Another Newbie Question....

GrumpyOldGit1956

Hi Folks, i wonder if you can help?

I have a mortgage with Nationwide it was arranged in 2000, this is linked to a mortgage protection scheme (PPI) provided by Countrywide insurance, Countrywide also provided the house insurance.
The entire package was arranged through a 'financial advisor' at a local estate agents, the agents that sold my old house for me.

My question is can i reclaim the PPI? the reasons i ask is that we were given the impression that it was needed to get the mortgage, i believe there is a 'cooling off' period, i don't recollect this being offered at the time?

Would my claim be against Countrywide or the financial advisor? I have no idea of either the name of the advisor or the company she worked for, i have no paperwork relating to the advisor.

Thanks in advance for any advice offered.

dunstonh

the reasons i ask is that we were given the impression that it was needed to get the mortgage, i believe there is a 'cooling off' period, i don't recollect this being offered at the time?

You probably were required to have it at the time. it is common for mortgage brokers to require you to purchase insurance via them to get the free mortgage advice. That model is allowed as long as the insurance is suitable. Your recollection of a cooling off period is not a valid reason for complaint (it turns up in the post a few days later with the policy details. So, unlikely that you did not get it).

Also, this is pre-regulation and most mortgage brokers were not regulated until Jan 2005. Some were if they were members of GISC or subscribed to the mortgage code.

You can complain to Countrywide but there doesnt seem to be much in the way of complaint there. Most MPPi complaints fail and most adviser complaints fail. You have both and dont appear to have much of a complaint reason. PPI is not deemed an adviser issue (just 0.5% of complaints at the FOS are adviser related). So, if you do decide to complain, don't get your hopes up.

GrumpyOldGit1956

dunstonh wrote: »

You probably were required to have it at the time. it is common for mortgage brokers to require you to purchase insurance via them to get the free mortgage advice. That model is allowed as long as the insurance is suitable. Your recollection of a cooling off period is not a valid reason for complaint (it turns up in the post a few days later with the policy details. So, unlikely that you did not get it).

Also, this is pre-regulation and most mortgage brokers were not regulated until Jan 2005. Some were if they were members of GISC or subscribed to the mortgage code.

You can complain to Countrywide but there doesnt seem to be much in the way of complaint there. Most MPPi complaints fail and most adviser complaints fail. You have both and dont appear to have much of a complaint reason. PPI is not deemed an adviser issue (just 0.5% of complaints at the FOS are adviser related). So, if you do decide to complain, don't get your hopes up.

Thank you very much for taking the time to reply, i had a feeling it was a shot in the dark so i'll leave well alone.

suzlev

Doesnt your claim depend on your circumstances at the time and the suitablility of the insurance. Ask yourself this and then decide to or not to take it forward

dunstonh

suzlev wrote: »

Doesnt your claim depend on your circumstances at the time and the suitablility of the insurance. Ask yourself this and then decide to or not to take it forward

The broker is still required to ensure that the insurance is suitable. However, when someone is taking out a mortgage, chances are that the MPPI is suitable. There are exceptions but that is why most MPPi complaints fail.