Mortgage indemnity guarantee

NitroBN

magpiecottage wrote: »

So, if you think it is a rip off, why did you pay it? You could have simply not taken a mortgage.

Read my posts mate, it has not yet been paid, it will not be paid until the end when I settle the capital, however until then I am being charged interest on the MGI fee.

Perhaps this gives grounds it is not yet statute barred ?

As for why,

• Perhaps I suffer with severe ill health and was too ill at the time to pick up on it, coupled with being young and inexperienced as a first time buyer and otherwise distracted with other legal issues.
• Perhaps having shopped around with various lenders I had already got the mortgage agreed in principal with the lender so I knew my price range, paid out valuation fees amongst other legal charges only to be suddenly faced with a previously undisclosed fee.
• Perhaps I was also never advised by the lender a larger deposit could relieve me of this additional fee because adding this fee to the capital meant more return on interest for them, where as a larger deposit meant a lower interest return.
• Perhaps the lender never properly declared to me what the MGI fee was actually for, or should I say blatantly lied about its true purpose as I was told it was to protect me from additional liabilities to the bank if they should need to for close for any reason, which does not sound like it does what it says, if I was not the policy holder it was never going to protect me from anything.

All the above to me reeks of unreasonable conduct by a main stream high street lender of which they have become renowned for of late, hence why there is an all time low level of trust by the general population for the financial industry.

I would have thought most of the above should be good grounds for complaint, especially as I am still paying for it to this very day and have yet to finalize payment of the mgi fee surely meaning the contract is as yet incomplete.

I also doubt very much I was the only one to be met with such underhand tactics by those well experienced in taking advantage of others during one of the most stressful purchases a person could ever make.

dunstonh

Read my posts mate, it has not yet been paid, it will not be paid until the end when I settle the capital, however until then I am being charged interest on the MGI fee.

A choice you are making. You could have paid it off earlier.

Perhaps this gives grounds it is not yet statute barred ?

Transaction date is what counts.

Perhaps I suffer with severe ill health and was too ill at the time to pick up on it, coupled with being young and inexperienced as a first time buyer and otherwise distracted with other legal issues.

Old enough to buy a house though and take on a major debt. Illness is unfortunate but obviously your solicitor thought you were well enough to enter into the contract and could understand it.

Perhaps having shopped around with various lenders I had already got the mortgage agreed in principal with the lender so I knew my price range, paid out valuation fees amongst other legal charges only to be suddenly faced with a previously undisclosed fee.

MIGs were never undisclosed.

Perhaps I was also never advised by the lender a larger deposit could relieve me of this additional fee because adding this fee to the capital meant more return on interest for them, where as a larger deposit meant a lower interest return.

Highly unlikely. However, given the documentation you would have been issued, even if it wasnt said, it would still have been documented.

Perhaps the lender never properly declared to me what the MGI fee was actually for, or should I say blatantly lied about its true purpose as I was told it was to protect me from additional liabilities to the bank if they should need to for close for any reason, which does not sound like it does what it says, if I was not the policy holder it was never going to protect me from anything.

So, what you were told was correct and you have just verified you were told and knew about it. So, all your other "perhaps" reasons are made up and bogus.

I would have thought most of the above should be good grounds for complaint, especially as I am still paying for it to this very day and have yet to finalize payment of the mgi fee surely meaning the contract is as yet incomplete.

Apart from them being lies which you yourself verify did not happen.

roonaldo

You have already said you have been aware of the MIG from the outset, then it can be time barred as -

more than:
(a) six years after the event complained of; or (if later)
(b) three years from the date on which the complainant became
aware (or ought reasonably to have become aware) that he

had cause for complaint.


but again, wake up and read the previous posts as THERE IS NOTHING WRONG WITH MIGS

The "I was young" card also wont work, you were over 18 and an adult, unless you are saying you were mentally incapacitated.......

magpiecottage

NitroBN wrote: »

it has not yet been paid, it will not be paid until the end when I settle the capital, however until then I am being charged interest on the MGI fee.

It has indeed been paid. The lender paid. The condition of the loan was that a policy was in place. The lender therefore paid it and added it to the loan. Why did you not pay it in cash.

Perhaps this gives grounds it is not yet statute barred ?

No. As DunstonH says, the transaction was the purchase of the insurance policy, not subsequent repayment of the loan used to fund that purchase. Assuming the loan was made more than fifteen years ago, then going to court will almost certainly result in Section 14B of the Limitation Act 1980 being used to timebar it.

If you go to FOS, the lender will argue that insisting on the purchase of an insurance policy to protect itself (and its savers who, in the end, own the money you borrowed) was an exercise of legitimate commercial judgement and therefore it is outside of jurisdiction.

• NitroBN wrote: »

  Perhaps

• NitroBN wrote: »

  Perhaps

• NitroBN wrote: »

  Perhaps

• NitroBN wrote: »

  Perhaps

Neither a court nor FOS are interested in idle speculation.

I would have thought most of the above should be good grounds for complaint, especially as I am still paying for it to this very day and have yet to finalize payment of the mgi fee surely meaning the contract is as yet incomplete.

Why don't you complain then?

I also doubt very much I was the only one to be met with such underhand tactics by those well experienced in taking advantage of others during one of the most stressful purchases a person could ever make.

I doubt you were the only one not to read your offer properly - but that does not make it the fault of the lender.

Your solicitor at the time should also have explained the offer to you. So why not complain to them instead?