Reclaiming Mortgage PPI

MrsMeston

Apologies as am sure this has been asked a million times already. I am planning to claim back ppi I was sold when remortgaging as was told by broker that I had to take it or I wouldn't get my mortgage.

I am led to believe that the broker company is now no longer trading "The Mortgage Advisory Bureau Ltd ih Glasgow" does anyone know if this is the case & if so how do I go about claiming my PPI.


The policy is with D&D Homecare Ltd/Assurant Solutions. I have paperwork with both these companies names attached for my policy. The policy started in January 2007.

Thanks for all your help in advance

dunstonh

I am planning to claim back ppi I was sold when remortgaging as was told by broker that I had to take it or I wouldn't get my mortgage.

Many brokers require the purchase of insurance to allow them to give you "free" mortgage advice. That model is allowed. What evidence do you have to support your allegation?

I am led to believe that the broker company is now no longer trading "The Mortgage Advisory Bureau Ltd ih Glasgow" does anyone know if this is the case & if so how do I go about claiming my PPI.

According to the FSA register, they are no longer trading.

You would have to complain to the FSCS. However, your complaint reason is about the weakest you can get. Statistically, most MPPI complaints fail. Adviser related complaints only account for around 1% of PPI complaints (PPI is not viewed as an adviser issue) and last I heard, the FSCS only upheld 5% of complaints against mortgage advisers. So, the odds are very much against you.

Effectively, suitability of the product and your financial need will determine the outcome of this complaint. Not some unprovable allegation. So, do you have anything stronger as a complaint reason?

MrsMeston

Thanks for that info

MrsMeston

As well as being told we had no choice, it was a single payment policy which was then added on to our mortgage, I believe that a monthly policy would have been more financially beneficial plus at the time it wasn't necessary due to cover provided from our jobs

dunstonh

it was a single payment policy which was then added on to our mortgage

Now that is a strong complaint reason. MPPI should have been monthly premium.

plus at the time it wasn't necessary due to cover provided from our jobs

That doesnt tend to work as a reason with MPPI. Better with short term/low value debts. Not long term secured debts.

Focus on the single premium. That is the key reason and one you would expect to win with. The verbal allegation carries no weight (unprovable).

magpiecottage

When was the policy taken out?

MrsMeston

Thanks will go with the single payment & hope for best. Waiting for a claim packeto arrive. We got the policy in January 2007

magpiecottage

The claim would be against Home of Choice Limited as it was responsible for advic given by your adviser.

However, it too has gone bust so you will need to go to the Financial Services Compensation Scheme making clear that it is Home of Choice that you would otherwise be claiming against.

NoLuckNancy

Hi - looking for some advice please. I've had mortgage PPI with Nationwide since 1989. We took it on the assumption that it was compulsory to secure the mortgage and being 19 years old at the time had no clue what we were buying or that there were other products out there that we could have instead so we signed up.
For all these years all I knew was that we were jointly covered for redundancy, sickness etc for the monthly sum of our mortgage.
Being in the Civil Service we have had no need to claim until now when my husband is due to go to 50% salary due to an injury at work.
He called Nationwide to see about claiming and was told that only half of the mortgage payments are covered not the total monthly sum.
Not our understanding of what was covered at all - I would certainly not have taken this out this way. More likely covered ourselves separately.
What are the chances of being sick or redundant together?
Do we have a claim for misselling or just chalk it up to lack of knowledge and claim on the insurance?
Many thanks

dunstonh

He called Nationwide to see about claiming and was told that only half of the mortgage payments are covered not the total monthly sum.

That is normal. Most MPPI taken out jointly has a split on the benefit. It could be 50/50 or 60/40 or 10/90 or whatever.

What are the chances of being sick or redundant together?

Irrelevant. it is done that way to keep the cost down. You could do 100% each if you wanted.

Do we have a claim for misselling or just chalk it up to lack of knowledge and claim on the insurance?

What evidence do you have to show that you were told the wrong information 25 years ago? Unprovable verbal allegations wont cut it after 25 years. Especially as the product is set up as you would expect it to be (with 50/50 being the most common way)

NoLuckNancy

Thank you dunstonh. Just as I expected.