ppi - have we got a chance?/

raq

Morning everyone

We keep getting a lot of calls from various ppi companies on the house phone and also mobile phones. We always put the phone down. Anyway, friday night my hubby actually answered the phone and spoke to a very helpful lady. Basically she said if we had a mortgage with Alliance and Leicester (part of the santander group ) then to pull out our paperwork and give them a call and go from there.

I have listed the following below:

had our first mortgage from 1997 to 2005 with A & L

Also, had the following credit card:

Morgan stanley in 1999 - 2002

Also had a loan but cannot for the life of me remember who it was with.

Have we got a chance with the morgage one??

It,s bugging me now only because of the information the lady gave us.

Many thanks

dunstonh

Have we got a chance with the morgage one??

You had a mortgage. However:
1 - you don't say if you had PPI or not
2 - you don't say who you bought it through (branch or broker)
3 - you don't say if it was mis-sold or not

If you can answer those, we may be able to help.

raq

dunstonh wrote: »

You had a mortgage. However:
1 - you don't say if you had PPI or not
2 - you don't say who you bought it through (branch or broker)
3 - you don't say if it was mis-sold or not

If you can answer those, we may be able to help.

Hi there

Thanks for your post

My husband is 99% sure we did because when we took the mortgage out it was our very first home together and said about job losses and so forth at the time

We got it through our regular broker

Mis-sold, to be honest with you, really unsure.

Thanks

dunstonh

Your answers mean that even if you were mis-sold, you are not able to complain. Mortgage brokers only became regulated in January 2005. So, they only have to consider complaints on products bought after January 2005. Not before.

It is the mortgage broker that you would be complaining to. Not the lender. So, if there is no reason for complaint (and ignoring the pre-regulation bit) you would be souring the relationship as any redress would come out of the brokers pocket. Not the lenders.

Brokers are required to make you aware of the risks and solutions to cover those risks. Mortgage insurances are considered the norm. Most mortgage insurance complaints get rejected by both firm and the FOS. Indeed, the reasons you have given for having it are valid and quite normal. This is not like a credit card or loan where failure to pay creates hassle but that is all. Failure to pay the mortgage can mean loss of the hose. That is a major lifestyle change and far more important to cover.

Today, MPPI is still retailed. It is one of only two PPI types that still is. It is generally regarded as the one PPI that is worth having.

It also goes to show what parasites these cold callers are. She was trying to get you to put in a complaint to the bank. Banks have such a volume of complaints that they often auto payout. Their audit trails tend to be dire as well which makes it harder for them to support their sales. Yet adviser/broker cases tend to have much better audit trails (the FOS publicly commended advisers back in November last year saying as much and giving it as a reason why complaint upholds are lower with adviser/brokers). However, A&L have no liability and they would have told you to complain to the broker. The broker, despite not being covered at the time and being able to reject it would consider your relationship tainted as they wouldnt trust you any more. (if you had a valid complaint then that is fair enough - However, adviser/brokers need to trust their clients and vice versa and a claims company generated template letter blows that out of the water).