Mortgage PPI - Do I have a claim?

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bazzau73
bazzau73 Posts: 7 Forumite
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in Reclaim mortgage fees, council tax, etc
Afternoon,

Looking for some quick advice regarding Mortgage PPI,

I have had a mortgage with Nationwide since 2005, this was arranged via an IFA. When arranging this we were advised by the IFA that we would need Insurance against the Mortgage to ensure that payments were met in the event of something happening, this was taken out with Norwich Union (now Avviva).

Does this qualify as misselling? I am doubtful as it was on the advice of the IFA and not neccessarrily on the instruction of the bank/building society.

cheers

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  • dunstonh
    dunstonh Posts: 116,539 Forumite
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    I have had a mortgage with Nationwide since 2005, this was arranged via an IFA.

    When in 2005? (regulation started in July 2005) - although it doesnt matter as you dont have a complaint if you read on....
    When arranging this we were advised by the IFA that we would need Insurance against the Mortgage to ensure that payments were met in the event of something happening, this was taken out with Norwich Union (now Avviva).

    Good advice and compliant with rules.
    Does this qualify as misselling?

    No. The advice is correct.
    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.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
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    dunstonh wrote: »
    When in 2005? (regulation started in July 2005)

    Actually 14 January but
    it doesnt matter as you dont have a complaint
  • dunstonh
    dunstonh Posts: 116,539 Forumite
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    where did I get July from? lol.
    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.
  • bazzau73
    bazzau73 Posts: 7 Forumite
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    Thats fine, the advice that was given was that some Mortgage lenders will turn you down if you do not have this provision in place, hence why the policy was taken out.

    Is/Was this actually the case?

    Not actually looking to get refunded but more interested in cancelling policy

    Thank you for replies so far.
  • dunstonh
    dunstonh Posts: 116,539 Forumite
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    Thats fine, the advice that was given was that some Mortgage lenders will turn you down if you do not have this provision in place, hence why the policy was taken out.

    Is/Was this actually the case?

    No, it is not the case unless the deal in question required you to buy an insurance product to get it (which is allowed under the rules).

    The problem is that you wont be able to prove any verbal allegation and documentary evidence is king.

    You can cancel whenever you wish (even the deals that required an insurance policy to get the deal can usually be cancelled without anyone noticing)
    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.
  • bazzau73
    bazzau73 Posts: 7 Forumite
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    Thanks again,

    Like i said not so much of an issue of being refunded but whether it is 100% neccessary.

    Thanks for the advice.
  • Once_bitten
    Once_bitten Posts: 76 Forumite
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    If you cancel what will you do "in the event of something happening"?
  • dunstonh
    dunstonh Posts: 116,539 Forumite
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    Once_bitten wrote: »
    If you cancel what will you do "in the event of something happening"?

    That will be the next lot of complaints in years to come.

    .... I reclaimed my PPI premiums but I have now suffered an illness, death, accident, unemployment etc. Who can I complain to that I don't have insurance to cover it? ;)
    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.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
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    dunstonh wrote: »
    That will be the next lot of complaints in years to come.

    .... I reclaimed my PPI premiums but I have now suffered an illness, death, accident, unemployment etc. Who can I complain to that I don't have insurance to cover it?

    What a pity the ambulance chasers aren't under FOS jurisdiction.
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