Mortgage PPI

AndyJam

Hi, we took out a mortgage complete with PPI with Yorkshire Building Society through an idependant advisor in 1998, not sure if we can make a claim. Had a phone call from Loan and Finance Taylor who seemed to know everything about our mortgage and offered to claim back £12,300 for us for a fee of £299:(

di3004

AndyJam wrote: »

Hi, we took out a mortgage complete with PPI with Yorkshire Building Society through an idependant advisor in 1998, not sure if we can make a claim. Had a phone call from Loan and Finance Taylor who seemed to know everything about our mortgage and offered to claim back £12,300 for us for a fee of £299:(

Hi and welcome

Will leave this one for Dunstonh, so thought I would bump it up the same time, good luck.

dunstonh

we took out a mortgage complete with PPI with Yorkshire Building Society through an idependant advisor in 1998

So the independent gave best advice (even today, the FSA expect a recommendation of MPPI to be made where there is a financial need).

Had a phone call from Loan and Finance Taylor who seemed to know everything about our mortgage and offered to claim back £12,300 for us for a fee of £299

The details are not in the public domain. If they have those details then they have come by them by illegitimate means and its a data protection act. How did they come by a figure of £12,300?

Claims companies lie. In cases like this they make more money from the £299 rather than the redress. The things that make it so easy for loan and credit card PPi to be upheld on complaint do not normally apply to MPPI but the claims companies try it on the same way.

not sure if we can make a claim.

I'm an IFA and my compliance company are rejecting complaints where the MPPI is paid monthly and where there is a financial need (i.e. you dont have the savings to cover 12 months mortgage payments) and where you were eligible. that is the consistent with the approach you would expect from the FOS as there is absolutely nothing wrong with an MPPI as a product. Its how its sold and set up that matters.

If it was single premium then its nearly always a mis-sale. If you were not eligible then its usually upheld (i.e. you had significant health issues that may have prevented a claim). However, you cant claim it was sold by someone not qualified and you cant claim they didnt know about you (as they have the mortgage application at a minimum) and you cant claim you were not given advice (as you used an adviser - this time with the adviser tag actually meaning adviser)

Were you mis-sold?

di3004

Cheers Dunstonh.;)

AndyJam

We were led to believe that we had a better chance of getting the mortgage if we took out PPI, but it was paid monthly as part of the mortgage.

dunstonh

AndyJam wrote: »

We were led to believe that we had a better chance of getting the mortgage if we took out PPI, but it was paid monthly as part of the mortgage.

If you were told that then its a mis-sale but the problem is proving that.

AndyJam

Thanks for the advice, have binned Loan and Finance Taylor and decided to make the claim ourselves.