Not sure if it was PPI

G-Man_2

In 1992 my partner and I took a mortgage out with RBS and were sold something we were told would pay out in the case Martin was ever made redundant. He explained he worked for a local council who at the time had a no redundancies policy but she told us we needed this for the mortgage to go ahead. Being a couple of daft 21 year olds we took it out at £30/month on top of mortgage payments. I've called RBS and they have no record of PPI being attached to this mortgage.

So my question is, was there another thing similar being sold that wasn't PPI and only covered redundancy?

Thank you in advance for any help.

dunstonh

So my question is, was there another thing similar being sold that wasn't PPI and only covered redundancy?

No. It would fall under PPI (although it would probably have been called ASU back then which is a form of PPI). However, that isnt the issue. The bank are saying they have no record of it.

Did you buy it through the bank or a broker?
Have you got any evidence to show you paid it?
Are you sure it was MPPI/ASU? (maybe it was life assurance or MIG that was paid over a short term - quite often we see MIG getting mixed up with PPI - MIG is the mortgage indemnity guarantee where people paid a premium if their borrowing was above 75% loan to valuation (some lenders moved to 85%)

G-Man_2

dunstonh wrote: »

No. It would fall under PPI (although it would probably have been called ASU back then which is a form of PPI). However, that isnt the issue. The bank are saying they have no record of it.

Did you buy it through the bank or a broker?
Have you got any evidence to show you paid it?
Are you sure it was MPPI/ASU? (maybe it was life assurance or MIG that was paid over a short term - quite often we see MIG getting mixed up with PPI - MIG is the mortgage indemnity guarantee where people paid a premium if their borrowing was above 75% loan to valuation (some lenders moved to 85%)

Hi,
It was all done through lady at the bank who was sorting out our mortgage and payments were taken out same day as mortgage payment. Definitely not life insurance, she told us it was solely to aid us in time of redundancy. And then when Martin explained he didn't face redundancy she told us we really needed to have it before we would get mortgage. (Looking back we were incredibly stupid/naive.)
Our mortgage was 25 year endowment deal for £31,500. Had it from 1992 until we moved in 2001 at which point we used proceeds to pay off that mortgage and got a new one for present house. Threw out all statements from that period a good few years ago. (stupidity kicking in again!:()

Sorry forgot to say the £30 was taken off every month until we moved and changed mortgage providers.

dunstonh

Most MPPI was standalone and not built into the debt. This is one of the reasons why mortgage insurances have much lower success rates on complaints (because they are typically set up correctly). It also means that the paperwork will frequently not be included with the mortgage paperwork. The firm would have little reason to retain documentation for policies that lapsed 12 years ago and as it was closed before electronic filing, they would have no reason to transfer that old data onto current systems.

Chances are you are going to need to provide the evidence.

Also, note that the FOS just in the last few weeks rejected a complaint on MPPI where someone had 6 months full pay, 6 months half pay and considered it a secure job. It considered the term of the mortgage and the importance of covering the debt to be more important than short term debts.

G-Man_2

Thank you for your help.

I've sent off a request to the bank for statements from back then and will see if anything becomes any clearer.

[Deleted User]

G-Man wrote: »

I've sent off a request to the bank for statements from back then and will see if anything becomes any clearer.

Statements from 1992?
Even if available that's going to be expensive....

dazza12

You may be lucky with older data with RBS, but not necessarily paper copies such as agreements.

RBS maintain a number of systems, their current system from 2001 to the present, and an archive system from 1992 (some departments from 1991). Approximately 4 years prior to that on microfiche is retained, and older data is offsite with a third party.

In terms of statements, it may be cheaper to do a SAR. £10 and a request will get you all data they hold on you. That said, some people have been able to get batches of statements for £5 a request.

However as dunstonh has advised, it may not be worth pursuing due to the low uphold rate of MPPI.