PPI Reclaiming Discussion Part 5

[Deleted User]

5ooooo wrote: »

What is the situation if you took out a mortgage through a broker who added PPI on without telling you? Would the claim still go to the lender or to the broker?

Any such mis-selling "complaint" would go to the broker. The overwhelming documentary evidence will not support your allegation, you understand? All you will be basically doing is admitting that you never checked any of your monthly statements and that you signed your agreement to the mortgage (and PPI) without reading it first (or subsequently).

In addition, if this finance was arranged prior to January 2005, the broker won't have to even consider any complaint about it as it is pre-regulation of general insurance sales.

https://forums.moneysavingexpert.com/discussion/comment/75965921#Comment_75965921

DebbieT69

Hi all


I thought I'd posted this already so apologies if this is a duplicate.


I'm looking for the PPI template letter but getting 404 for both the word and pdf docs on the relevant web page.


Can anyone point me in the right direction?

[Deleted User]

Don't use a template. It'll lower your chances if you have a valid complaint.

Just write down your own reasons for why you believe you were mis sold.

KATIENANA59

Hi
This is my first post so I hope I'm doing it right.
I have an endowment mortgage but no insurance to pay it off. The company that sold me the mortgage never asked for sight of an endowment policy to ensure the mortgage would be paid off at the end of its term. When my hubby and I took out the mortgage we had not long been out of bankruptcy and just couldn't afford an insurance policy. The mortgage is due to end in 11 years and we will have to sell our home to repay the mortgage. Does anyone know if this qualifies as a mis-sold mortgage and can I claim for anything?
Many thanks peeps

[Deleted User]

No.

You need to review your options if you currently have no plans to pay off the capital.

You still have 11 years to put something in place, as well as whatever you've amassed to date.

Physiofred

I’ve just read on Martins site, that any policies taken out in the 90’s and still in place up to 5 years ago are valid...so why is mine pre-regulation?

Physiofred

I’m not sure why I’m being told 1998 was pre-regulation....can anyone explain please

[Deleted User]

Before third party sellers weren't regulated until 2005.

You bought yours through a broker.

helenstewart

I had an Empire Stores catalogue for about 25 years but no longer have it (probably finished it about 10 years ago). Can I make a claim for PPI? They are not on Resolver but having googled them I note they are still trading. Do I just write direct to them to see if I can claim PPI? Thanks in advance....

loopa1

Hi everyone

In 2007, my (now) wife and I applied for a mortgage with Yorkshire Building Society (YBS). During the meeting with the mortgage adviser, she introduced mortgage protection insurance (MPI) and was explained as "should you ever not be able to go to work and therefore not be paid and not be able to afford the mortgage, then this insurance would cover the payments for so long. And you wouldn't want to be in that position would you?"

I remember feeling a little skeptical, I never take out insurances such as this, but my wife was spooked and felt we should have it. There were circumstances which led to YBS not being able to offer me MPI but they would cover my wife, therefore, we agreed to take out a policy in my wife's name.

What we didn't know at the time, and nor were we encouraged by the adviser to explore, was that in the event of my wife being unable to work, she'd have received 2 months full pay and 2 months half pay in addition to statutory sick pay (SSP - at the time, around £315 a month for 28 weeks). Our monthly mortgage payments (with MPI) were roughly £900 a month, and we were paying roughly a 50/50 split, which leaves a shortfall from my wife in the event of sickness of £135 a month after SSP has been deducted (but the 2+2 months pay would have picked this up no problem).

Therefore, given it's our opinion that we were perhaps a little pressured ("And you wouldn't want to be in that position would you?") in to taking a policy which wasn't needed (as above math), do you think this would be a reasonable claim?

We have paperwork which clearly shows us accepting and signing for the policy. We've previously tried to claim, but were knocked back at the first stage by YBS - they claimed it wasn't mis-sold...we never took it further forward...but now, I'm not so sure.

Many thanks,