Some advice needed please

stoporilshoot

Hello

I'm very pleased to say I was successful in my PPI claim amounting to 3200 pounds from HFC Bank ...Thanks to this site...Cheers!

Now I'm wandering if I can do the same for the PPI on my mortgage?
I started the mortgage in I think it was 1986 and I'm still paying it ...If I remember right there weren't any options other than the PPI.
Like I say I'm still paying the mortgage and PPI.....Will i be able to make a claim or is the mortgage too old? If it is possible to make a claim should I cancel the PPI straight away?

Thanks

di3004

stoporilshoot wrote: »

Hello

I'm very pleased to say I was successful in my PPI claim amounting to 3200 pounds from HFC Bank ...Thanks to this site...Cheers!

Now I'm wandering if I can do the same for the PPI on my mortgage?
I started the mortgage in I think it was 1986 and I'm still paying it ...If I remember right there weren't any options other than the PPI.
Like I say I'm still paying the mortgage and PPI.....Will i be able to make a claim or is the mortgage too old? If it is possible to make a claim should I cancel the PPI straight away?

Thanks

Well done on your success!:beer:
I'm sure Dunstonh will be along at some point, and will be able to help on this one for you, good luck.

stoporilshoot

Hello...that would be good if someone cold let me know how I stand....One thing though it was 1996 I started the mortgage.
Cheers

di3004

stoporilshoot wrote: »

Hello...that would be good if someone cold let me know how I stand....One thing though it was 1996 I started the mortgage.
Cheers

Hi will leave a message with Dunstonh now, he may have missed this.;)

dunstonh

I missed it as the thread title didnt stand out as one I would look at (good idea to make it relevant to subject). Thank you di for messaging me.

Now I'm wandering if I can do the same for the PPI on my mortgage?

Highly unlikely.

The most common reason for PPI resulting in redress is single premium payments. You are paying monthly just as it should be. Also, there is absolutely nothing wrong with having MPPI. Indeed, its still recommended and one of the few PPI types that is generally considered a good idea. Even the DWP set state benefits on the assumption that you have MPPI in place.

So, with it being pre-regulation and set up correctly, why do you think it was mis-sold?

stoporilshoot

Cheers for that.
I'm not genned up on all this but I would have thought it was still PPI and therefore the seller of the policy was making a good profit on it....The same as the PPI I had on my loan which was paid monthly with the PPI being paid the same in an all in total. I didn't think at the time there was a choice in taking the PPI and it wasn't mentioned that I could have taken the PPI elsewhere? I wasn't asked what benefits my employer would pay etc.

dunstonh

I would have thought it was still PPI and therefore the seller of the policy was making a good profit on it.

So what if they are? That is not a complaint reason.

There is nothing wrong with PPI. It was all about how it was sold and set up.

.The same as the PPI I had on my loan which was paid monthly with the PPI being paid the same in an all in total.

Most loans are single premium and not monthly. If it was monthly, there wouldnt be this issue now.

I didn't think at the time there was a choice in taking the PPI

What proof do you have?

it wasn't mentioned that I could have taken the PPI elsewhere?

No requirement to. Thats an internet myth. If you see a tied agent, they only have their product and cant tell you to use someone elses. If you see an independent then they search the market. Again, they dont have to tell you to get it elsewhere.

I wasn't asked what benefits my employer would pay etc.

And does it make a difference?

src007

stoporilshoot wrote: »

Hello
Now I'm wandering if I can do the same for the PPI on my mortgage?
I started the mortgage in I think it was 1986 and I'm still paying it ...If I remember right there weren't any options other than the PPI.

Dunstonh gives some good advice on this.

Whilst your recollection may be that it wasn't made clear that PPI was optional, is it really possible to remember back to 1986?

Mortgage PPI tends to be much cheaper than loan or credit card PPI and the price is usually set out clearly.

Whilst there is no time limit for a complaint it would be understandable if the bank has no records from that time.

The PPI could have helped you if something had happened over that period and mortgage payments can mount up quickly.