Sickness & redundancy ppi ?

MAGICPAWS

Just looking for s bit of help !
I took out a mortgage in 97 with Abbey national after speaking to an adviser at w h brown estate agent & it seems like I have a sickness & redundancy policy which I pay monthly to Wessex admin who I've never even heard of !
I have no paperwork for this in my files & after reading all the stories of mis selling I was thinking if I had a case.
I also have a sickness scheme at work where I have been for the last 23 yrs & my wife who I took out the mortgage with is diabetic (for the last 24 yrs) & is also self employed
Does anyone think we have a case for being mis selling ?
Cheers Duncan

dunstonh

Does anyone think we have a case for being mis selling ?

Nothing you say suggests any wrongdoing or issue.

I also have a sickness scheme at work where I have been for the last 23 yrs & my wife who I took out the mortgage with is diabetic (for the last 24 yrs) & is also self employed

Work benefits can be a good reason with short term debts. However, the FOS have been rejecting complaints from people with 6 months full pay, 6 months half pay (the typical maximum) with MPPI. The reasons typically given are that unlike credit cards and loans, there are lifestyle changing consequences if the mortgage goes unpaid. It is also very long term.

Diabetes is not a problem for cover on an MPPI. Whilst diabetes and any condition arising from it will not be covered, any other condition or redundancy will be covered.

Self employment is not a problem with MPPI. It is rare to have an MPPI with onerous conditions (that tends to be on store cards, loans and credit cards)

Also, you say the MPPI is yours not joint or in your wife's name). So, her situation is irrelevant if it is in your name.

I took out a mortgage in 97 with Abbey national after speaking to an adviser at w h brown estate agent & it seems like I have a sickness & redundancy policy which I pay monthly to Wessex admin who I've never even heard of !

This is your biggest issue. You bought 8 years before regulation started. Most brokers were not regulated until Jan 2005 and do not need to consider pre-regulation complaints.

Also, brokers/advisers account for under 1% of complaints on PPI at the FOS. Mainly as a) they deal with MPPI which sees most complaints rejected b) advised distribution more often than not has suitable audit trails that the banks do not have and c) they only deal with post regulation complaints or where the firm subscribed to the mortgage code or was a member of GISC (most brokers/advisers were not).

roonaldo

You need to have been clearly told of the exclusions relating to pre-existing medical conditions, PS10/12 refers to being told in good time before the sale, I would assume in 1997 you would not have.

The policy may well have covered self-employed people so you need to check that.

You have a problem you have is this is a pre regulation sale and probably not under FOS jurisdiction, if so they may just reject your complaint outright (thats if they still exist).

I doubt a complaint would get anywhere.

magpiecottage

roonaldo wrote: »

You have a problem you have is this is a pre regulation sale and probably not under FOS jurisdiction, if so they may just reject your complaint outright (thats if they still exist).

Not just the GISC code but the Mortgage Code as well.

Almost certain the broker will not be under FOS jurisdiction for it and will be able to rely on Section 14B of the Limitation Act 1980.

MAGICPAWS

Cheers that's the sort of info I was after don't think I'll waste my time trying !cheers & thanks very much