Mortgage PPI: Have I left it too late?

cotang09

Hello,

I have been advised to repost my query here (I originally posted under the PPI thread. Thanks for any help/advice that you can give.

Original post was:

My wife and I obtained a mortgage from Barclay's in 2000. We were categorically told at the time that we would be required to take out PPI to protect the loan against any one of us losing our job. I asked at the time if this was a condition of the mortgage offer and was told yes. However, this was never put in writing.

Now, as I read about people being able to reclaim for miss-sold PPI, I get the impression that you can only claim if you were miss-sold within the last six years. Does that mean that we are too late?

We are still paying the PPI by the way :-(.

Any advice is welcomed, thanks.

holly_hobby

PPI complaints are still being handled by FOS.

Unless you have previously been advised that the policy may be unsuitable to you, which you have not acted on and continued paying premiums.

PPI is mis-sold, if you didn't want it, need it, not afford it.

If you feel you have been mis-sold, in the first place get your complaint off to the provider - clearly detailing why you feel the product and its sale was unsuitable to you.

If you are unhappy with the final response of the provider, refer the matter to FOS (Financial Ombudsman Service) - who will investigate the matter further.

I have included the FOS link for "how to complain if you think you've been mis-sold ppi" -
http://www.financial-ombudsman.org.uk/contact/PPI.html

Hope this helps

Holly

dunstonh

Now, as I read about people being able to reclaim for miss-sold PPI, I get the impression that you can only claim if you were miss-sold within the last six years. Does that mean that we are too late?

No you are not too late. You just need to complain and provide your proof you were told that.

roonaldo

holly_hobby wrote: »

PPI is mis-sold, if you didn't want it, need it, not afford it.

I heard someone say that on TV, its not as easy as that and very mis-leading when stuff like that is banded about with no substance.

Didnt want it- flawed if you signed for it and its pretty impossible to prove if you didnt want it.

Need it- insurance is to cover what could happen, in heinsight most people dont need insurance,

Afford it- its was mortgage ppi, there are checks when underwriting mortgage applications to ensure they are affordable and proof of income is obtained, if it wasnt affordable mortgage wouldnt have been approved.


PPI mis-sales (see FSA ps 10/12) shows the way PPI complaint s should be handled.

Things that lead to mis-sale are - if not suitable(ie existing cover/benefits), not eligible. Also, Costs, cancellation terms, term mis-match, key exclusions/ limitations, optionality all not being disclosed.

holly_hobby

roonaldo wrote: »

I heard someone say that on TV, its not as easy as that and very mis-leading when stuff like that is banded about with no substance.

Didnt want it- flawed if you signed for it and its pretty impossible to prove if you didnt want it.

Need it- insurance is to cover what could happen, in heinsight most people dont need insurance,

Afford it- its was mortgage ppi, there are checks when underwriting mortgage applications to ensure they are affordable and proof of income is obtained, if it wasnt affordable mortgage wouldnt have been approved.


PPI mis-sales (see FSA ps 10/12) shows the way PPI complaint s should be handled.

Things that lead to mis-sale are - if not suitable(ie existing cover/benefits), not eligible. Also, Costs, cancellation terms, term mis-match, key exclusions/ limitations, optionality all not being disclosed.

Yes quite aware of what consitutes a mis-sale, I consult for the Ombudsman - and referred the OP to their site for guidance on whether the policy may have been mis-sold.

Need it - had existing appropriate cover, unable to benefit under the terms of the plan (i.e existing condition)

Want it - told or led to believe it was a compulsory requirement by the broker/adviser, when the provider had no such criteria in place at the time. Or had no idea it had been added to the mge.

Afford it - budget figs are inaccurate to ensure it can accomodate total mge & associated product costs, individual agrees, as they are led to believe the addition of PPI will "help their application" etc ... lender signs off without question, as its business in the pot ...

Hope this helps

Holly

dunstonh

Want it - told or led to believe it was a compulsory requirement by the broker/adviser, when the provider had no such criteria in place at the time. Or had no idea it had been added to the mge.

Barclays dont add it to the mortgage

Afford it - budget figs are inaccurate to ensure it can accomodate total mge & associated product costs, individual agrees, as they are led to believe the addition of PPI will "help their application" etc ... lender signs off without question, as its business in the pot ...

You wont find many upheld there. Typically MPPI premiums are small and if they cant afford a £15-£30pm premium then chances are they cannot afford the mortgage. And chances are they certainly could not afford the mortgage if they suffered a claimable event.

Saying you didn't want it is a difficult one to prove. Especially if the documentary evidence shows a correct advice process was done. As is saying you were told to have it. If there is nothing to prove a wrongdoing and the person makes a verbal accusation and the documentation is all there and no technical failing (e.g. financial need exists, eligibility ok etc) then you would expect the complaint to be rejected.

holly_hobby

Exactly all complaints are assessed on the available evidence (both from the complainant and the provider), previous known lender practices may also be considered as part of the decision making process.

The OP must be able to substantiate why they believe the sale to be inappropriate to their needs or requirements.

Have referred them to FOS site for guidance on sample upholds & rejections.

Its up to them now to decide if on reflection they really do believe they have been mis-sold - or not.

In the first place any complaint must go to Barclays for their response.

Holly

shaunv007

we got a mortgage back in 1997 with the halifax and was told by the sweet lady that the only way our mortgage would accepted would be for us to take out payment protection plus life and house insurance with them, could i make a claim against them because i thought 6 years was the furthest claims can go back..
just read a similar post to mine and someone put that we need to send proof of been miss sold , but nothing was put into writing ,we was told verbally that we needed ppi plus other insurances or we wouldnt get a mortgage when we was applying for mortgage

dunstonh

we got a mortgage back in 1997 with the halifax and was told by the sweet lady that the only way our mortgage would accepted would be for us to take out payment protection plus life and house insurance with them

Which was not uncommon in the 90s. It was allowed and is actually still allowed today in relation to certain deals (although not in general).

could i make a claim against them because i thought 6 years was the furthest claims can go back.

You need a reason for complaint. What is yours? and what evidence do you have to support your complaint?

just read a similar post to mine and someone put that we need to send proof of been miss sold , but nothing was put into writing ,we was told verbally that we needed ppi plus other insurances or we wouldnt get a mortgage when we was applying for mortgage

Evidence is important as you are making an accusation and if you have no evidence and they have nothing to show any wrong doing then they can reject your complaint. Most PPI complaints are upheld because they are single premium (yours isnt) or the person wasnt eligible (you havent said you were not) or they had no financial need (the hardest to prove as you wouldnt have the debt if you had the savings - although it can include other forms of income protection being held). A significant number get upheld also because of lack of documentation to support the recommendation. However, in the case of mortgages, they typically have a decent audit trail as the mortgage application tells them more about you and your needs than a credit card application does. This is mainly why you see so few MPPI complaints being upheld in comparison to loan and credit card PPI.