Was I missold Mortgage PPI please?

shireknight

I took out a mortgage in November 2003 but because I had a poor credit rating I couldn't use a mainstream bank and used a specialist lender instead that deals with people with poor credit ratings called "The Mortgage Lender/Kensington Mortgages"

I was single with no dependants and no fear of being made redundant or becoming ill and I only took the protection because I was scared that I would be rejected if I didn't (at no point did they say they would reject me if I didn't though)

I've taken personal loans out in the past and always declined to take out any PPI plus as soon as my credit rating improved and my initial fixed rate term ended I moved my mortgage to The Woolwich (January 2007) and did not take out any PPI to cover it because I knew I didn't need it.

Do you think I have a claim please or is it my fault I didn't stand up for myself and decline to take the PPI and I should just write the money off in my head?

At most my claim would be worth approximately £1200.

chevalier

I think it is worth a try.
chev

roonaldo

shireknight wrote: »

I took out a mortgage in November 2003 but because I had a poor credit rating I couldn't use a mainstream bank and used a specialist lender instead that deals with people with poor credit ratings called "The Mortgage Lender/Kensington Mortgages"
.

The Mortgage Lender (aka TML Financial Solutions) went bust a few years ago. They would have sold you a single premium too. As it was in 2003 you dont have recourse to the FSCS. There is nothing you can do i'm afraid.

dunstonh

I was single with no dependants and no fear of being made redundant or becoming ill and I only took the protection because I was scared that I would be rejected if I didn't (at no point did they say they would reject me if I didn't though)

So, in that respect, it was not actually mis-sold.

Do you think I have a claim please or is it my fault I didn't stand up for myself and decline to take the PPI and I should just write the money off in my head?

Nothing you have said indicates any mis-selling. So, based solely on what you have said, there is nothing to complain about.

I think it is worth a try.

No, its not worth a try. Unlike the banks, brokers are personally responsible for the advice they give. So, a complaint to a broker sees the individual suffering the stress, anxiety and costs (which exist even with rejections). So, a try-it-on or fraudulent complaint against a broker where there is no mis-sale should not be encouraged. Also, statistically, most broker complaints fail as they do have the factfind, needs analysis and report that banks rarely, if ever, have. If there was a valid complaint reason then fair enough. A complaint should be made but there is nothing to complain about here.

Also, as the sale was pre-regulation, the broker would not have been regulated at the time (unlike banks) and therefore does not have to consider the complaint.

shireknight

Thanks guys appreciate your comments, I won't bother trying to take this forward then and thanks to your replies I won't spend the next ten years fretting over wherever I should have or not which is what I wanted :beer: