MPPI - Putting in complaint against broker?

Mumpkin1

Hi

Am looking at putting in a complaint for PPI on our old mortgage which we took out in 1997. Hubby and I have only gone down the PPI complaint route with loans/credit cards but have held back on putting in a complaint for our mortgage PPI as it is pre 2005 which I understand brokers were not regulated?

Is it still possible to put in a complaint to a broker for a mortgage this old? The broker is still in business (actually owns the business now).

To cut a long story short, we had been turned down by Woolwich for a mortgage and the broker assured us if we took PPI he could guarantee we would get out mortgage and faxed it over to another branch of Nationwide (who we had the mortgage with) and not our local branch as he 'knew' the people there!

I'm not expecting anything to really come of it, but we were put in a difficult position by the broker and we were both in Civil Service jobs with excellent sickness, redundancy and death in service benefits).

We have statements but no credit agreement. Is it best to ask Nationwide if they have the original agreement as I would rather have a copy first before putting in the complaint.

Any advice on this case, would be much appreciated.

dunstonh

Am looking at putting in a complaint for PPI on our old mortgage which we took out in 1997. Hubby and I have only gone down the PPI complaint route with loans/credit cards but have held back on putting in a complaint for our mortgage PPI as it is pre 2005 which I understand brokers were not regulated?

Correct. The vast majority of brokers did not become regulated until 2005 and therefore do not need to consider complaints on sales made prior to 2005.

To cut a long story short, we had been turned down by Woolwich for a mortgage and the broker assured us if we took PPI he could guarantee we would get out mortgage and faxed it over to another branch of Nationwide (who we had the mortgage with) and not our local branch as he 'knew' the people there!

Being told you had to have it when you didnt is wrong. However, it is also typically the hardest complaint to succeed on as it is almost certainly unprovable and you can bet your life the broker documentation wont say anything that shows you had to have it.

I'm not expecting anything to really come of it, but we were put in a difficult position by the broker and we were both in Civil Service jobs with excellent sickness, redundancy and death in service benefits).

None of that is grounds for complaint.

We have statements but no credit agreement. Is it best to ask Nationwide if they have the original agreement as I would rather have a copy first before putting in the complaint.

MPPI doesnt appear on agreements. The fact it is standalone is one of the reasons MPPI has so few upheld complaints compared to loan or credit card PPI.

Mumpkin1

Correct. The vast majority of brokers did not become regulated until 2005 and therefore do not need to consider complaints on sales made prior to 2005.

In that case, if they do not consider the complaints, who do I complain to or is that it?!

Would the broker have a copy of the MPPI form? I'm guessing this is going to be difficult to get hold of.

Nationwide have said they will send me the original mortgage agreement, can I also ask for the PPI paperwork from them?

Thanks for the advice.

dunstonh

In that case, if they do not consider the complaints, who do I complain to or is that it?!

You dont have anyone to complain to. Its game over.

Would the broker have a copy of the MPPI form? I'm guessing this is going to be difficult to get hold of.

Probably. Although it wont help you.

Nationwide have said they will send me the original mortgage agreement, can I also ask for the PPI paperwork from them?

They wont have anything to do with the sale of PPI and therefore wont have any documentation in relation to it.

PolarPlateau

Another Company shill.

Nearlyold

PolarPlateau wrote: »

Another Company shill.

You forgot the "fully paid up" bit