PPI Query

HolidayMaker123

I paid PPI with my mortgage direct to the lender who then passed the payment to the correct company. I have tried to make a claim but the mortgage company have said the policy was not with them (and no they can't help with who the money was passed to)!.

I have no paperwork for the policy and I assumed, incorrectly, that the policy was with the mortgage company.

I can prove I've paid the premiums as they are on my mortgage statements (2005-2008) but no one seems to be able to tell me who the company was.

We were given a name at one stage of a potential company, who has since gone into administration, and the financial ombudsman wants the policy documents before a claim can be paid out.

Is there any thing I can do or can anyone suggest anything to help?

Thanks

dunstonh

The seller is responsible for the sale. Not the lender (unless the lender was the seller).

You complain to whoever sold it. However, be aware that both MPPI complaints and broker complaints have low success rates on complaints. Reasons need to be stronger than loan and credit card.

We were given a name at one stage of a potential company, who has since gone into administration, and the financial ombudsman wants the policy documents before a claim can be paid out.

The FOS has no remit to deal with a complaint where the selling company is no longer in business and has no assets. Indeed, the FOS wouldnt have even investigated it yet. Let alone agree that your complaint is successful. If the selling company is still trading then the FOS will not rule until the selling company has been given a chance to answer the complaint. I suspect at this stage, the FOS are trying to find out who sold it.

societys_child

HolidayMaker123 wrote: »

I paid PPI with my mortgage direct to the lender who then passed the payment to the correct company. I have tried to make a claim but the mortgage company have said the policy was not with them (and no they can't help with who the money was passed to)!.

I have no paperwork for the policy and I assumed, incorrectly, that the policy was with the mortgage company.

I can prove I've paid the premiums as they are on my mortgage statements (2005-2008) but no one seems to be able to tell me who the company was.

We were given a name at one stage of a potential company, who has since gone into administration, and the financial ombudsman wants the policy documents before a claim can be paid out.

Is there any thing I can do or can anyone suggest anything to help?

Thanks

You've given no reason in your post why you believe it was mis-sold? There is nothing wrong with having MPPI as it protects what is probably your most valuable asset.

HolidayMaker123

Sorry I believe its the FSCS that are now looking into this and not the FOS.

They have been very helpful and have given me the names of the top 3 insurance companies that Kensington use, I have called them but none hold my details.

The policy was sold by a financial advisor who has since ceased trading. I was advised to take the policy to ensure that we got accepted for the remortgage and as we were close to losing the house we would have done anything to save it.

As the payments were taken alongside the mortgage I assumed, wrongly, that the policy was with Kensington. If I had needed to make a claim I would have called them and I am assuming they would have referred me to the correct company. If this is the case why are they unable/unwilling to give me the details now?

I am beginning to think that the MPPI company is a subsidiary of Kensington.

dunstonh

They have been very helpful and have given me the names of the top 3 insurance companies that Kensington use, I have called them but none hold my details.

Kensington have never sold PPI. So, that is a wild goose chase.

You are wasting your time. If its pre January 2005 then there is no-one to complain to.

magpiecottage

If the policy was recommended on or after 14 January 2005 you can seek assistance from the FSCS. However, if the recommendation was before then you cannot - even if it did not start until afterwards.


Even if it was, you will have to produce evidence that it was missold. That is particularly difficult for MPPI

HolidayMaker123

You're right Kensington did not sell this policy, its against the financial advisor who did. Even though I can prove I have paid it they will not release details of who the money was passed onto. Advise was given after January 2005 too. Its obviously not as easy as it appears to be.

magpiecottage

Kensington can probably tell you who sold you the mortgage which will probably be the same firm.

However, that is not the same as demonstrating that the policy was missold.