Help with LPI Please

JanTheSuperGran

In January 1994 I got married. In December 1993 my future husband and I saw a house we liked. I already had my own property. We wanted to buy this together but as my husband would be 59 in May of 1994, we didn't think we could get a mortgage. However the estate agent told us differently! He assured us that we would be protected by some insurance scheme. We went with him to a branch of what was then the TSB, and filled in the relevant paperwork. We weren't offered another lender and I guess at the time we so desperately wanted this house we never fully looked into everything. Looking back now with hindsight, I think it strange that we weren't taken to the main branch. Also we had to deal with a branch of the TSB which is miles away from us, and we are still with them. My husband was still skeptical and kept on asking about what would happen when he retired in 2000 aged 65. Time and time again we were assured that we would be protected. There was also the fact that I would continue to work until 2004 which help to convince us that we would be okay. In 1999 I had to take early retirement due to ill health. In 2002 we had to sell the house because we could no longer afford the mortgage repayments. We now live in a mobile home which is not suitable for having guests as we only have one bedroom. It is an older type mobile home dating from the early 1970's. It is not what we expected when we took out the mortgage in 1993. The TSB say that we didn't have payment protection! But that just doesn't make sense to me because of our ages at the time of taking out the mortgage and the fact that we would not have been given one without some sort of insurance plan. However, I feel that they are just playing us because looking at it sensibly, they should not have given us a mortgage which took us past our retirement dates. We also had two loans with them and did manage to get back £2.750, but I am more concerned with the mortgage details and wondered how else I could proceed with this further or should I just accept what they say when they say we didn't have LPI or protection taken out on it. I would be grateful for any comments or advice you can give to me. Kind regards - Janice

dunstonh

We weren't offered another lender

You wouldnt expect to. If you walk into a bank you expect a bank to lend it's own money. Not the money of other banks.

Looking back now with hindsight, I think it strange that we weren't taken to the main branch.

You said you went to a TSB branch. What is this main branch you are referring to?

Also we had to deal with a branch of the TSB which is miles away from us, and we are still with them.

You would still deal with the branch if you have never moved the mortgage.

My husband was still skeptical and kept on asking about what would happen when he retired in 2000 aged 65. Time and time again we were assured that we would be protected.

Protected from what?

But that just doesn't make sense to me because of our ages at the time of taking out the mortgage and the fact that we would not have been given one without some sort of insurance plan.

In 1993, the only compulsory insurance was building insurance with a few lenders still requiring life assurance. Things like income protection or PPI were not mandatory.

However, I feel that they are just playing us because looking at it sensibly

Unlikely they are but its difficult to see what you are after.

they should not have given us a mortgage which took us past our retirement dates.

Maybe not. However, that turned out to be largely irrelevant as you sold the house prior to retirement as you couldnt afford it due to ill health. Mortgages did not become regulated until October 2004. So, this was way before regulation.

and wondered how else I could proceed with this further or should I just accept what they say when they say we didn't have LPI or protection taken out on it.

If you don't believe what they are saying then you can pay £10 and do a data subject access request. However, they are almost certainly right. In most cases, the estate agent would have arranged any insurances. Not the bank.

Atidi

https://forums.moneysavingexpert.com/discussion/4722651

JanTheSuperGran

Thank you for your 'quotes' I take on board your comments. Strangely enough today at lunchtime, I have received a nice lump sum which I think was due to sheer perseverance. So obviously on this occasion I was right to pursue it. It wasn't 'protected from' - we were told we would be protected should we not be able to make payments due to retirement/and or ill health. Just for the record in 2002 my husband was 69, I was 58 and we couldn't afford to keep up the repayments. We didn't want to sell but had to before we were made bankcrupt. Thank you for your reply though. Kind regards - Janice

societys_child

Wow, that was a quick turnaround of events. well done