M PPI - Claim? not claim? help!

hsj_2

Hi there - I am new and would be incredibly grateful for some advice!

I think I may have been mis-sold PPI on a mortgage but I know from reading this forum that MPPI is quite tricky to claim for – so I want to be very sure that I do have a case. I may well not have at all so your viewpoint would be very much appreciated in how to go ahead.
In 2003 I took out a 25 year mortgage with Nationwide (I still have this is still current) - I had an initial meeting with Nationwide with my parents (father was guarantor) and PPI was mentioned in this meeting – it was offered free for 12 months with the mortgage offer so the consultant said that we may as well take it out. There was a very brief explanation of what it was and it seemed that it would apply to me but it certainly sounded it came with the mortgage and you either took it or you didn’t there were no other options for having it (from any other provider).

I have dug out the paperwork I have as follows:
15.8.03 – At the above meeting: mortgage product confirmation document: 'Your decision regarding MPPI: No decision has been made yet regarding MPPI'.
September 2nd 03: they made me go for a ‘Personal Financial Review’: Financial Planning Report Part 1: recommendations: As part of the additional notes there is a sentence that says ‘You have decided to opt for the option of MPPI on your mortgage. The benefit you have chosen will pay your basic mortgage payments for a period of 12 months following a deferred period of 30 days.'. So I guess I must have said yes at the previous meeting?

At this meeting I received a big document on a decreasing term assurance plan & financial illustration of this– which was being heavily sold – but no mention of PPI here.
The day after I received (3.9.03) Document of Part 2: Actions agreed – no mention of MPPI. I declined the Assurance policy.
December 03 – mortgage statement received stating: PPI for 12 months says ‘FREE’.
Now it seems that it was as part of the mortgage offer (‘as promised in our offer to you..’) a monthly premium will not be charged for the first 12 months.
November 2004: In line with your original mortgage offer the first 12 months of your cover have been provided to you free of charge. From December 2004 the premium of £xx will be added to your monthly mortgage payments, making your total monthly payment £xxxx.
Then its been renewed automatically annually.
I just didn’t really notice it until a bout 6 years later when I was self employed and I don't think it related to me anymore (and hadn’t for a few years) so I then realized I could cancel it.

I am not sure if I have a case or not? Please could someone advise if this is or isnt worth pursuing - I am so scared of those PPI companies who just want to rip you off I dont think I'd get an honest answer from one of them.
Thank you!

magpiecottage

They offered you PPI free for a year.

If you did not want it after that then the onus was on you to stop it.

Having said that, if you had lost your income your home would have been at risk - so the product seems to have been suitable for you.

hsj_2

Thank you very much - so I'll put my files back in the loft again! Thanks for confirming I don't have a case, very helpful. Shame but nevermind!

dunstonh

The other thing is that appears to be quite a well documented advice case. Adviser cases only account for 0.2% of PPI cases at the FOS. This is not generally seen as an adviser issue. The non-advised cases tend to lack the sort of audit trail an adviser would have. MPPI also has a lower complaint ratio as well as it is generally regarded as the one PPI that is worth having (where there is a need and eligible).