PPI reclaim from mortgage in 1997??

stuartl

I took out a mortgage in 1997 with Bank of Scotland which as I recall was through a broker. I believe there may have been PPI added to the loan and wondered if it is too late to make a claim now?

Thanks

Stuart

dunstonh

I believe there may have been PPI added to the loan

That only occurs in a very small number of cases. Most MPPI is monthly premium. If it is single premium and added to debt then that is a good complaint reason.

if it is too late to make a claim now?

It is not too late to complain. However, the purchase, if there was one, was made 8 years prior to regulation and the broker can usually reject it for that reason. If the broker no longer exists then you have no-one to complain to.

stuartl

Sorry, I didn't phrase that correctly. I believe it may have made up part of the monthly payment

McKneff

You may believe, but do you have anything to prove that it was.


You can ask the broker if they have any documents, but if they have none and you have none, its dead in the water.

dunstonh

stuartl wrote: »

Sorry, I didn't phrase that correctly. I believe it may have made up part of the monthly payment

It is extremely unlikely on any mortgage apart from some very old ones. It is unlikely a broker would have retailed a Bank of Scotland insurance product and even if they did, the BoS product was monthly premium. Not bundled in with the mortgage.

So, how have you got this belief that it was made up as part of the monthly payment? i.e. what documentation shows it?

magpiecottage

You have an uphill battle.

First you need to prove that PPI was included.

Then you need to prove that it was missold.

Then, since FOS would have no jurisdiction over the broker, you would have to go through the courts.

Then the broker would be able to rely on Section 14B of the Limitation Act to timebar any court action.

addedvaluebob

OP ignore all the negatives on here.

Who was the broker and the policy provider. You have said the mortgage was with BoS so contact them first for information about the broker if you don't already have it. In 1997 it was sometimes difficult to identify the difference between a broker who was independent for mortgage advice but tied to 1 company for the provision of insurance.

antrobus

stuartl wrote: »

I took out a mortgage in 1997 with Bank of Scotland which as I recall was through a broker. I believe there may have been PPI added to the loan and wondered if it is too late to make a claim now?....t

May have been added to the loan? Don't you have any mortgage statements? If not, why not ask Bank of Scotland?

The first thing to do would be to establish whether or not you have indeed paid anything for any insurance product that resembles PPI.

addedvaluebob wrote: »

....Who was the broker and the policy provider.

What do mean who was the policy provider? The OP doesn't even know whether or not he has policy yet.:)

magpiecottage

addedvaluebob wrote: »

In 1997 it was sometimes difficult to identify the difference between a broker who was independent for mortgage advice but tied to 1 company for the provision of insurance.

The dangers of a little knowledge.

In 1997, some mortgage brokers were "tied" to particular life assurance companies. If they missold an endowment policy, the life assurance company had to answer the complaint. However, they were not tied for general insurance, which includes PPI.

In most cases PPI would have been taken out with a completely unrelated company and even if it wasn't, the company they were tied to would have no responsiblity.

addedvaluebob

Utter nonsense. Most (all) tied agents from 1997 would have been tied to the same company for simplicity and the added bonus of getting a volume over-ride.

OP ignore this rubbish and try and find who sold the original policy, may take a bit of time but worth it in the end to pursue your complaint. Don't be persuaded to give up

roonaldo

addedvaluebob wrote: »

OP ignore this rubbish and try and find who sold the original policy, may take a bit of time but worth it in the end to pursue your complaint. Don't be persuaded to give up

How will it be worth it? The broker wouldn't have been regulated so FOS wont even look at it, plus its extremely unlikely they wont be trading now anyway. This one is a dead duck.