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Loan added onto Mortgage
KDC
Posts: 135 Forumite
Hi
In 2002 my husband and I took a Flexible Advance for £8500 with Nationwide. We added it to our mortgage which was with them. We used it to buy a car, but got divorced 2yrs later and I can't find any other paperwork for it. All I have is the Flexible Advance Certificate.
I've got PPI with the mortgate (now with Halifax) but was wondering if the advance would've had PPI too or would it just be incorporated into the MPPI?
Should I contact Nationwide and ask them do you think? I'd rather look stupid on here than make a fool of myself on the 'phone
Please don't shout at me for being thick as I really haven't got a clue about this sort of stuff
Thanks for your patience.
In 2002 my husband and I took a Flexible Advance for £8500 with Nationwide. We added it to our mortgage which was with them. We used it to buy a car, but got divorced 2yrs later and I can't find any other paperwork for it. All I have is the Flexible Advance Certificate.
I've got PPI with the mortgate (now with Halifax) but was wondering if the advance would've had PPI too or would it just be incorporated into the MPPI?
Should I contact Nationwide and ask them do you think? I'd rather look stupid on here than make a fool of myself on the 'phone
Please don't shout at me for being thick as I really haven't got a clue about this sort of stuff
Thanks for your patience.
0
Comments
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You will have to contact Nationwide to ask if you had a policy or not. However, they may no longer have records.
Even if you did, what makes you think it was missold?0 -
Thanks. Am not saying it was missold, was just wondering.0
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Nationwide never did single premium PPI on their mortgages arranged in-house. It was a standalone product (as MPPI should be).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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In 2002 PPI was regulated by the General Insurance Standards Council. However it did not give specific guidance on PPI.
However, the Mortgage Code Compliance Board issued Good Practice notes which did. They very specifically emphasised the importance of MPPI - to the extent of recommending firms got a disclaimer signed by any customer taking a mortgage without MPPI.
That gives a firm a very strong defence!
Incidentally, if the policy covered you and your ex you will probably BOTH have to complain anyway.0
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