YBS & Legal & General PPI

outofgas

Hi,

I had a mortgage with Yorkshire BS which started back in 1998 and starting paying for Accident Sickness and Unemployment cover with Legal and General that was sold to me by the mortgage advisor who also sorted out the mortgage. I thought at the time that this was required but few years later ended up cancelling it after spotting it on my payments and checking it.

I'm now wondering whether I can make a claim, but unfortunately don't have any details on the legal and general policy at all. The payments started in 1998 but i can't remember when I cancelled them, apart from it being a few years later. So have been to the bank which had my direct debit set up to see if they have details that far back and they don't. I roughly remember how much the payments were but can't find any other information now.

Do I have any chance of making a claim? If so where do I start? I can imagine if I contact L&G they'll just say they've got no record of it, and that'll be the end of it.

thanks

magpiecottage

Your complaint is against the mortgage adviser, not the insurer or the lender.

However, you have not given a reason why you think you should be entitled to your money back.

In addition FOS will not be in a position to help you because it general insurance was not regulated in 1998.

dunstonh

Do I have any chance of making a claim?

Statistically? I would put it in low single digits as far as the odds go.

1 - it is 7 years before regulation. Most advisers/brokers didn't become regulated until 2005.
2 - it was monthly premium ASU. That is how it should be set up.
3 - it is best advice to have ASU with mortgages. Nothing you have said has indicated any wrong doing.

outofgas

Hi, I thought as the advisors we'ren't regulated this is why we're able to make the claim back. Perhaps I've got this wrong.

It was a long time ago but I remember coming away from the advisor thinking the ASU was necessary, as so had agreed to it.

I may have stopped the last ASU payment sometime in 2004-2005, so are these ASU policy's not really the type of payment protection that can be claimed back, I thought it was any type?

thanks

dunstonh

I may have stopped the last ASU payment sometime in 2004-2005, so are these ASU policy's not really the type of payment protection that can be claimed back, I thought it was any type?

There is nothing wrong with having PPI. The issue is whether it was sold incorrectly or not. You cant just claim back the premiums because you had it.

magpiecottage

outofgas wrote: »

Hi, I thought as the advisors we'ren't regulated this is why we're able to make the claim back. Perhaps I've got this wrong.

No - it makes it more difficult because FOS cannot intervene so you would need to go to court.

In any case, you would need to show it was unsuitable for you. That is difficult with MPPI because if you lost your income you stood to lose your home.

outofgas

Okay so it's pretty certain I don't have a case then as I should have had the cover. Plus i've got absolutely no paperwork to show that this wasn't correctly sold to me, so pretty pointless going any further with it.

Thanks for all your help.