old mortgage reclaim

flat_earth_society

Hello i am wondering if anyone can help me? im new to forums but i seem to have hit a brick wall.
Around 1989 i took out an endowment mortgage with the Derbyshire building society. I was press ganged into taking a protection policy called 'budget cover', this was sold to me on the basis that my mortgage would be paid if i was made redundant. Was expensive but peace of mind !
Lo and behold i was made redundant, and then found out it only covered the interest? I eventually lost my house, and have been bitter for years about this.
Tried ppi claim, they said its too long ago, have no records of any kind from that long ago.
I gave them my old account number , but they found (they claim) nothing. It's the nationwide now who own Derbyshire, and they don't want to know either.
They acknowledge budget cover was a ppi, but won't look into it? Anyone had similar experience? and what did you do? Thanks steve.

dunstonh

Lo and behold i was made redundant, and then found out it only covered the interest? I eventually lost my house, and have been bitter for years about this.

No point being bitter. Back then, it could only cover the interest. There were limits on the amount you could have. Those limits have been increased since then but there are still limits. Plus, you wouldn't lose the house if you were making the interest payment. So, you must be mistaken in your recollection or something else caused you to lose the house.

Tried ppi claim, they said its too long ago, have no records of any kind from that long ago.

Plus it paid out on a claim.

I gave them my old account number , but they found (they claim) nothing. It's the nationwide now who own Derbyshire, and they don't want to know either.

It wouldnt be linked to the mortgage directly. One of the reason mortgage insurance complaints mostly fail is the fact they are standalone products (as well as covering a major debt).

They acknowledge budget cover was a ppi, but won't look into it? Anyone had similar experience? and what did you do?

You dont appear to have any grounds for complaint and you benefitted from the policy. Your argument that you wanted the mortgage payment protection to cover more than the mortgage payment when it was not possible to do so is not logical. it can only do what it can do and in your case it did its job.

hijimhere

I have a not to dissimilar situation - I had an endowment which I was asked to take out a policy to pay the interest - unfortunately, after nearly 10 years we lost the house due to reduced income - my wife became incapacitated. Despite asking to remortgage on with a repayment (I still had 24 years till retirement) we were pursued relentlessly. We lost the house. is there a time limit on seeking the policy that was supposed to cover the interest?

dunstonh

is there a time limit on seeking the policy that was supposed to cover the interest?

You should claim on the policy within a reasonable time. Typically 120 days.