Northern Rock PPI

Kugakt

Back in 2005 me and Wife completed a re Mortgage. We were contacted by a company out of the area who said they would sort everything etc.
We eventually signed for a mortgage with Noerthern Rock.
After a phone call yesterday from a PPI Claim back company i thought id look into possibly if i have a case or not rather than them taking a 30% cut if any money was to arrive.

In the paperwork it shows we paid 5 Years Essential redundancy, accident, sickness and unemployment protection for this time as a lump sum which was put on top of our mortgage. Is this right? If not do i take my clain up with the company who sorted our re-mortgage or Northern Rock? I think it was around £2000. It is on the completion statement with the bank transfer fees, legal fess and searches etc.

I did use the PPi cover for myself i belive once when i was off sick after a back operation, would this have any effect on claiming ?

Any advice would be very grateful. Thank you in advance.

dunstonh

In the paperwork it shows we paid 5 Years Essential redundancy, accident, sickness and unemployment protection for this time as a lump sum which was put on top of our mortgage. Is this right?

Single premium MPPI is considered bad in nearly every single case. It should have been set up as monthly premium MPPI.

If not do i take my clain up with the company who sorted our re-mortgage or Northern Rock?

Northern Rock didnt give you any advice. They have no liability. You complain to the firm that gave you the advice.

I did use the PPi cover for myself i belive once when i was off sick after a back operation, would this have any effect on claiming ?

Yes. The amount that was paid out under the claim will be deducted from your redress.

The issue here is not that you shouldnt have had PPI. It is that it was added as a single premium to your debt and charged interest on. Plus it expired leaving you no cover after 5 years or requiring new acceptance criteria. Monthly premium is how it should be as no interest is charged on it and it is open ended (basically pay as you go).

Kugakt

Thank you very much for your advice, it is greatly appreciated.

I will get onto the company who sold the policy. Do you know of any letter templates to use?

dunstonh

Dont use templates. They have a lower success rate than personalised complaints. Just put something similar to what I have given as the reason. You really only need a few sentences with this complaint. Its really that simple.

Kugakt

Should i be asking for a full refund, and what should i do as to how quick they should respond?

I presume await for there reply before considering the next step?