PPI on mortgages

johnbfan

We had an endowment mortgage. First took it out in around 1983, then topped up in 1990.

Cold callers keep telling us we can do a PPI claim on the mortgage.

Is this right?

I've been told No a while back, and am now thinking they are right. Not that I will use them to claim it back.

Nearlyold

Cold callers keep calling and telling me I can claim PPI back, in fact my refund is apparently waiting for me which is a bit surprising as I was always too tight fisted to take it out!


Seriously if you had/have PPI on your mortgage and it shouldn't have been sold to you, you can put in a complaint, what would your complaint reasons be as to why it was unsuitable? Can you remember who actually sold you the PPI and when (that's assuming you had it).

dunstonh

Cold callers keep telling us we can do a PPI claim on the mortgage.

Is this right?

Statistically, most MPPI complaints fail. Compared to loan and credit card PPI where most succeed.

A mortgage is a significant debt with lifestyle changing consequences if it goes unpaid. So, its normal for people to cover it.

Most MPPi is standalone direct debit (not built into the mortgage) . That is how PPI should be set up. Things like 12 months sick pay dont work with MPPI (even the FOS reject these).

it can also depend on how you bought it. Brokers have a very low success rate (most brokers not being regulated until after Jan 2005).

You can still complain about inegibility if that applied.

Any product can be mis-sold. However, the odds are what vary.

One big problem in your case is that MPPI didnt exist in 1983. You havent said if you had PPI, but its unlikely, and you havent said why you think you were mis-sold a product you probably never had.

magpiecottage

dunstonh wrote: »

One big problem in your case is that MPPI didnt exist in 1983.

Another is that neither the Banking, nor the Building Societies Ombudsman existed then either.

You can only complain to FOS about something if the organisation you are complaining about fell under the jurisdiction of FOS or one of its predecessors at the time.

johnbfan

Thanks. I don't believe we were mis-sold the mortgage. we were well aware that it could leave us with more than enough or not enough, hence paying a bit off when we had a redundancy package for hubby in the 1990's. Will ignore them.