Possible PPI Claim on policies taken out through broker

dunstonh

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

The secured loan agreement may well include the PPI on it if it was added as a single premium. The mortgage agreement wont as MPPI is a standalone product that doesnt appear on agreements.

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

I have mixed views here. Prior to 2004, mortgage advisers, rightly or wrongly, were seen a the place you went to get a mortgage if you were pushing limits. During 2004, regulation came in (so, if yours is pre Oct 2004, it is pre-regulation) and mortgage advisers had to provide best advice and were no longer just the place you went if you were pushing limits.

If the mortgage adviser had told you that you couldnt get the mortgage, chances are you would have walked down the road to the next one until you find the dodgy one that does get the mortgage. You then view the dodgy one as a good adviser and the good adviser as bad.

Assuming you bought your mortgage after 2004, you could complain but you are effectively owning up to mortgage fraud. Now, it may not cause any problems but if the broker has files that suggest they didnt encourage it and it now appears you lied, then you could be added to the database which all lenders have access to that you put in an application with fake information. That would damage you in future. Lots of if, buts and maybes here but its only fair you are aware of what COULD happen. Especially if the mortgage adviser you complain to decides to take your complaint personally (and advisers do tend to).

I think the secured loan rather than the mortgage side is where you have more scope IF there was PPI on it.

Dleifne_2

Thank you so much dunstonh, you have been a massive help to me.

I think I will drop the pursuit of the mortgage in light of your information. I wouldn't want to jeopardise any future mortgage applications!

I don't suppose you happen to know if the information I am beginning to find on SPL is correct....

I think that I have discovered that they are now known as Acenden Ltd and their address is PO Box 1075 High Wycombe HP11 2WX. I did send a letter by recorded to SPL 6 Broadgate, London, EC2M 2QS but it was never signed for so I assume not delivered.

Also do I just send the template letter provided by Martin or do I need to do a subject access request.... not sure what the difference is but the template letter says to send a cheque for £1 and I've found a thread on here saying to send a cheque for £10 with a subject access request.

Sorry again for all the questions...

magpiecottage

Dleifne wrote: »

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

Definately high risk to pursue the lender.

The PPI would need a complaint to the broker, though.

bonesy

Acenden were Southern Pacific, and before that they were London Mortgage Company. I took a loan out with them, and the ppi was added to the loan, making a £25,000 LOAN £30,000.