old endowment mortgage not sure if ive got ppi

dunstonh

Even if they use there own company or sister company to provide the insurance.

If they insisted on protection for security purposes (mainly business clients) then they could not insist on their own following a rule change aorund 10 years ago. Prior to that they could. However there has never been a requirement to tell you that you can purchase it elsewhere.

If they had a deal which required the purchase of an insurance policy then they could insist on their own (which after all is the whole point of the deal)

The definitely verbally insisted on MPPI.

They may well have done. But how do you prove it. You give that complaint and they respond "no we didnt". That's it. Game over as far as your complaint is concerned unless there is another failing.

taken from martins blog "Q. I mortgaged in 2004 and was told PPI was compulsory by the advisor in bank. Can i reclaim?
ML. Depends, MPPI can be compulsory by some lenders (ie they require you to have policy) but not THEIR policy"

Any good to me lol

The blog is potentially right if is was required for security purposes. It wont be right if it was prior to the rule change. It is not right if it was for deal purposes. The use of 2004 in that example is probably there to indicate that.

justjohn

unsure if there was another failing. i remember i was unmeployed for years. Then got a job, 5 months into the job i applied for and got a mortgage. The mortgage was 100% variable RATE endowment MORTGAGE.(there was no special rates for taking the mortgage with MPPI or on offer/ a deal)

The job i was in, payed full pay if off sick but cannot remember for how long(5days). My partner worked for nhs on an old contract and got full pay(for over 2 weeks).

Is it worth chancing my arm??

mhtherealthing

Just reading through posts above. Can I add that I was sold an endowment in 1991 and they were perfectly happy with a claim based on miss-selling even though it was verbal advice only.
If you were told that it was the only way you could afford a mortgage, as I was, and at the time you did NOT need an insurance as part of the 'package' I say 'Go for it'.
You have nothing at all to lose by challenging the advice and I received a lump sum purely as that is what had been said to me. I think the body that deals with complaints leans towards the claimant purely because the banks/building society are unscrupulous when selling and at the time,could get away with it.
My mortgage started in 1991 and I claimed in 2003 but I believe there is no time limit. You have nothing to lose by trying.Address your letter to the 'Endowment review unit'.
Good luck!

mhtherealthing

justjohn wrote: »

Even if they use there own company or sister company to provide the insurance. There was definitely no choice as to the provider.

It was a case of i must take RBS MPPI with them. i think they used too use sister company too provided the policy.

The definitely verbally insisted on MPPI.

taken from martins blog "Q. I mortgaged in 2004 and was told PPI was compulsory by the advisor in bank. Can i reclaim?
ML. Depends, MPPI can be compulsory by some lenders (ie they require you to have policy) but not THEIR policy"

Any good to me lol

Hi John- see my quote at the bottom of the page!

dunstonh

Can I add that I was sold an endowment in 1991 and they were perfectly happy with a claim based on miss-selling even though it was verbal advice only.

That would only happen if there is a failing in the paperwork that was available. Any half decent file would be able to counter a verbal allegation without evidence. You would be relying on getting lucky.

I think the body that deals with complaints leans towards the claimant purely because the banks/building society are unscrupulous when selling and at the time,could get away with it.

Most endowment complaints were rejected. It has tended to float around the 20%-35% rate in favour of the consumer. The last four periods published by the FOS show % resolved in favour of consumer as 28%, 29%, 27% and 25%. Each individual case is treated on its own merits and has nothing to do with perception. Clearly with around three quarters of endowment complaints rejected, it is a good job that is the case otherwise they would all be rejected with your point of view.

My mortgage started in 1991 and I claimed in 2003 but I believe there is no time limit.

That is also incorrect. You have 6 years from commencement of the policy or three years from being reasonably aware of a problem. A shortfall warning on the mid rate projection is a good example of when that three year clock can start ticking. Most shortfalls started around 2001 and over three quarters of endowments were timebarred from complaint by around 2007/8.

Scoobysuep

Trying to find the reference number of an endowment payment standing order from my bank but they only go back 7yrs. I'm looking for the year 2000.
Does anyone know if this is doable?
Thanks in advance 

[Deleted User]

It'll only be in your own files.

jonesMUFCforever

Scoobysuep said:

Trying to find the reference number of an endowment payment standing order from my bank but they only go back 7yrs. I'm looking for the year 2000.
Does anyone know if this is doable?
Thanks in advance 

No - but please start a new thread as your query bears no relation to this old existing thread.