Mortgage protection

redkids1972

Hi im just looking into PPI reclaiming after noticing on a bank statement i was paying £2 a month for 10 years with the HSBC. I have sent a letter to them today so fingers crossed. Told my OH when he came home he told me pre marriage he had a mortgage which he thinks he had payment protection as he was self employed and he was told he had to have it. We narrowed it down to him settling the mortgage in 2004/2005 I have looked at his credit report and cant see the account and we cant find the paperwork. The mortgage was with Alliance and Leicester will the PPI be with them aswell. Is it to late to look into this account and if not what should be my first step. Thanks to all that red this.:beer:

dunstonh

The mortgage was with Alliance and Leicester will the PPI be with them aswell.

Did he buy via a mortgage adviser, IFA or through a branch?

Is it to late to look into this account

MPPI doesnt appear on a mortgage account. Why does he think he was mis-sold?

redkids1972

dunstonh wrote: »

Did he buy via a mortgage adviser, IFA or through a branch?

it was via a mortgage broker

MPPI doesnt appear on a mortgage account. Why does he think he was mis-sold?

He remembers them saying he had to take the insurance to have the mortgage because he was self emloyed
Thanks for the relpy

dunstonh

He remembers them saying he had to take the insurance to have the mortgage because he was self emloyed

Most people have insurance needs when they take out insurance. e.g. a married couple will typically have a need for insurance. A single person will have a different need normally. There is nothing wrong with telling someone what they need to have. Indeed, it is considered bad advice if they dont.

The reason I asked about distribution channel is that the PPI issue has nothing to do with the product. It has to do with how it was sold and put in place. The person that gave the advice is responsible for the advice. So, if he used a broker, estate agent, IFA or other then they are responsible. If he used the branch then they are responsible. The distribution channel used will also depend on what companies were used for the insurances.

If he used a broker/adviser then it is very common to be told you have to buy the insurances through them as that is where they make their money and that is why they give "free" mortgage advice. That is allowed.

The verbal allegation of told he had to have it is also the weakest complaint going. If the other side say "no we didnt" (which most will) then what evidence does he have to support his allegation. Very few complaints will be upheld on an unprovable allegation. Most PPI complaints are upheld because of technical failings and luck.

redkids1972

Thanks for the reply I dont think Ill pursue it for him now
many thanks