Possible PPI Claim on policies taken out through broker

Dleifne_2

Hi,

I am new to the site but have spent the day today trawling through and searching a great number of threads and must say that you all seem a friendly bunch

I am hoping that someone may be able to offer me some advice on PPI Claims. I have looked closely at Martins guide and I have actually sent off 2 letters on 9th Nov, one to Birmingham Midshires who our mortgage was with and also Southern Pacific who we had a secured loan with. I have heard nothing from either and so today I started to look at my next steps and I am worried about some threads I have read regarding broker sourced loans.

I do not have any of the paperwork for these accounts having moved twice since they were both paid off in 2008, and also having settled the accounts I didn't anticipate needing the paperwork anymore... more fool me!

I know that the mortgage with BMS was arranged through a broker and because we self certified and had to greatly exagerate our income we were told that it was a requirement to take out the PPI on a self-cert mortgage. Do I have any grounds to reclaim or because it was arranged through a broker am I going to be basically pitching my word against theirs? I rang them today but it appears that the address they provide on the BMS website to send your letter to is the wrong one so I have to send it again to HBOS... if indeed it's worth sending?

The Southern Pacific Loan which I believe was part of London Mortgage Company (??) was taken out online I think... but the initial template letter (Martin's request for the credit agreement letter) which I sent to them in November has not been delivered according to the royal mail tracking site.... am I right in thinking that they are no longer trading and so I cannot claim?

Sorry for all the questions, I did try to find the answers but without success.

Thanks.

dunstonh

Do I have any grounds to reclaim or because it was arranged through a broker am I going to be basically pitching my word against theirs?

Verbal accusations without proof are easy for them to reject. You would need another reason.

banks4u

Yes you do have every right, I used to work for one of those companies. Alot of brokers used to just add it on. If you don't have the paper work do a data request. Who was the broker?

banks4u

London mortgage company were capstone an they are now ascenden. Based in London. If you write to them they can help

banks4u

The mortgage was clearly unsuitable. How much did you get charge for the mortgage with BM? You should not only claim ppi but also say that this mortgage was not suitable. I may be able to help with wording

dunstonh

The mortgage was clearly unsuitable.

Where in the OPs post does it indicate that it was unsuitable? He admits to committing fraud but that is all.

Dleifne_2

Thanks for your replies. I am a little confused now, it seems that banks4u is saying I can claim but dunstonh, you are saying it would be difficult if not near impossible. Is it worth me sending off the letter to HBOS or should I firstly contact the broker? I am keen to at least try to do something with this as it was 250k's worth of mortgage and loan that we paid off so surely the PPI amount would have been considerable?

dunstonh

I am a little confused now, it seems that banks4u is saying I can claim but dunstonh, you are saying it would be difficult if not near impossible

I am saying that for the Mortgage protection and based solely on what you have said so far (which is just an unproven allegation) that you have virtually no chance.

Verbal accusations are rarely successful unless another failing is identified. If you think about it logically, you could buy an insurance, hold on to it as long as it was needed and then at the end put a fraudulent complaint in saying you were told things wrong. If they accepted what you said without evidence then everyone would just do the same thing to get their money back. However, what happens is that they look at the file to see if there is anything documented that supports your accusation. Whilst they are at it, they should also do a file review to check the advice was good. If the file is good and there is nothing to support your allegation then they reject. In effect, you would only be hoping that the file is missing or contains significant failings that prevent them from being able to say the advice was good.

Is it worth me sending off the letter to HBOS or should I firstly contact the broker?

The lender has no liability for the advice you were given. It is the broker.

so surely the PPI amount would have been considerable?

Surely you can tell the cost of the PPI? With MPPI it should be paid monthly from your current account. How much is going through each month?

With the secured loan, they either do it monthly (which is how it should be) or they add it to the loan (which is a complaint reason if they have done it this way). Or they didnt supply you with PPI. So, again you should be able to tell very easily from your paperwork how much, if any, there is.

magpiecottage

Dleifne wrote: »

I know that the mortgage with BMS was arranged through a broker and because we self certified and had to greatly exagerate our income

That is mortgage fraud - it is a criminal offence. The broker may or may not have been complicit in it but you signed the forms knowing them to be untrue.

If you kick up a fuss now that may come back and bite you.

Dleifne_2

dunstonh wrote: »

Surely you can tell the cost of the PPI? With MPPI it should be paid monthly from your current account. How much is going through each month?

With the secured loan, they either do it monthly (which is how it should be) or they add it to the loan (which is a complaint reason if they have done it this way). Or they didnt supply you with PPI. So, again you should be able to tell very easily from your paperwork how much, if any, there is.

I don't have any paperwork for either the mortgage or loan as they were both paid off in 2008 and I have moved a couple of times since and foolishly thought that I wouldn't ever need the paperwork so disposed of it.

Is it worth me trying to get copies of my loan agreements or is it just a total waste of time?

Dleifne_2

magpiecottage wrote: »

That is mortgage fraud - it is a criminal offence. The broker may or may not have been complicit in it but you signed the forms knowing them to be untrue.

If you kick up a fuss now that may come back and bite you.

When we first went to see the broker about re-mortgaging our house he took all of our financial details, looked at our income and outgoings and told us that the only way we would get a mortgage was to self certify as we needed to show more income than we currently had. He advised us that because I was in sales we could put down large bonus amounts to boost the income amount but said that we wouldn't have to prove these bonus amounts. He made it sound like a perfectly normal process and said that he was doing a lot of these type of mortgages.... looking back I realise how naive I was but at the time he was the expert and I trusted his advice.... he also told us we had to say we would take the PPI in order to apply for the mortgage... more naivety on my part I guess

Still..... you live and learn :embarasse