Mortgage Advice Bureau & PPI Claims?

pedebumchin

Hi,

My wife and I selected a mortgage with Abbey in 2007 after talking with the Mortgage Advice Bureau. We were 'advised' that we needed life cover and income protection which we received from Legal & General, again this was set up by the Mortgage Advice Bureau.

My question is, do we qualify for PPI claimback and if so which of Abbey, Mortgage Advice Bureau or Legal & General do we contact to make the claim?

Your help is very much appreciated.

Pete

dunstonh

We were 'advised' that we needed life cover and income protection which we received from Legal & General, again this was set up by the Mortgage Advice Bureau.

Which seems fair enough. Joint mortgage, clearly have a financial need. Daft not to.

My question is, do we qualify for PPI claimback and if so which of Abbey, Mortgage Advice Bureau or Legal & General do we contact to make the claim?

What are you accusing them of doing wrong? We cannot comment unless we know.

pedebumchin

dunstonh wrote: »

Which seems fair enough. Joint mortgage, clearly have a financial need. Daft not to.

What are you accusing them of doing wrong? We cannot comment unless we know.

Thank you for your response. My concern is that we were told by the Mortgage Advice Bureau that we needed the two policies to protect the Mortgage and we felt like we didn't have a choice in doing so.

I am not sure if we are entitled to a claim or not, so thought it was worth checking with those that know more.

dunstonh

My concern is that we were told by the Mortgage Advice Bureau that we needed the two policies to protect the Mortgage and we felt like we didn't have a choice in doing so.

You do sound as if you have a need for them. So, why do you think you do not?

You cant prove the latter point and they will reject that as an unprovable allegation. With certain types of PPI there are good reasons to complain. You are talking about mortgage insurance here though which sees your property at risk if you suffer a claimable event and dont have insurance. Most people take out insurance with mortgages. So, you would be bucking the trend with your complaint.

autumn123_2

From first hand experience - Mortgage advice bureau inform clients that they need these policies as a requirement to obtain x mortgage... which is nonsense. Lying to clients to earn commission.

dunstonh

autumn123 wrote: »

From first hand experience - Mortgage advice bureau inform clients that they need these policies as a requirement to obtain x mortgage... which is nonsense. Lying to clients to earn commission.

I dont doubt that they present it that way. L&G sales reps far too frequently come up on this forum as presenting it that way. Indeed, whenever anyone mentions this it is nearly always an L&G sales rep. Problem is that verbal allegations rarely succeed without another failing or getting lucky on an auto payout. You can bet your life their paperwork doesnt show the insurance presented that way. Evidence trumps verbal in a complaint.

Stubbsy330

Hi.

This thread caught my attention as I was sold L&G MPPI by a mortgage advisor working for Mortgage Talk in 2003. This was my first step on the property ladder so had no prior knowledge of how the system works. I was told that Northern Rock would not accept my mortgage application unless I took out 3 policies to support the mortgage - critical illness, MPPI and home insurance (Build and contents). All 3 were arranged by the advisor (and I was not made aware that I could shop around for these - which I would of done had I known) and sorted at the same time as the mortgage from Northern Rock. I agree that I have always needed and wanted MPPI - I just wasn't correctly informed that I could sort this myself from my preferred insurer, I was made to feel it had to be through L&G in order to get the Northern Rock mortgage I wanted.

Would this make me eligable to complain with a chance of a positive outcome? Like I say - I always wanted it... I just wouldn't have used L&G had I realised I had a choice.

Thanks in advance.

dunstonh

All 3 were arranged by the advisor (and I was not made aware that I could shop around for these - which I would of done had I known)

You used an L&G tied agent. Their initial disclosure documents would have said that they are tied agents of L&G. Beyond that they have no requirement to tell you that you can buy elsewhere.

which I would of done had I known

That doesnt fit with what you did though. You picked a single company tied agent. Not the actions of someone who likes to shop around.

I just wasn't correctly informed that I could sort this myself from my preferred insurer,

Problem is that their docs will show you were told.

Would this make me eligable to complain with a chance of a positive outcome?

no
1 - your allegation is not a valid complaint reason
2 - their documentation would have made it clear they were tied to L&G
3 - its pre regulation

roonaldo

autumn123 wrote: »

From first hand experience - Mortgage advice bureau inform clients that they need these policies as a requirement to obtain x mortgage... which is nonsense. Lying to clients to earn commission.

if you have at look at the documents you will probably notice that it states its optional everywhere.

this is your mortgage, your house, there is nothing wrong with PPI to protect this. its still considered good advice for take PPI for your mortgage.

roonaldo

Stubbsy330 wrote: »

Hi.

This thread caught my attention as I was sold L&G MPPI by a mortgage advisor working for Mortgage Talk in 2003.

the thread is about a PPI in 2007, your mortgage and insurance is unregulated. it was a completely different kettle of fish in 2007, far more documentation.

they also dont have to tell you you could shop around else where, this is a myth that you should be told this, would you go to sainsburys and expect be told you can go to tesco?

magpiecottage

roonaldo wrote: »

would you go to sainsburys and expect be told you can go to tesco?

Or, looking at it another way, did you tell your employer they might be able to get somebody else to do your job at a lower rate?

If not, then by your reasoning, you have missold your services and yourr employer should be entitled to claim the difference plus interest back from you.