PPI - Future Mortgages 2004-2007 - Their word v mine?

Woody74

Hello.

I had a 100% Interest Only mortgage with Future Mortgages back in 2004 when me and my wife were trying to get on the property ladder.

I was wondering whether the mortgage had PPI on it but unfortunately due to the age of the mortgage (and me not being good at keeping records!!), I did not keep any of the original documentation. I think I shredded it when I moved mortgages in 2007.

I scanned the internet to get a phone number for them (I believe they fall under Citibank now) and just spoke to someone regarding it. After giving her my details she told me I didn't have PPI.

I was wondering if there is any other avenue I can look at. I guess I am sceptical that they can just say 'Yes you had PPI' or 'No you didn't'. Is there any other alternative route (without me having the mortgage documentation) that I can go down.

Any help would be greatly appreciated.

dunstonh

I was wondering whether the mortgage had PPI on it but unfortunately due to the age of the mortgage (and me not being good at keeping records!!), I did not keep any of the original documentation. I think I shredded it when I moved mortgages in 2007.

You would typically spot it as a monthly payment on your current account if it was set up correctly.

I scanned the internet to get a phone number for them (I believe they fall under Citibank now) and just spoke to someone regarding it. After giving her my details she told me I didn't have PPI.

Not that they would necessarily know as MPPI is typically a standalone payment that is not integrated into the mortgage.

I was wondering if there is any other avenue I can look at. I guess I am sceptical that they can just say 'Yes you had PPI' or 'No you didn't'. Is there any other alternative route (without me having the mortgage documentation) that I can go down.

As it was 2004 and pre-regulation and you probably used a broker (I think Future were broker only) then you could well be wasting your time. Your broker has the liability for advice given. They became regulated in 2005 (with some exceptions).

So the issues are:
1 - MPPI has fewer complaint issues and whilst there are still some mis-sold cases, the majority are correct
2 - regulation started in 2005. You bought in 2004. Your broker may not be covered
3 - you dont even know if you have PPI. Having PPI is not grounds for complaint. So, not knowing if you have it would suggest you dont know why it was mis-sold. So, what would your complaint be anyway?

magpiecottage

Future Mortgages would have to respond to a complaint but what are your grounds for complaint?

ndiosha

Would someone know if there was normally a ppi attached to Loans secured on a mortgage.

I borrowed an additinal £45k from my mortgage Lenders (Abbey) in Sept. 2002 and this appears as Loan 2 on my mortgage statement.
However, when I asked them if a ppi was attched they responded that they cannot find any proof of ppi. This borrowing was done over the phone, so I have no paperwork.

When I wrote to them to send me the Loan agrrement, all they sent is the agreement for the initial mortgage (Loan 1-taken out 1998), and nothing for Loan 2.

I am requesting for a SAR just to convince myself that I was not paying for something I didn't know about.
Thanks all for your help.

dunstonh

Would someone know if there was normally a ppi attached to Loans secured on a mortgage.

Yes. Most of the time it is monthly payment and taken from your current account.

I borrowed an additinal £45k from my mortgage Lenders (Abbey) in Sept. 2002 and this appears as Loan 2 on my mortgage statement.

That is normal. Most lenders use sub accounts for further advances.

When I wrote to them to send me the Loan agrrement, all they sent is the agreement for the initial mortgage (Loan 1-taken out 1998), and nothing for Loan 2.

MPPI doesnt show on any agreements. MPPI is not the same as loan or credit card PPI in that respect.

I am requesting for a SAR just to convince myself that I was not paying for something I didn't know about.

Do you not look at your current account each month and see what you are paying?

ndiosha

dunstonh wrote: »

That is normal. Most lenders use sub accounts for further advances.
?

That I realised as both Loans are administered under the same account number. However, when I wrote to them in 2010 requesting for records of the Loans under that account number, the documentation sent made no mention of the fact that there was a second Loan. Infact, all I received was my original mortgage application form completed in 1998, the original mortgage offer and original mortgage contract, no mention of the Loan I took out 4 years later. Surely, one would expect this second Loan amount to have been added to their paperwork.
So all I have to go by right now is the annual mortgage statements which used to show the separate repayments for Loan 1 and Loan 2.

ndiosha

Though on my current account only 1 lump sum (the sum of both repayments) used to come out as repayment to the Morgagae company.

dunstonh

If the MPPI is not coming off the current account then you dont have it.

societys_child

@ B J Smith, not only have you resurrected a 3 yr old thread, and the poster you're replying to has not logged into the site for 3 years, you've also completely ignored the forum T&Cs - It looks like chopped pork and it smells like chopped pork . . .

Reported as :spam:

Marty_Hopkirk

Don't reply folks, I smell a CMC.

Marty...

addedvaluebob

Apart from the fact that they are not a registered CMC