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Mis-sold MPPI through AWD (Carrington Carr) ??
Dazza74
Posts: 3 Newbie
In 2007 i had a remortgage arranged for me by AWD(Carrington Carr). On top of the remortgage they arrange a MPPI. £2660 added to my new mortgage. Last week i received a letter from a company called Assurant Intermediary Limited who told me that my policy was due to expire and that i needed to ring them as this is a block policy it will not automatically renew. When i agreed to the MMPI i was led to believe that the policy was for the length of the mortgage (19 years) and NOT for only 7 years. Does anybody know if i can make a claim.
Thanks
Darren
Thanks
Darren
0
Comments
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Does anybody know if i can make a claim.
You can make a complaint (not a claim). You have a genuine complaint reason that is strong. You should have been sold monthly premium MPPI and not single premium. Most single premium MPPI complaints succeed.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 -
You can make a complaint (not a claim). You have a genuine complaint reason that is strong. You should have been sold monthly premium MPPI and not single premium. Most single premium MPPI complaints succeed.
Who would i make the complaint to as AWD (Carrington Carr) went into administration.
Thanks0 -
Carrington Carr has gone bust but was an Authorised Representative of Legal & General, so you complain to them. They may argue that you ought to have taken out monthly premium PPI. This is probably fair and will result in a partial refund.
Before you do, see if you were sold some nonsense offer for free mortgage advice in the future. This typically seems to have cost around £2500 that is also added to the mortgage for you to pay interest on.
This seems to be rubbish advice too and you should hold out for a full refund of both the capital and the interest you paid on it - along with any penalties incurred using the money to reduce your mortgage (which is really a better use than just spending it now).0 -
Further to this, the "future advice" argument seems to fall apart in the light of this Ombudsman decision.
Although it related to investments rather than mortgages, the principle is the same.0
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