Kensington Mortgages - PPI

dunstonh

Unfortunately the above post is NOT correct.

mine or the one above mine?

The lender DOES have details of who the Money was paid to, what it is for, and how much was paid, and the full company details of who the money was paid to. They also have purchase orders and receipts.
To pay for the Insurance they raise a purchase order, it is a prooduct they are buying, not just throwing the money at the Insurance company.

That would then suggest it was their own product that was used and not a broker product. If a broker arranged it then the broker would sort the insurance and the lender would not know the details. Even if the lender knew at application stage that £X was going to an insurer, they wouldnt note it down as they wouldnt know if it was life assurance or PPI or whatever.

My mortgage advisers never pass insurance information on to lenders and lenders never ask it other than for house insurance.

magpiecottage

neil421967 wrote: »

If you are both financial advisers, obviously you know then regarding mortgages and the passing around between buying companies

If you read my signature you would realise that I am not a financial adviser.

What you now seem to be saying, though, is that your loan book was passed on by West Bromwich to Kensington. That CAN happen but the terms of the loan cannot automatically change.

So either you did remortgage, in which case a broker would have been involved, or you arranged the policy directly yourself, or Kensington has made a deduction to your account without your consent.

The last of these would be grounds for complaint but that is not the scenario presented by the OP.

What rights does the mortgage payer have to say NO.

Just say so.

What rights does a mortgage payer have to refuse to sign a new agreement?

The existing lender cannot force you to change your contract - although, as many Northern Rock borrowers have found, they can offer incentives to do so.

magpiecottage

With PPI being purchased, Kensington at the time of completion, should have sent through the post, an FOS information pack regarding the PPI and who it was with, plus, it should be stated CLEARLY on the mortgage document what the payment was for. It was not a disbursement.

Which rules in the FSA Handbook place such a requirement on a lender?

Cstar1588

TML were 100% owned by Kensington, therefore you might have a case against Kensington?

millymolly5

I too am trying to recliam PPI from TML/Kensington, Kensington have confirmed there was PPI on the mortgage but have since sent me the ususal "can't help you any further" letter, if TML were wholely ownd by Kensington how should I proceed?

magpiecottage

TML Financial Solutions Limited was a subsidiary of Kensington Group PLC. However the word "limited" means creditors are restricted to the TML's own assets when seeking to recover debts.

If the sale was on or after 14 January 2005, you can seek assistance from the Financial Services Compensation Scheme. Otherwise you have no source of redress.

scruffyonion

Hi hope you can help here...I have posted this before but for the life of me I cant find it so ill post it again.....

took out a mortgage in 1995 with Kensington Mortgage Co and moved in 1999 then took out a mortgage with halifax till 2006. So had the mortgage with Kensington for 4 years then with the halifax for 5 years both with brokers.

I have tried to trace these brokers but they no longer exist. Can you still claim from both mortgage companies PPI ???

hope someone responds soon

kindest regards

dunstonh

scruffyonion wrote: »

Hi hope you can help here...I have posted this before but for the life of me I cant find it so ill post it again.....

took out a mortgage in 1995 with Kensington Mortgage Co and moved in 1999 then took out a mortgage with halifax till 2006. So had the mortgage with Kensington for 4 years then with the halifax for 5 years both with brokers.

I have tried to trace these brokers but they no longer exist. Can you still claim from both mortgage companies PPI ???

hope someone responds soon

kindest regards

You have no-one to complain to. Game over. On the plus side, most MPPi complaints fail anyway as do most advised ones. So, you probably would have failed even if you could complain.

scruffyonion

Thank you dunstonh

I really thought if you were paying it together with your mortgage to that particular company, there would be proof you took this ppi out!!! most of my friends at the time went through a broker and went to this cowboy compan,

I think this is dreadful you can not claim just because you go through a broker even tho you pay this insurance together with your mortgage repayments to this company, so there is no way I can claim at all then?

kind regards

dunstonh

I really thought if you were paying it together with your mortgage to that particular company, there would be proof you took this ppi out

THere would be proof if you took it out. That is not the issue. The problem is that is pre-regulation.

I think this is dreadful you can not claim just because you go through a broker even tho you pay this insurance together with your mortgage repayments to this company, so there is no way I can claim at all then?

Its not a claim. It is a complaint. PPI is not a legal thing. It is an FSA issue. The broker was not regulated by the FSA at the point of sale. So, in effect, he didnt break any FSA rules as he wasnt regulated by the FSA.

If you wanted to make any complaint then it would only be to the broker. No-one else. However, the broker has gone. If it was post regulation, then there is the FSCS. However, they only consider sales made after January 2005. If before then, its game over.