PPI Reclaiming Discussion Part 5

[Deleted User]

Shaun021963 wrote: »

have been told I had to take out a high loan to mortgage fee. This was either paid or added to the mortgage as far as I can remember. I was told I had to have it for the mortgage to progress.
Is this a form of PPI

It's not PPI.
It means they regarded you as a high risk borrower and they charged you accordingly.

Difficult to see how you could argue this was mis-sold. You accepted the higher cost even though you were under no obligation and could have gone to another provider..

Insider101

Moneyineptitude wrote: »

It's not PPI.
It means they regarded you as a high risk borrower and they charged you accordingly.

Difficult to see how you could argue this was mis-sold. You accepted the higher cost even though you were under no obligation and could have gone to another provider..

This is correct. It is not PPI, it is what's known as a higher lending charge or a mortgage indemnity guarantee. Basically, the lender charges the premium and uses it to purchase a guarantee from another commercial institution that if the borrower fails to repay the mortgage and they cannot recoup the outstanding funds, the guarantor will make up the shortfall. This was usually charged on lending of over 75-85% which was considered to be at particular risk of negative equity in the event of a property market crash.

It can't have been missold because it wasn't sold, the borrower wasn't buying anything, it was just a condition of the offer. As Money Ineptitude has noted, the alternative would have been to go to another provider and see if a better deal was on offer. This is a legitimate exercise of the lender's commercial judgement and not something that can be complained about.

dunstonh

Shaun021963 wrote: »

Hi
I have taken out many mortgages over the years and have been told I had to take out a high loan to mortgage fee. This was either paid or added to the mortgage as far as I can remember. I was told I had to have it for the mortgage to progress.
Is this a form of PPI and would I be able to claim.
Thanks .
Shaun

It is not PPI. No, you cannot complain about it. If you didnt want to pay it then you should have saved for a bigger deposit. MIG (Mortgage indemnity guarantee) is not a personal insurance. It is for the benefit of the lender and you were paying their cost. So, its impossible to be mis-sold MIG.

Sandy_Skipper

Hi All,
I'm going to try and claim back money on my Barclays account where I had an Additions account. Can anyone tell me when Barclays started the Additions/Additions Plus accounts please, as I've not been able to find this information anywhere. I only have statements back to 2008 but I know it started way before then. Do you think I can claim back before 2008 if I don't have any paperwork?
Thanks in advance.
Sandy

Nasqueron

Sandy_Skipper wrote: »

Hi All,
I'm going to try and claim back money on my Barclays account where I had an Additions account. Can anyone tell me when Barclays started the Additions/Additions Plus accounts please, as I've not been able to find this information anywhere. I only have statements back to 2008 but I know it started way before then. Do you think I can claim back before 2008 if I don't have any paperwork?
Thanks in advance.
Sandy

You don't need dates to complain as the bank will have this info (and if they don't, and your records don't go back further then you can't prove you had it anyway so won't get a refund - if they need your records to verify you paid it and know when it was opened they will be able to calculate the refund anyway

McTaggus

Hi All, I would appreciate your thoughts....


I previously had PPI on a loan that I took out many years ago. When I took out a new loan to clear the balance and get a cheaper interest rate, it turns out that the bank moved my PPI to a bill payment protection policy (which I wasn't aware I had). This, as I came to realise recently when auditing my finances, has actually been running for 10 years - I have no recollection of taking it out, absolutely no recollection of agreeing to this, and as the sum was so small I just assumed it was linked to other products I had with the bank. The bank no longer offer this product, as its linked to PPI, and it would seem that this was a PPI policy that automatically transferred to BPP upon repayment of linked debts...


I'm confused - is this, or is this not, PPI? Could this be subject to reclaim, largely on the basis I had NO idea it even existed and they auto-assigned this policy to me without me knowing upon cancelling a loan with PPI?


Most confused, any guidance appreciated!

harrymetsally

I have always thought myself to be a super savvy 'DIY' moneysaver. And I am determined to help my useless boyfriend deal with his PPI - but the 'easy PPI reclaim' process, doesn't look all that easy!

Classic situation - he has had umpteen credit cards and a few loans & bank accounts with paid benefits (some still in use). He can write me a list of them all, but the paperwork is gone.

I don't know where to start! Do I just write to every single lender and ask for a copy of my(his) policy? Then just try and work out from the policy if I have PPI?

It might be an easy process if you have 1 credit card, but we're taking 7-10 different lenders in all here!

Any advice is WELCOME!

Thanks as ever forumites
Hattie

[Deleted User]

No, you write to them and ask if you had PPI. But you may need to spend a tenner with each of them to find out.

Nasqueron

harrymetsally wrote: »

I have always thought myself to be a super savvy 'DIY' moneysaver. And I am determined to help my useless boyfriend deal with his PPI - but the 'easy PPI reclaim' process, doesn't look all that easy!

Classic situation - he has had umpteen credit cards and a few loans & bank accounts with paid benefits (some still in use). He can write me a list of them all, but the paperwork is gone.

I don't know where to start! Do I just write to every single lender and ask for a copy of my(his) policy? Then just try and work out from the policy if I have PPI?

It might be an easy process if you have 1 credit card, but we're taking 7-10 different lenders in all here!

Any advice is WELCOME!

Thanks as ever forumites
Hattie

Ring and ask, if they still have his records they can usually tell from that if he had PPI or not (it would be a separate charge every month where he didn't pay off the balance in full). If they have no record and you don't you won't get anywhere with a complaint.

Any you do have confirmation with, come up with your complaint reasons and send them off. Remember PPI is not a bad product, only if it was miss-sold and that you as the accuser have to show why it was miss-sold.

With the paid for accounts follow the MSE guide and explain why you feel it was wrong for him to have those accounts.

harrymetsally

Deleted_User wrote: »

No, you write to them and ask if you had PPI. But you may need to spend a tenner with each of them to find out.

Nasqueron wrote: »

Ring and ask, if they still have his records they can usually tell from that if he had PPI or not (it would be a separate charge every month where he didn't pay off the balance in full). If they have no record and you don't you won't get anywhere with a complaint.

Any you do have confirmation with, come up with your complaint reasons and send them off. Remember PPI is not a bad product, only if it was miss-sold and that you as the accuser have to show why it was miss-sold.

With the paid for accounts follow the MSE guide and explain why you feel it was wrong for him to have those accounts.

Thank you very much for coming back to me and helping. I will start by ringing round to get a better picture of his PPI.

He is useless though and agrees to everything without asking, so I am sure he will be a good candidate! Will keep you posted!