but was still pushed into it. I cleared the loan a year after when i got my mortgage with Northern Rock! I would like to put a claim into Northern Rock for the PPI, but am worried that they will look at my records and see that I have a mortgage with them, and then terminate my mortgage etc.

How would i stand with this? Should i claim or just wait for when we can switch our mortgage to another provider, which could be years because of the current climate.

I mean can Northern Rock really take my mortgage away just because i put a case in for the PPI?

Any help or advice would be great.

Thanks

amersall

Hi there and welcome, get your claim in, this will not affect your mortgage at all. They are not allowed to treat you unfairly. Write a letter to them and say you were mis sold this ppi and give your reasons, and that you would like ppi refunded to you with interest. They have 8 weeks to reply, nr are usually pretty good. Good luck with this and keep us posted x

di3004

vickster77 wrote: »

5 years ago I took a loan out with Northern Rock, and took out PPI against my will as i explained several reasons why i didnt want it but was still pushed into it. I cleared the loan a year after when i got my mortgage with Northern Rock! I would like to put a claim into Northern Rock for the PPI, but am worried that they will look at my records and see that I have a mortgage with them, and then terminate my mortgage etc.

How would i stand with this? Should i claim or just wait for when we can switch our mortgage to another provider, which could be years because of the current climate.

I mean can Northern Rock really take my mortgage away just because i put a case in for the PPI?

Any help or advice would be great.

Thanks

Hi there and welcome.

I agree with amersall.

Get your reclaim in, and as amersall says, you they have 8 weeks to respond, they may ask for more time and give you a timescale of when you should expect to hear of the decision.

You can write a letter of complaint with your own words, as the first template letter, I think its removed from this site and there is a FOS questionnaire in place of this issued by the Financial ombudsman service (FOS), you will find this on the added link below, further down the page as stage one.
Remember to keep copies of everything you send, in case you need to refer to them at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you decide to write a letter, write down your reasons for reclaiming, ask they respond by 8 weeks.

Good luck.:)

lozza1972

Hi, i took out a loan with northern rock 4 years ago with the ppi gold that they offer. I sent off the letter and they responded quickly i think it was about a week later they wrote to me and advised they would be refunding the £1100 ppi with interest of £200. I cant believe just how easy it was.They were really good.

di3004

lozza1972 wrote: »

Hi, i took out a loan with northern rock 4 years ago with the ppi gold that they offer. I sent off the letter and they responded quickly i think it was about a week later they wrote to me and advised they would be refunding the £1100 ppi with interest of £200. I cant believe just how easy it was.They were really good.

Hi and welcome

Congratulations lozza.:T:beer::j

amersall

lozza1972 wrote: »

Hi, i took out a loan with northern rock 4 years ago with the ppi gold that they offer. I sent off the letter and they responded quickly i think it was about a week later they wrote to me and advised they would be refunding the £1100 ppi with interest of £200. I cant believe just how easy it was.They were really good.

Hi there, :j:j well done to you :beer:

vickster77

Thanks for all your responses, I have claimed PPI back successfully from Egg, so have my letter all ready to Northern Rock, but I am really paranoid that they will check their records and see that we have a mortgage with them and cancel our mortgage as we are no longer on a fixed rate so really scared, really want to write to them as the loan was for £24,000, so a years worth of PPI to be claimed back. Is there any financial advisors out there or solicitors who can confirm that they cant withdraw my mortgage just because i am trying to reclaim back PPI. I am in the process of being made redundant, so could do with the money, but don't want to lose our mortgage.

Thanks guys

marshallka

IF they did that (and very much doubt they would TBH) this would be seen as retaliatory and this could result in a complaint about it. Firms have a duty to treat customers fairly and by making a complaint for THEIR mistake if you have been missold this would certainly be seen as NOT treating you fairly.

amersall

vickster77 wrote: »

Thanks for all your responses, I have claimed PPI back successfully from Egg, so have my letter all ready to Northern Rock, but I am really paranoid that they will check their records and see that we have a mortgage with them and cancel our mortgage as we are no longer on a fixed rate so really scared, really want to write to them as the loan was for £24,000, so a years worth of PPI to be claimed back. Is there any financial advisors out there or solicitors who can confirm that they cant withdraw my mortgage just because i am trying to reclaim back PPI. I am in the process of being made redundant, so could do with the money, but don't want to lose our mortgage.

Thanks guys

Hi there, i echo fully what marshalka said. they cannot do anything to your mortgage.I won ppi with abbey national last year and my mortgage was with them, and it did not affect my mortgage at all.Get your claim in and good luck.x
Also would it be worth asking nr for a fixed rate on mortgage now? as i i have just taken a fixed rate deal with abbey and have saved £20 a month. as i think there is only one way interest will go from here and that is up, they cannot be lowered and i believe they will go up eventually, and in the meantime i am saving £20 a month. I have no financial expertise, i am only making a suggestion to you that may be worth looking into. Especially with redundancy looming.