CitiFinancial/The Associates

DD1966

Hi all,
hope someone can help.
I found some old documents from a mortgage we took out with the then Associates, now Citifinancial, from 2001, there was an insurance premium of just under £11,000 added to the loan which although we signed for we were under the impression that without this premium we would not get the loan. we remortgaged away from them in 2004, and on the settlement figure we were given for our new mortgage provider a rebate of just under £3,000 was given against the insurance that was added to the loan.
We have made our complaint to Citifinancial that we feel we were mis sold this insurnance but my question is, what are the chances of succeeding and what would we be likely to get back from them were we successful with our complaint?
thanks in advance

magpiecottage

What was the insurance for?

If it was not PPI then it cannot be a missold PPI (although it could be a missold something else).

DD1966

magpiecottage wrote: »

What was the insurance for?

If it was not PPI then it cannot be a missold PPI (although it could be a missold something else).

It was optional insurance cover although it wasn't optional as we were led to believe we wouldn't get the mortgage without it!
It covered Redundancy, illness and death but only for the first 5 years of the policy! not really of any use is it considering the mortgage was for 25 years?

DD1966

Hi,
Bumping this to see if i can get any further replies!

dunstonh

Single premium MPPI has a near 99% success rate on complaints. It is nearly always considered bad as monthly premium MPPI is how it should be (monthly premium MPPI has a much lower complaint success rate by comparison).

we were under the impression that without this premium we would not get the loan.

Anyone can say that after the event but without evidence that wouldnt result in the complaint being upheld if they have set it up correctly and you had a financial need for it. The single premium issue is the key thing here.

DD1966

Thanks dunstonh for your reply.
I just have to hope that we are successful in our claim against Citifinancial. Will keep you all posted.
:beer: