Mppi claim - countrywide

mum2boyz

Hi

I don't know if anyone can help, but in 1997 my husband and I bought our first home and sorted everything through an Advisor at the Estate Agents. He was though Countrywide Financial services and arranged our mortgage through Nationwide. In addition to this however he set up an endowment policy, life and ci cover and a payment protection plan. Telling us all of this would be necessary to secure the mortgage.
We sold the house 3 years later and cancelled the various policies but I am now a lot more savvy and in hindsight feel that this mppi policy was not necessary. We were both in secure jobs, had full sickness, redundancy and death in service packages, on top of this we had the life and ci cover and the endowment he had set up too.

My query is this, as I no longer have any of the paperwork for this policy does anyone have any ideas who I should write to or how I could go about finding out more about this. Really annoyed with myself as only threw this away a couple of years ago

[Deleted User]

You complain to the seller of the policy, but it's eight years before regulation and without any documentation you'll be unlikely to be able to progress this further.

mum2boyz

Moneyineptitude wrote: »

You complain to the seller of the policy, but it's eight years before regulation and without any documentation you'll be unlikely to be able to progress this further.

Thank you for that x so is this different to the ppi regulations then? As the financial advisors who set it up, wouldn't they have been regulated?

Sorry if I seem a bit thick

magpiecottage

mum2boyz wrote: »

Telling us all of this would be necessary to secure the mortgage.

I doubt you can prove that after all this time. It may even be that it was because it was true.

We were both in secure jobs

You mean like those service personnel in Afghanistan who have been made redundant.

In 1997 I joined a firm on a one year temporary contract, working alongside "permanent" staff in "secure" jobs. I left in 2004 - nearly three years after almost all of them had been made redundant.

[/quote]had full sickness[/quote]What exactly do you mean by that? I have seen people use that expression to mean they get Statutory Sick Pay (and nothing else).

redundancy

I have yet to see a contractual redundancy package. If your employer goes bust you will get only the statutory amount.

and death in service packages, on top of this we had the life and ci cover and the endowment he had set up too.

None of which would provide an income if you were too ill to work and still alive. Admittedly the CI might pay the mortgage off but not if you got the "wrong" illness.

My query is this, as I no longer have any of the paperwork for this policy does anyone have any ideas who I should write to

You write to the seller. However, from what you say, the product would seem to be suitable for you. You cannot prove what was or was not said and because it predates the regulation of mortgages and general insurance, even on a voluntary basis, by some years, FOS will have no jurisdiction.

If you try to take them to Court they will be able to rely on Section 14B of the Limitation Act 1980 to stop you.

sun73

Was the advisor an agent of countrywide assured plc? If so, you might find some details about your policies by sending them a SAR. Insurance companies tend to keep records longer than banks.


Did Nationwide provide the mortgage ppi? You could phone their customer services and check if they still have an account number for the old mortgage. They sent me information about an endowment taken out in 1990 and surrended in 1996.

mum2boyz

Thank you for that

The company I worked for at the time was the coop and I worked within the head office. I also worked across many areas of the coop including pharmacy, travel and eventually retail management. The company itself did have a redundancy package I place although I cannot remember the details as I left several years ago. My sickness policy was full pay for 6months and half pay for 6 months. My husband worked for the same company and had exactly the same benefits. If I remember correctly the DIS was 4x salary. We were also in the fortunate situation where our families would have been able to help us in an emergency.
I'm not saying that the job was 100 % secure (is anything).
My issue is that we were told we had to have it to get the mortgage, and I know it would potentially be my word against theirs. I believe the advisor was part of countrywide rather than an IFA again I could be completely wrong, but it was just a query. I will try to see if I can contact countrywide directly, but may also try nationwide incase it was through them.

[Deleted User]

mum2boyz wrote: »

The company itself did have a redundancy package

No one is guaranteed a redundancy payment, I'm afraid.

You can ignore the pre-regulatory environment you bought the insurance within and press on, but you can be certain that the respondent to your complaint will not ignore it. The regulation of mortgages and general insurance only began in January 2005, so unless you bought through a bank or similar any complaint can be dismissed on that basis alone.

mum2boyz

Moneyineptitude wrote: »

No one is guaranteed a redundancy payment, I'm afraid.

You can ignore the pre-regulatory environment you bought the insurance within and press on, but you can be certain that the respondent to your complaint will not ignore it. The regulation of mortgages and general insurance only began in January 2005, so unless you bought through a bank or similar any complaint can be dismissed on that basis alone.

Thank you for your reply, I appreciate your advice, which is why I asked for help on here.

I never believed the redundancy package was guaranteed, but from knowing the company and having worked there for many years I'm aware that there was policy in place, how much any package (if any) would have been paid, i have no idea, the reason I mentioned it was that all of the companies I have worked for (3 in the last 25 years) have all been very large, established, secure businesses as opposed to smaller more vulnerable companies. Whilst this would not make me immune to risks, I felt that I possibly had a case.

I was not aware of the regulatory issues with these types of advisor, which is why I'm grateful for your advice

dunstonh

The company itself did have a redundancy package

irrelevant as it doesnt overlap with MPPI. plus, its not guaranteed.

y sickness policy was full pay for 6months and half pay for 6 months.

Again not an issue with MPPI. FOS has rejected complaints on that basis. Its a good reason with loan and credit card PPI but not MPPI.

If I remember correctly the DIS was 4x salary.

Irrelevant. No overlap with MPPI.

We were also in the fortunate situation where our families would have been able to help us in an emergency.

Irrelevant as its your finances that matter. Not theirs.

My issue is that we were told we had to have it to get the mortgage

If you have evidence of that then its a good complaint. If you have no evidence it will be rejected on that point (ignoring other issues).

I believe the advisor was part of countrywide rather than an IFA again I could be completely wrong

They may have been tied agents. I cant see an estate agent paying full whack authorisations for IFA status for an estate agent mortgage adviser.