PPI sold in 2005. Am I too late ?

Ireservetheright2armbears

In 2005 I remortgaged my house and 4 years worth of PPI premiums (over £4,500) were deducted out of my advance. Both my wife at the time and I were in long term full time employment and both with full wage rights for 12 months if either were long term sick. I took out the PPI just in my name both to reduce the cost and because I was told that the lender required the policy to secure the advance. The broker who arranged it is no longer in business but the PPI policy was with Norwich Union (I think) which is now Aviva. Am I too late to claim and, if not, from whom should I claim please ? Thanks very much.

P.S. My lender (Intelligent Finance) has confirmed that PPI was not a condition of the mortgage and that they didn't know anything about any PPI policy btw.

-taff

Ireservetheright2armbears wrote: »

Both my wife at the time and I were in long term full time employment and both with full wage rights for 12 months if either were long term sick.

These are good reasons for loan or credit card PPI but not for mortgage PPI

When did the broker sell it to you?

Ireservetheright2armbears

In 2005 is all I know for certain I'm afraid

magpiecottage

-taff wrote: »

These are good reasons for loan or credit card PPI but not for mortgage PPI

Yes but

Ireservetheright2armbears wrote: »

In 2005 I remortgaged my house and 4 years worth of PPI premiums (over £4,500) were deducted out of my advance.

So I think the OP is likely to have a valid complaint.

Ireservetheright2armbears wrote: »

In 2005 is all I know for certain I'm afraid

That makes it more difficult because you have to know who the complaint is against.

However it is not impossible.

Aviva may well be able to confirm it was single premium and may be able to give you the name of the broker.

Intelligent Finance may also be able to give you the name of the broker.

The solicitor who did the conveyancing may also have records of who it was.

However, as you say we need to know who the broker was.

dunstonh

The FOS have been rejecting complaints on the 6 months full pay, 6 months half pay reason when used with MPPI. It works with short term debts but not major long term debts (if you dont pay your credit card you get hassle and short term inconvenience. If you dont pay your mortgage, you lose the house).

As magpiecottage says though, single premium MPPI is a big no no. it should have been monthly premium.

Key detail that needs to be known is date of sale (regulation didnt start until January 2005) and who sold it as it would be the seller that you complain to.

Ireservetheright2armbears

Thanks for getting back to me with your observations guys ...

The seller of the policy was an IFA called Colin Warhurst t/a Sale Financial Services Planning Ltd based in Sale, Manchester. This would have been Spring/Summer of 2005 (certainly later than January 2005). This information was supplied by Intelligent Finance.

As the IFA appears not to be trading any longer, would it be worth my while to claim from Aviva ? Four years premiums in one hit does, in hindsight, appear to be completely out of order and obviously designed to prevent commission clawback should I ever have cancelled this policy given monthly contributions ...

Insider101

Ireservetheright2armbears wrote: »

Thanks for getting back to me with your observations guys ...

The seller of the policy was an IFA called Colin Warhurst t/a Sale Financial Services Planning Ltd based in Sale, Manchester. This would have been Spring/Summer of 2005 (certainly later than January 2005). This information was supplied by Intelligent Finance.

As the IFA appears not to be trading any longer, would it be worth my while to claim from Aviva ? Four years premiums in one hit does, in hindsight, appear to be completely out of order and obviously designed to prevent commission clawback should I ever have cancelled this policy given monthly contributions ...

No. All Aviva have done is to offer to underwrite an insurance policy in good faith. If you have an issue with the advice that was given to you then you complain to the IFA. Since it was a limited company which is no longer in business it might be worth speaking to the Financial Services Compensation Scheme.

magpiecottage

Ireservetheright2armbears wrote: »

The seller of the policy was an IFA called Colin Warhurst t/a Sale Financial Services Planning Ltd based in Sale, Manchester.

Found him here.

This shows he was trading as Clear Mortgages.

If we look here we find he was an Appointed Representative of Genesis HomeLoans PLC.

The Financial Services Compensation Scheme declared Genesis HomeLoans PLC in default in May 2011.

This means you can now submit a claim to the FSCS.

Ireservetheright2armbears

Quite an effort on my behalf there and I'm extremely grateful ... thank you very much !