Advice Please re Old PPI / Endowment

Rose-Lea

Hello Everyone

I'm the new girl and am a little confused. I had been contract by a PPI company regarding claiming on a couple of loans and mortgage I had 10 years ago. I managed to get a copy of the loan agreements and the terms from the bank - there is still one previous mortgage that I had with them prior to this and when I have spoken to them on the phone they say yes they had it on their system and will send it to me, but then they write and say they don't have this information - which is confusing.

Anyway, I was "forced" to sell my home back in 2004 because I became unwell and when I tried to claim on the insurance, they said that they did not cover the type of illness I had.??? I at the time was distraught as I thought I was covered but was too ill to argue and thought their was nothing I could do. So, I sold my house, got into debt, etc, etc.

Since talking to the PPI claims people they think I could reclaim on miss-sold PPI/Mortgage and I want to do this myself, but the question I'm leading to is, can I do that if it is 10 years old. Two loans were Capital Repayments and one was an Endowment? But I don't know how much of any of these were PPI?

dunstonh

there is still one previous mortgage that I had with them prior to this and when I have spoken to them on the phone they say yes they had it on their system and will send it to me, but then they write and say they don't have this information - which is confusing.

Mortgages dont have credit agreements. they have contracts/offer letters.

Anyway, I was "forced" to sell my home back in 2004 because I became unwell and when I tried to claim on the insurance, they said that they did not cover the type of illness I had.?

That sounds like critical illness cover rather than PPI.

Since talking to the PPI claims people they think I could reclaim on miss-sold PPI/Mortgage

So, despite the product you had not sounding like PPI, they want you to put in a PPI complaint. And a mortgage complaint as well even though it was before mortgage regulation?

I want to do this myself, but the question I'm leading to is, can I do that if it is 10 years old. Two loans were Capital Repayments and one was an Endowment? But I don't know how much of any of these were PPI?

First of all, did you have PPI?
secondly, who sold it to you? (important as your dates are pre-regulation for insurance)
thirdly, how were you mis-sold?

societys_child

Fourthly . . . don't believe anything a claims co tells you.

Jack06019

Have you done a Subject Access Request (SAR) to the lender? Under Data Protection they are required to provide you with copies of all documents, there is a £10 fee for that. This would be your first step if you haven't done so already. Lenders are not required to keep documents longer than 6 years after the account is closed, however if the loan was secured on your home you can get an office copy of the deed from the Land Registry if you were a party to the deed for £11. It's not correct that a credit agreement is not a 'mortgage', if the agreement incorporates a 'legal charge' (it will state this in the agreement, this is the legal term for any advance of money intended to be secured on land) it can be secured against property.

dunstonh

It's not correct that a credit agreement is not a 'mortgage'

It is correct. You have a contract or offer letter. Not a credit agreement. Mortgages are not regulated under the consumer credit act.

Its irrelevant anyway as mortgage insurances dont appear in the offer letter anyway.

-taff

Jack06019 wrote: »

Lenders are not required to keep documents longer than 6 years after the account is closed

Also not correct.

Lenders are obliged to keep your information for as long as necessary, or a recommended [by the FSA] 6 years.

This means that in theory, you should have access to 6 years of accounts, in practice though, it can vary from 20 to zero years....

Insider101

-taff wrote: »

Also not correct.

Lenders are obliged to keep your information for as long as necessary, or a recommended [by the FSA] 6 years.

This means that in theory, you should have access to 6 years of accounts, in practice though, it can vary from 20 to zero years....

Record keeping is a balancing act. The DPA actually requires then to keep records for no longer than they are necessary. FCA requires them to keep sufficient records with a stated minimum period depending on the business type. How long is necessary is a matter of legitimate commercial judgement and sometimes comes back to bite you where it hurts.

Insider101

Rose-Lea wrote: »

Hello Everyone

I'm the new girl and am a little confused. I had been contract by a PPI company regarding claiming on a couple of loans and mortgage I had 10 years ago. I managed to get a copy of the loan agreements and the terms from the bank - there is still one previous mortgage that I had with them prior to this and when I have spoken to them on the phone they say yes they had it on their system and will send it to me, but then they write and say they don't have this information - which is confusing.

Anyway, I was "forced" to sell my home back in 2004 because I became unwell and when I tried to claim on the insurance, they said that they did not cover the type of illness I had.??? I at the time was distraught as I thought I was covered but was too ill to argue and thought their was nothing I could do. So, I sold my house, got into debt, etc, etc.

Since talking to the PPI claims people they think I could reclaim on miss-sold PPI/Mortgage and I want to do this myself, but the question I'm leading to is, can I do that if it is 10 years old. Two loans were Capital Repayments and one was an Endowment? But I don't know how much of any of these were PPI?

PPI wouldn't have been part of your mortgage loan it would have been a separate payment from your current account. But Dunstonh is right, PPI doesn't generally exclude specific conditions (sometimes stress related illnesses or back problems, simply because these are the hardest conditions to honestly diagnose and the ones that all the try- it-on sicknotes use. Not much else). It might have a generic exclusion for pre-existing medical conditions but that's about it. Other than the above it will cover your for pretty well any condition which leads to your needing time off work.

Critical illness in the other hand has a defined list of conditions which are deemed to be "critical". If your illness falls into those categories it will be covered. If it doesn't then it won't.

I suggest you try and find out for definition what type of cover you had. Then consider whether you have grounds for complaint about it.

If it is critical illness it was probably put in place under an advice process by a qualified mortgage adviser. So your average PPI- geared ambulance chaser are likely to be way out of their depth trying to put a convincing complaint about it.

-taff

You wouldn't have had PPI on the endowment.

A lot of mental problems are not covered by PPI, like depression etc, so if you had this, then no, you wouldn't have been covered.

If they told you your complaint wasnt covered. but it should have been according to the terms of your cover, then you have a complaint. If it wouldnt have been, you haven't,

Remember that a PPI claims company will tell you whatever you want to hear to get your business, it's the same thing as an e-mail from someone with a Nigerian bank account who wants to transfer some money....