Not sure..

bubbygirl

Hi all

Just wanted to check if this is a valid claim before going ahead with anything..dont want to waste the bank or anyones time by putting in a false claim if it is not valid.

Had a mortgage with Northern Rock in 2002 for 15,500.
Paid PPI for 10 years on the mortage but I cleared the balance 3 years after taking hte mortgage.
It ends this November and been paying 14.73 a month.

I know I wasnt keen on the idea when I got the mortgage but felt pressured into it, the guy I spoke to may as well said I had to take it to get the Mortgage, well thats how it felt at the time anyway.

Do I have a valid claim here or not?
Any advice or imput would be very gratefull.

[Deleted User]

MPPI is recommended on mortgages, so your reason is weak. Mortgage lenders can legitimately say that having PPI is a condition of allowing you a mortgage - but they aren't allowed to say it must be theirs.
Do you have any other reasons for complaint? Is there a significant overlap of cover with any other insurance you may have?

bubbygirl

I thought the fact that I have been paying it for 7 years when I am not even paying the morgage anymore would be means for a complaint?
And I have no other credit/debts, only ever had this mortgage. So for the last 7 years I have been paying it to cover me etc, when I have nothing for it to cover me for???

[Deleted User]

bubbygirl wrote: »

I thought the fact that I have been paying it for 7 years when I am not even paying the morgage anymore would be means for a complaint?

Well, it wouldn't be a mis-selling complaint of course. Why wasn't the PPI cancelled when you paid off your mortgage? Why have you continued to pay £14.73 a month for seven years without question?

bubbygirl

At the time I thought it was the "norm" so to speak. It wasnt until I spoke to one of those stupid companys that cold call you that it might be plausible (didnt pay them of course!!!)
I thought it was what I had to pay..bearing in mind I am only 29 and this was when I was 7 years younger!

magpiecottage

bubbygirl wrote: »

I know I wasnt keen on the idea when I got the mortgage but felt pressured into it

The Mortgage Code Compliance Board recommended it was offered in all cases and disclaimers obtained by advisers who refused it - so ground for complaint there.

the guy I spoke to may as well said I had to take it to get the Mortgage, well thats how it felt at the time anyway.

You can't get a complaint upheld by claiming the adviser meant something different to what he said.

bubbygirl wrote: »

I thought the fact that I have been paying it for 7 years when I am not even paying the morgage anymore would be means for a complaint?

You can complain to anybody who recommended you continue the policy after you had repaid the loan.

for the last 7 years I have been paying it to cover me etc, when I have nothing for it to cover me for???

Perhaps - but I can only see one person at fault for that.

bubbygirl

I know, I know. But when I finished the Mortage I was young and thought that when you agree to something you have to follow through with it. So I thought that the PPI was was paying was something I had to pay until the end of the term.

[Deleted User]

bubbygirl wrote: »

At the time I thought it was the "norm" so to speak. It wasnt until I spoke to one of those stupid companys that cold call you that it might be plausible

I think you should certainly be looking at cancelling the insurance forthwith (I know it only runs until November). I'm not sure if your lender will agree to refund any monies taken since you paid off your mortgage, unless you can show that this is an error on their part rather than yours.

No harm in trying, of course, just don't confuse this with a mis-selling complaint. You may get lucky...

bubbygirl

Thank you, I was thinking of cancelling it but wasnt sure if I could.
So do you think it is worth putting a claim in at all? I dont want to do it if it will only take hard working peoples time when there is no real need to.

[Deleted User]

bubbygirl wrote: »

So do you think it is worth putting a claim in at all?

No, but you can certainly write and explain the circumstances (that you were paying for what amounts to no cover at all) and hope they look upon your situation favourably.
Do not put in a "claim" for mis-selling, as this plainly did not take place.

dunstonh

But when I finished the Mortage I was young and thought that when you agree to something you have to follow through with it.

Doesnt make it mis-sold. It makes it an error on your part. It is quite possible that the insurer will refund premiums paid since the mortgage was repaid as long as you didnt take out another mortgage.