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Mortgage PPI 1993
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crowy68
Posts: 42 Forumite
Hi,
I took a mortgage out with Nat west in 1993, I seem to remember it having PPI included in it. Can I complain about this ?
The mortgage was settled when my wife told me she didn't love me any more
and we sold the house.
The mortgage was in my name alone as I owned the house before I met her.
Is it worth me getting in contact, are mortgages the same as loans and credit cards ?
Thanks
I took a mortgage out with Nat west in 1993, I seem to remember it having PPI included in it. Can I complain about this ?
The mortgage was settled when my wife told me she didn't love me any more
and we sold the house.The mortgage was in my name alone as I owned the house before I met her.
Is it worth me getting in contact, are mortgages the same as loans and credit cards ?
Thanks
0
Comments
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I seem to remember it having PPI included in it.
MPPi is a standalone product. No lender has sold single premium MPPI built into the mortgage. They sold monthly premium only which would have seen a direct debit mandate for the insurance.Can I complain about this ?
Complain about what? you havent said.Is it worth me getting in contact, are mortgages the same as loans and credit cards ?
No they are different. Most MPPi complaints get rejected. Most loan and credit card PPI complaints are upheld.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 -
MPPI could in theory be miss-sold but it's a hard case to argue if it was suitable and covered you as it is protecting your most valuable asset and you could be made homeless if you lost your job so you would need some good reasons why it wasn't suitable for you
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thanks for this, I remember being told that I had to have it at the time, and also it would be beneficial for me to getting the better rate mortgage.
But you both seem to think its pointless so ill not follow this through any more
Cheers0 -
I remember being told that I had to have it at the time
Three issues with that
1 - its an unprovable allegation
2 - it was 22 years ago. Your memory will be unreliable
3 - its possible you did need it. Deals in the mid 90s often required an insurance cross sale to get the rate. That model is allowed.and also it would be beneficial for me to getting the better rate mortgage.
see the above point.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 -
Thanks for this, I remember being told that I had to have it at the time, and also it would be beneficial for me to getting the better rate mortgage.
But you both seem to think its pointless so ill not follow this through any more
Cheers
Not necessarily pointless, just realistic on the chances of success, can have a go if you do feel it was miss-sold, might get lucky, you never can tellSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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