Mortgage PPI - AWD Home Finance, now Carrington Carr

palmy100

In November 2006 I re-financed our house with (as was) AWD Home Finance. At the time I was told I had to have the PPI insurance cover on the new mortgage and that the best way to pay for it would be to take the total value of the insurance cover and tack it onto my mortgage. I agreed to do this so that the cover was in effect fully paid but I am still paying for it through my mortgage loan.

Around 2 years ago the original sales person contacted me - she had moved company and she said I could cancel the cover and get back any monies that hadn't yet been consumed in commissions and cover payments. This was duly arranged and I received a payment for approximately 2/3rds of the original premium that was tacked onto my mortgage.

The whole amount was quite a lot of money. I would like to know - does anyone think I was missold the policy (it was never explained that I didn't have to have it, nor was it explained that I could perhaps sort my own cover out)?

dunstonh

does anyone think I was missold the policy

yes you were.

palmy100

Can I launch a complaint/claim against AWD/Carrington Carr about this, do you think?

palmy100

Sorry, Dunstonh, thank you for your initial reply.

dunstonh

single premium PPI is bad. Monthly premium is good. Yours was single premium.

You can put in a complaint but you have had a refund of the difference already. So, there may not be anything due.

magpiecottage

Don't take any notice of the spamming moron, whom I have reported.

A complaint about a 2006 sale by Carrington Carr/AWD should be sent to Legal & General.

Ginola14

We took out a single premium policy with AWD which we felt was mis sold.
We wrote to Legal & General and received an unexpected phone call to discuss our claim.
I didn't feel the call went well and in due course we have received a letter from Legal & General saying they do not think we have been mis sold the policy. We feel totally belittled by their comments and don't know how to proceed. Any help would be gratefully received

dunstonh

Ginola14 wrote: »

We took out a single premium policy with AWD which we felt was mis sold.
We wrote to Legal & General and received an unexpected phone call to discuss our claim.
I didn't feel the call went well and in due course we have received a letter from Legal & General saying they do not think we have been mis sold the policy. We feel totally belittled by their comments and don't know how to proceed. Any help would be gratefully received

You havent told us what their comments were, what your complaint reason is and what evidence you have to support your allegations. Let us know and we can help.

L&G wont belittle you. They will typically use a certain style of language that may be similar to legal speak in some places.

However, you do need to be aware that MPPI has the lowest success rate of any type of PPI and only 0.2% of complaints at FOS are advised cases. Most of which are not overturned by the FOS.

That said, single premium MPPI is generally regarded as wrong and it should be monthly. So, you do have a good chance of success providing this was taken out after Jan 2005 and not before.

Ginola14

Thank you for your reply
L & G 's letter is too long and detailed for me to post here.
As I said - comments I made over the phone have been used for them to make their decision which I am unhappy about.
L & g said we had a cooling off period to cancel the policy which we didn't do so basically there is not a viable claim.
Our point is that we felt pressurised into buying the policy to obtain the mortgage.

dunstonh

L & g said we had a cooling off period to cancel the policy which we didn't do so basically there is not a viable claim.

You did get it. All personal insurances get it. Although that is not a valid reason to reject a complaint in itself.

Our point is that we felt pressurised into buying the policy to obtain the mortgage.

Do you have any evidence to support that?
How long ago are we talking about?
Do you have a financial need for the policy (as that is where most complaints on MPPI are treated)?

magpiecottage

Assuming the advice was given on or after 31 October 2004, there seem likely to be two valid complaints which L&G must answer.

The first is that the premium for the PPI was single premium and added to the loan.


The second is that you were recommended to pay an additional fee, for which further borrowing was required, for a "Lifetime" service from AWD which was clearly worthless as AWD has gone bust and in any case was poor advice as it would have prevented you shopping around in the future.