RBS / Royal Scottish Mortgage Protection

Nige123_2

Hello,

Just joined the forum.

Back in 1997 I bought my first house with a mortgage with RBS.
I was told that I required a "mortgage protection plan". At the time I thought it was a bit unneccessary as I was 27 years old, buying the house on my own with no kids. I paid the monthly contributions for approximately 6 years until I bought my next house and my new mortgage advisor told me it was completely un neccessary. The Royal Scottish Assurance people could not believe I wanted to cancel it but obviously I did.

I have always felt a bit ripped off but it was only when I mentioned it to a friend recently, he pointed out that it may be covered by the PPI bandwagon that is currently rolling.

Have I got any chance of claiming or should I forget it?

Best regards

Nige

magpiecottage

You have several potential problems.

The first is who sold you the policy. If it was an independent financial adviser, the sale would not have been regulated and would not fall under FOS jurisdiction.

Failing that, it can probably be timebarred. The FSA rules, which FOS applies, say you have to complain within six years of the advice being given (which has expired) or, if later, within three years of when you became aware, or ought to have become aware, that you have grounds for complaint (which would seem to have started to run when you decided the policy was unsuitable and cancelled it).

The third is that some banks required life cover for all mortgages at one time. If it was a requirement of the loan, that is a commercial decision by the bank. Even if it later abandoned that stance, it would not be a missale.