RBS loanguard PPI on mortgage

justjohn

RBS loanguard PPI on mortgage

Seem aprox 1994 onwards RBS was doing mortgages. Packaged with RBS Loanguard PPI.

I had one of these mortgages and like many was told PPI was compulsory.

I remember at the time querying it with the RBS adviser. I also remember wondering why there was a PPI option box on the Mortgage application if it was compulsory.

Has anyone attempted to claim this back?

dunstonh

Seem aprox 1994 onwards RBS was doing mortgages. Packaged with RBS Loanguard PPI.

That was actually common with a number of lenders in the mid 90s.

I had one of these mortgages and like many was told PPI was compulsory.

Well it would be if it was a packaged deal.

I remember at the time querying it with the RBS adviser. I also remember wondering why there was a PPI option box on the Mortgage application if it was compulsory.

The same mortgage applications were used for packaged deals and non-packaged deals.

Has anyone attempted to claim this back?

You haven't given any valid reasons for complaint. The compulsory issue only exists if the policy wasnt actually required. Where it was required, then it is not a mis-sale. Packaged deals are allowed.

justjohn

Well that's fine but was also told at the time it could be canceled after one year. ( so does not seem that compulsory lol )

Thing is, I was not told that I could use other PPI providers. However I was told that I could use other building insurance providers other than direct line(rbs insurance).

Seems a bit iffy looking back on it now.

As for reasons for mis-sale it was not needed as my wife was an NHS employee and would have been on good sick pay.

How do I find out if it was a package deal. actually compulsory?

dunstonh

Well that's fine but was also told at the time it could be canceled after one year. ( so does not seem that compulsory lol )

That was exactly what the deals were. It does make purchase compulsory.

Thing is, I was not told that I could use other PPI providers.

That is because it was a packaged deal. They were not making it a lending decision. You were buying a deal with a certain rate as long as you bought the insurance product through them.

Seems a bit iffy looking back on it now.

Nothing wrong with it at all.

As for reasons for mis-sale it was not needed as my wife was an NHS employee and would have been on good sick pay.

A good reason with loan and credit card PPI but fails on two counts with MPPI.
1 - the FOS have been rejecting complaints on MPPI with 6 months full pay/6 months half pay as mortgages are long term and MPPI typically pays out in addition to employer benefits
2 - it was compulsory to have it.

How do I find out if it was a package deal. actually compulsory?

Look at your paperwork. However, as I said, it was very common from around 1993 to around 1998 with some going on as long as early 2000s. You dont see it much nowadays. The one year tie in for the insurance was a common term.