Can you claim a PPI on a mortgage

dunstonh

I thought the salesperson was responsible for ensuring that the terms of any PPI is understood when selling it.

Yes they are. The adviser will have a factfind, needs analysis and a recommendation report (or statement of demands and needs if later case) on file to show what was issued at the time.

So wouldn't the fact she didn't claim for redunancy suggest the terms of the policy weren't made clear?

Not at all. It is estimated that as much as 70% of what is told during a meeting is forgotten in a very short period. The problem with mortgages is that the priority to the individual is the mortgage. Not the ancillary products. So, it is more likely the lesser things that are forgotten. This is why documentation is key in complaints. Verbal accusations without evidence are totally reliant on documentation being wrong [with the broker] for them to be successful or the individual having documentation to support their complaint. This is why do many credit card PPI complaints are upheld as they lacked audit trail. With MPPI, the broker has the mortgage application. That has virtually everything needed on it for information.

Someone forgetting they had a policy doesnt mean it was mis-sold. It means the person didnt check their bank statements (if they had forgot then wouldnt they query what this payment was?). It means they forgot.

Tugela

For the final time........ I am not using the grounds that I never claimed for the purpose of a complaint............ it was reply to this question by Roonaldo "PPI is not illegal and not wrong to have, what would you do if you were made redundent?"

alemule

Well i think some people are being rude on this thread
and Tugela has been spoken to harshly. Anyway
I to had dealings with Paymentsheild 5 years ago when i took out a morage and i was also told it was compulsory to secure the mortgage.

roonaldo

alemule wrote: »

Well i think some people are being rude on this thread
and Tugela has been spoken to harshly. Anyway
I to had dealings with Paymentsheild 5 years ago when i took out a morage and i was also told it was compulsory to secure the mortgage.

this post is over a year old. and 5 years ago you were not told that. after the introduction of MCOB and ICOB insurance is displayed as optional on KFI, mortgage offer and application form.

dunstonh

plus paymentshield have no representatives and would say nothing of the sort.

shamicbur

I have a similar query - We were sold PPI from Direct Line when we took out a mortgage in 2001. I believe it is 5% of the monthly cost each month. - We were told it was compulsory and was for employment protection - but would only cover my husband. - We have now found that, it only covers us for maximum 11 months and does not start straight away if you become redundant. This means that the payout is altogether quite low. So is this a mis-selling or not. - We were sold the mortgage by an adviser on the telephone???

dunstonh

We have now found that, it only covers us for maximum 11 months and does not start straight away if you become redundant. This means that the payout is altogether quite low.

So, generically, it matches all other MPPI plans.

So is this a mis-selling or not. - We were sold the mortgage by an adviser on the telephone???

Direct Line is monthly premium MPPI. So, it is set up correctly. Your allegation is a verbal one. If there is no evidence to support that allegation then it can be easily rejected. If there is evidence then it works in your favour.

gbickers77

A couple of years on with this thread but my first post. I too had MPPI through Payment shield, just like Tegula and Alemule.

My mortgage (my first ever mortgage so I was a bit naiive) was arranged via the broker working at the estate agents I used to purchase the property. He arranged my mortgage through Bristol & West (bought by Britannia) in 2004 and sold me the MPPI at the same time which I was told I'd needed to have.

I was paying this for 6 years(I know *bangs head against wall!*) until cancelling in 2010 when I looked into it and realised what it was. I only found that out by phoning Payment Shield to ask about it after finding out from my bank the name of the direct debit recipient. I obviously knew it was something to do with my mortgage but not exactly what it was.

How does that work? Is there a possibility of a claim or is the fact it was through a broker such a long shot it's not worth bothering with?

EDIT: I obviously don't have any application forms, only lots of paperwork I received after the account went live.

Any advise is appreciated as I haven't a clue on these matters. Thanks.

[Deleted User]

gbickers77 wrote: »

I was paying this for 6 years until cancelling in 2010 when I looked into it and realised what it was.

It was insurance, why did you cancel it? Could you have afforded your mortgage if you fell out of work?

dunstonh

I was paying this for 6 years(I know *bangs head against wall!*)

What is wrong with paying for insurance?

How does that work? Is there a possibility of a claim or is the fact it was through a broker such a long shot it's not worth bothering with?

Most brokers were not regulated in 2004. Paymentshield is a quality provider. So, what exactly are you going to complain about?

U