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Northern Rock ppi reclaim
car37ole
Posts: 1 Newbie
I had a mortgage with Northern Rock covered by PPI from paymentshield 2004-2010. I've tried to figure out who to send the paperwork to but its really not clear - can any one help with an address please? Or do I need to go to the financial ombudsman?
Thanks
C
Thanks
C
0
Comments
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Or do I need to go to the financial ombudsman?
You cannot complain to the ombudsman without complaining to the firm first and being rejected.can any one help with an address please?
You complain to the mortgage adviser that recommended it. They carry liability for the advice.
However, you need to be aware of the following things.
1) paymentshield is a good quality product that was only retailed as standalone monthly premium (how they should be set up)
2) most MPPI complaints are rejected by both firm and FOS. So, complaint reasons typically need to be strong
3) most adviser complaints are rejected (including the FOS). The PPI issue is not seen as an adviser issue but a bank issue.
4) the adviser will be personally liable for your complaint (unlike banks). They will likely take your complaint personally. if you have a valid reason to complain then fair enough but if it viewed as a try-it-on then it will almost certainly end your business relationship. Plus, many firms will share "people to avoid" with other local firms.
5) most mortgage advisers did not become regulated until January 2005. You bought in 2004. So, you may be barred from complaint for being pre-regulation.
What exactly are you complaining about with this?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I had a mortgage with Northern Rock covered by PPI from paymentshield 2004-2010. I've tried to figure out who to send the paperwork to but its really not clear - can any one help with an address please? ......
See:
http://www.n-ram.co.uk/ppi/secured-loan-ppi0 -
The complaint isnt anything to do with NRAM. NR never retailed paymentshield. That is an IFA/mortgage broker product provider.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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