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old n&p mortgage can we have a claim for miss sold ppi ??
samanthag
Posts: 1,339 Forumite
Hi all
myself and my hubby took out a mortgage in 1990 with national and provincial who were then taken over by abbey national and now santander
when we originally took out the mortgage we were told that we had to have ppi or we could not have the mortgage so we did take out ppi
i know at some point we cancelled the ppi as it was around £50 per month but not sure when
would it be possible to make a claim for this as we believe it was miss sold to us (we were very young i was only 18 and my hubby was 21) and if so who would we write to ??
any advice really appreciated
sammy
myself and my hubby took out a mortgage in 1990 with national and provincial who were then taken over by abbey national and now santander
when we originally took out the mortgage we were told that we had to have ppi or we could not have the mortgage so we did take out ppi
i know at some point we cancelled the ppi as it was around £50 per month but not sure when
would it be possible to make a claim for this as we believe it was miss sold to us (we were very young i was only 18 and my hubby was 21) and if so who would we write to ??
any advice really appreciated
sammy
gave up smoking 07/01/09 :j:j:j
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Comments
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when we originally took out the mortgage we were told that we had to have ppi or we could not have the mortgage so we did take out ppi
That was quite common in the 90s. And quite acceptable at the time as well.would it be possible to make a claim for this as we believe it was miss sold to us (we were very young i was only 18 and my hubby was 21) and if so who would we write to ??
Your age is irrelevant. You were old enough to buy a house and therefore old enough to consider a very simple insurance contract.
Why do you think you were mis-sold?
What evidence do you have to support your reasons for mis-sale? (unless it is an obviously factual reason)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
How did you get on with this? I too had a mortgage with N&P and had no choice but to pay for the insurance. I called santander today and it appears N&P records aren't on their computer system so they will need to go back to archives. Any experience with this? What happens if I can't find the account number? Or they can't either? It was back in 1992I strongly recommend you ignore everything I say. Investments can go up as well as down, and is purely gambling0
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scubascuba3 wrote: »How did you get on with this? I too had a mortgage with N&P and had no choice but to pay for the insurance. I called santander today and it appears N&P records aren't on their computer system so they will need to go back to archives. Any experience with this? What happens if I can't find the account number? Or they can't either? It was back in 1992
In early 90s, the insurance was nearly always mandatory. Although at that year, it would normally be life assurance as MPPI didnt exist and ASU (its predecessor) was only really starting to enter the mainstream.
It doesnt matter if they cant find the account number of mortgage details. Insurance on mortgages doesnt appear on mortgage documentation. It is standalone. This is one of the reasons MPPI/mortgage ASU has a lower success rate on complaints. Plus, banks & building societies always set theirs up with monthly premiums. So, they dont fail on that front either. Of course, all this assumes you didnt use a broker. If you did, then the lender wont have any records and wont know what exists.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I remember it being a one off payment of around £800 and was described as an indemnity for the building society. No broker was involved and life assurance was taken out separately which is fine. What was this mppi or something else?I strongly recommend you ignore everything I say. Investments can go up as well as down, and is purely gambling0
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scubascuba3 wrote: »I remember it being a one off payment of around £800 and was described as an indemnity for the building society. No broker was involved and life assurance was taken out separately which is fine. What was this mppi or something else?
It would have been a MIG - mortgage insurance guarantee. Paid one myself back in the day, basically an insurance contract that covered the building society should you default on the loan. Normally a condition of the loan, and they weren't lying, hence no mis-sale.0 -
I remember it being a one off payment of around £800 and was described as an indemnity for the building society.
That is not PPI. That is MIG. A totally different thing and nothing you can complain about.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
this was 20 years ago, any complaint about MIG'S or PPI wont have much credibility. you could have avoided the MIG if you put down a larger deposit but any complaint about this would fail as it was compulsory to get the mortgage. I doubt there will be any records of the PPI now too for the OP.0
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I never knew the t&c of this MIG, sounds like a con to me that I had to pay insurance to cover them so they had no risk,it didn't even cover me.
Maybe MIG will be the new PPI.I strongly recommend you ignore everything I say. Investments can go up as well as down, and is purely gambling0 -
scubascuba3 wrote: »I never knew the t&c of this MIG, sounds like a con to me that I had to pay insurance to cover them so they had no risk,it didn't even cover me.
Maybe MIG will be the new PPI.
No. MIG will not be the new PPI. Nothing even close in comparison. Indeed, there has been talk of MIG coming back although I am not sure that will happen.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
There are no terms and conditions, its a policy for the lender not you. Well, acutally the only term and condition is no mig = no mortgage.scubascuba3 wrote: »I never knew the t&c of this .0
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