PPI Curiosity Question

moneyfoolish

My wife and I paid off our mortgage long ago but when we started the mortgage in May 1986 we automatically paid our buildings and contents insurance via Birmingham Midshires as we didn't realise we could go elsewhere for a better deal. I eventually cancelled their insurance in March 1994. I know it's far too late to claim PPI even if we were paying it but I am still curious to know if we were as I have no idea how I could tell! I have all my statements from April 1987 and the only entry lines are REPAYMENT for each month, INSURANCE which changes to O2-YEARLY INSURANCE (COMMERCIAL INSURANCE PREMIUM) and then to INSURANCE O2 (INDIVIDUAL INSURANCE PREMIUM), and finally INTEREST which is less than the total repayments but would be as there is always some capital to repay. The first insurance amount in 1987 was £145 which when I stopped it in 1995 had risen to £445. I've always assumed the insurance was merely Buildings and Contents and the repayments were interest and capital and have no reason to believe otherwise.

magpiecottage

moneyfoolish wrote: »

My wife and I paid off our mortgage long ago but when we started the mortgage in May 1986 we automatically paid our buildings and contents insurance via Birmingham Midshires as we didn't realise we could go elsewhere for a better deal.

Birmingham Midshires was a building society but was not a member of the Building Societies' Ombudsman scheme in 1986 (because if did not exist until 1987). So FOS would have no jurisdiction.


Nothing you have said indicates you had PPI.

dunstonh

we automatically paid our buildings and contents insurance via Birmingham Midshires as we didn't realise we could go elsewhere for a better deal.

in 1986 hardly anyone bought elsewhere as there wasnt the direct market you see today back then

I know it's far too late to claim PPI even if we were paying it but I am still curious to know if we were as I have no idea how I could tell!

ASU, as it would have been then, is typically a monthly standalone direct debit from your bank account. So, look at your bank statements.

I've always assumed the insurance was merely Buildings and Contents and the repayments were interest and capital and have no reason to believe otherwise.

If not separate direct debit and not on the mortgage statement then it wouldnt appear to exist.