Who do I claim mortgage PPI back from???

antoniomb

Hi

I had a mortgage that was taken out in 2003 and which finished in 2007 when our property was sold. The PPI was mis sold as I remember clearly been told that unless i took out the PPI i wouldn't be accepted for the mortgage.

Thing is the mortgage was with Natwest, the PPI with Scottish Provident and both were sold to us through an independent broker (it was the broker who said we needed the PPI). Which one of the three listed above do i make the claim from?

Thanks in advance for your help.

dunstonh

The PPI was mis sold as I remember clearly been told that unless i took out the PPI i wouldn't be accepted for the mortgage.

What evidence do you have to support that allegation?

A lot of advisers require you to purchase insurance via them as that is where they earn their money. That is allowed.

Thing is the mortgage was with Natwest, the PPI with Scottish Provident and both were sold to us through an independent broker (it was the broker who said we needed the PPI).

You would complain to the adviser. However, with it being two years before regulation, it is unlikely your complaint would be considered. Plus, if that is your only complaint reason then it is a doddle for an adviser to reject.

antoniomb

The only evidence i have is my word that is what was said when we dealt with the broker! Just checking some old paperwork and the date was october 2004, not 2003 as previously stated - is that still before the regulation date - i don't know what that is.

In short then do you think it would be a waste of time and effort to bother pursuing this?

dunstonh

The only evidence i have is my word that is what was said when we dealt with the broker!

Your word is not good enough. The broker will deny it. So, who is telling the truth? it is a he said/she said scenario and no-one can rule on that.

Most PPI complaints are upheld in areas where factual information is provable or failures of setting up (e.g. with loans it is single premium or with credit cards a lack of audit trail with pre-ticked boxes). MPPI if set up with monthly direct debit is set up correct. There will also be a factfind, needs analysis and report. None of those exist on loan/credit card PPI.

If they just accepted your word for it then everyone could accuse their broker of saying anything and would get their money back. Equally, the the broker cannot use the same back. Documentation is king in any complaint.

Just checking some old paperwork and the date was october 2004, not 2003 as previously stated - is that still before the regulation date - i don't know what that is.

January 2005 is when it started.

In short then do you think it would be a waste of time and effort to bother pursuing this?

Given it is pre-regulation and even if it wasnt, your complaint is the weakest you can get, I would say no.

I can tell you that my compliance company (ignoring the pre-regulation bit) would look at your complaint, disregard your verbal allegation unless there is proof and would just check the advice was suitable. If there was no advice failing then they would reject the complaint.

magpiecottage

In theory, if the adviser's firm is directly regulated by the FSA, rather than a member of a network, like DunstonH, FOS could consider it. However, the evidence has to show the allegation is more likely than not, and not simply equally likely, to be true.

I doubt this it will be able to do so.