Next step!!!

stu0906

We made a complaint regarding a mortgage ppi policy arranged through square financial, we had to direct our complaint via an other company (tenlime Ltd).
We received an answer from them saying they were upholding our complaint and they were offering to refund us 1/2 the original policy cost + interest for the last 8 years, now I don't know weather to accept their offer or push for more.we were never made aware of any terms or conditions and they put the cost of the policy on our mortgage loan so we're having to pay the interest over 25 years not 8 also we were told if we didn't take out the policy we would not be given the money for the house..I don't understand if they AGREE that we have seen miss sold the policy then surely they should pay us the cost of the whole amount..
Ant y thoughts..

Thanks in advance
Stu

amersall

You need to know why they are only refunding half.
Contact them and ask.

With a loan, as it was single premium and you repay the interest over the whole term, you would get 100%.
As this is a Mortgage, there may be other reasons why they are only paying half.
Hopefully others may know why and post up.

magpiecottage

amersall wrote: »

With a loan, as it was single premium and you repay the interest over the whole term, you would get 100%.

If the mortgage was taken out before 31 October 2004, then FOS would apply the Mortgage Code rules. When this is done, it does not make allowance for a single premium.

Also there was a gap from 31 October 2004 to 13 January 2005 where neither the Mortgage Code nor the FSA general insurance rules were in place - which would put the matter outside FOS jurisdiction.

There is also the risk that FOS might find in favour of the business anyway.

However, if the policy was recommended on or after 14 January 2005, I would be inclined to go to FOS.

stu0906

I would go to the fos however there is upto a 2 year waiting time for a result so I'm hope seen as they gave upheld the original complaint they may amend their original offer after we gave emailed them with our concerns.......thanks guys for your advice...