PPI query - company not known

Sevenfour8

When we bought our 1st home in 1995, we were told that a condition of the mortgage was that we had to have insurance. We were given this advice by the house builders financial advisor. He set everything up for us and our mortgage was with The Leeds which went on to become Halifax.
I made a claim on the insurance in 96 when I was made redundant. It took ages for this company to pay out and we nearly defaulted on the mortgage.
When the news was announced that PPI could be reclaimed, I tried desperately to find any documentation relating to the insurance company. Annoyingly, I used to keep all of my bank statements up until about a year before ppi claimback was announced which would have shown the name of this company. I tried my bank but they said they can only go back as far as 2001.
I contacted Halifax and they found my old mortgage account, but said that as the insurance company wasn't one they'd supplied, they couldn't help me.
I've emailed the housebuilder (Fairclough Homes) but haven't had a reply.
What should I do next to identify this company?

societys_child

We were given this advice by the house builders financial advisor. He set everything up for us

This is who you would complain to, however they may not have been regulated at the time and it may also have been a condition.
As you've made a claim, that kind of suggests that you needed it?

Pink1808

Sevenfour8 wrote: »

I made a claim on the insurance in 96 when I was made redundant. It took ages for this company to pay out and we nearly defaulted on the mortgage.
When the news was announced that PPI could be reclaimed, I tried desperately to find any documentation relating to the insurance company.

PPI can be reclaimed if it has been mis sold, however as you said you made a claim in 96 and it paid out so to me the insurance was needed and served its purpose.

Could I just ask why you feel the need to reclaim it back?

dunstonh

When we bought our 1st home in 1995, we were told that a condition of the mortgage was that we had to have insurance.

In 1995, life assurance and buildings insurance were typically the two types of insurance that were mandatory. However, there were a range of deals in that period that required the purchase of insurance, such as ASU, to get the deal.

Mortgage advisers frequently require you to buy insurance through them to enable them to give "free" mortgage advice. This was allowed then and is still allowed today as long as the insurance sold is suitable. You claimed on the policy so it was clearly suitable.

I made a claim on the insurance in 96 when I was made redundant. It took ages for this company to pay out and we nearly defaulted on the mortgage.

So, whilst the claim was not smooth, thank goodness you had the insurance. If you hadnt you would have defaulted. Possibly repossessed as well.

What should I do next to identify this company?

Give up. That is unless you wish to thank the adviser for saving you.

The builders financial adviser would not have been regulated until January 2005. You did this 10 years before regulation. So, its game over.

Also, the policy did its job and it saved you from defaulting. You should be thanking that financial adviser. Not trying to put in a complaint against them.

You are not missing out on anything. Most mortgage insurance complaints are rejected. Adviser PPI complaints only account for 0.2% of PPI complaints at the FOS. Most of those are rejected. You were clearly eligible as a claim was paid out. So, there is no complaint there. Even on upheld complaints, the amount paid out under a claim is deducted from the redress. You probably had more paid out on claim than you paid in premiums given that you only paid it for a year before claiming on it. So, chances are you owe them money if you complained to say you shouldn't have had it and want to be put in the position you would have been had you not had it.