bikemad

bikemad_2

Hello all
I have been plagued by phone calls from payment protection cold callers. I decided to look at our old mortgage policies and found out that we have been paying ppi for 10 years but the problem is when we were paying this policy we did not realise it. We would not really have wanted a payment protection policy in the first place because we had a number of life insurance policies and we were also paying a family accident policy with my union. The question is this-
I had a brain injury in 2007 and had to give up working [I was incapable of normal functioning for a number of years] - I know now I should have claimed on this payment protection policy when I had my injury back in 2007 because I still continued to pay the mortgage until 2009. I had my pension paid out and my mother died and therefore managed to get enough money to pay the mortgage off. Should I claim for being miss sold the PPI in the first place or try to claim that the ppi should now pay us the amount that paid off the mortgage?
Sorry its so long and complicated

-taff

You can try asking them if they'll refund you and that due to your brain injury you didn't realise the PPI would pay it....
I doubt you'll get anything for it being missold, because it wasn't useless, you just didn't think about it.
I don't know anyone who doesn't have mortgage protection of some kind who has dependants, so saying you didn't know you were paying it is a bit of lost cause....

I'm also bumping this one up so dunston can see it.

dunstonh

I decided to look at our old mortgage policies and found out that we have been paying ppi for 10 years but the problem is when we were paying this policy we did not realise it.

Whilst that argument can work on loan PPI, its a bit of a push to believe it on MPPI. A monthly direct debit coming off your account for 10 years yet you didnt know about it?

We would not really have wanted a payment protection policy in the first place because we had a number of life insurance policies and we were also paying a family accident policy with my union.

An MPPI policy does not overlap with life assurance or a family accident plan.

Should I claim for being miss sold the PPI in the first place or try to claim that the ppi should now pay us the amount that paid off the mortgage?

How was it mis-sold?
How did you buy it? (broker or lender - key as brokers only became regulated in Jan 2005 whereas banks have to consider earlier sales)

Depending on how you bought it, you may be able to get a refund for the premiums you paid from the point you cleared the mortgage. (a lender may well consider that but a broker wont). You could consider asking them to look at making a claim for the injury in 2007. However, 5 years after the event, that would be at their discretion. Although with a brain injury, they may well consider it.

Nothing you have said indicates any mis-sale. However, there may be options for a part refund depending on where you bought it.

bikemad_2

Thank you for replying to my problem. If I had known about the policy then I would've claimed on it when I realised I had a payment protection insurance policy– after I had had my accident! Only now I am finding out that I had one. So it is the truth when I say I didn't know we had it. It was wrapped up in a large amount that went out of our account by direct debit that would vary sometimes because it was an open plan policy where the more you paid the quicker it would go down regardless of the interest rate. I must admit, though, we were not very good at keeping tabs on our finances.
We also had an endowment mortgage running that was failing to provide an adequate amount to repay the large loan. The accident policy was there to give a lump sum if anything happened to either of us, so it would help to pay off things like the mortgage or help with any financial problems we had. Which is what I assume a PPI is for.
Because of brain injury I also failed to alert the accident policy until three years after the accident but they were good enough to realise that the brain injury caused me to forget the policy.
It was a Woolwich Open Plan repayment mortgage sold by Barclays and I do feel that the main problem is that I did not claim on it rather than being miss sold the policy.
What do you think my next steps should be?

-taff

Write to them, explain your situation, tell them you can provide proof of your situation, tell them why it's taken you so long to get in touch about it, ask them to honour the policy and see what they say.

bikemad_2

Thanks very much at least now there is some direction on what I need to do. I will let you know what happens

dunstonh

I would look at making a claim on the policy rather than complaint. With a brain injury, you have a good reason for delay and they are required to be sympathetic to that. It doesnt mean they will handle the claim after all this time but you have a stronger chance than most.