Mortgage PPI

sammyjanexx

Hi,
I've been advise that I need to contact the Financial Advisor to see if PPI was sold when I took out my Mortgage in 1999, however he is no longer trading and my Mortgage comapany won't advise me if PPI was taken out, what can I do next?

McKneff

Do you have any mortgage documents yourself.

Are they mortgage company telling you why they wont tell you.

Even if you had this, then what.

Normally, its a good idea on mortgages, it would pay your mortgage if you popped your clogs etc.

What kind of mortgage is it.

dunstonh

sammyjanexx wrote: »

Hi,
I've been advise that I need to contact the Financial Advisor to see if PPI was sold when I took out my Mortgage in 1999, however he is no longer trading and my Mortgage comapany won't advise me if PPI was taken out, what can I do next?

Game over.

Your mortgage company wont know if you have PPI or not as they didnt arrange it. Your adviser at the time had the liability for the advice given. However, most mortgage brokers did not become regulated on insurance until January 2005. Even if he was in the tiny minority that was a member of GISC, the protection that exists to cover non-trading advisers on insurance only started in January 2005.

On the upside, there are far fewer upheld complaints on mortgage PPI and advised cases only made up 0.2% of PPI complaints in 20011/12 at the FOS. The FSCS only upheld 5% of complaints against mortgage advisers. The PPI issue is not deemed to be an adviser failing but a sales agent failing by non-advisers.