Northen rock mortage PPI help please

vinn-e

Hello,
im a complete novice to what im about to ask so if anyone could help explain what i need to do in idiot language i would be extremely grateful,
i had a endowment mortgage with northern rock from sept 1999 to dec 2009, 10 years, once we moved we cashed in our endowment and changed to a santander fixed rate straight repayment, ive been told by a friend at work i could be in for some PPI money back from northern rock, he said go direct and not through a ppi company as they would take a percentage, but i didn't think norther rock were in bushiness anymore, ive tried to google it and come up with a multitude of websites all saying they can get the northern rock ppi back ect, but i don't know who to trust and not to trust as ive been told there is a lot of con merchants out there, and i don't even know if i would actually be owed any money or not, (knowing my luck NO)
another thing is i haven't got any of the northern rock paperwork anymore as we've changed mortgage lender twice since then so i binned it all in 2010 hence i haven't got my old mortgage account number,
i paid about £450 a month on that mortgage for ten years and never ever missed a payment so they had around £54,000 out of me and it would be nice if i could have a couple of bob back, i keep hearing of loads of people at work at friends saying over the years they got this £'s and that £'s back and ive always not bothered because i just aint that lucky, and we really could do with a bit of luck to dig us out of a hole were in at the moment, so any advice would be brilliant,
thankyou all
Vince & Anna

dunstonh

ive been told by a friend at work i could be in for some PPI money back from northern rock,

On what basis has your friend told you that? i.e. did you have MPPI? Did NR sell it to you or did a broker? What wrongdoing took place?

i paid about £450 a month on that mortgage for ten years and never ever missed a payment so they had around £54,000 out of me and it would be nice if i could have a couple of bob back

All very well and nice but none of that hasnt anything to do with it. What wrongdoing are you alleging (and its not even clear if you had it)

i keep hearing of loads of people at work at friends saying over the years they got this £'s and that £'s back and ive always not bothered because i just aint that lucky

Being missold it not lucky. Partly is it is a sign of being gullible and partly not bothering to read and understand what you have.

magpiecottage

Problem number 1 is, as dunstonh says, establishing if you ever had PPI. This would normally have shown on bank statements.

If you cannot prove you had PPI then you cannot prove it was ever sold to you. If you cannot prove it was sold to you then you cannot prove that such a sale was incorrectly carried out.

Then you have to determine who sold it to you. Only the person who sold it to you - or at least the business they represented - would be responsible for that sale - and thus for any missale.

Then you have to prove there was a missale. In 1999, there was no statutory regulation of general insurance. Whilst Northern Rock was a member of the Building Societies Ombudsman scheme - and therefore would have to face a complaint to FOS, if it was sold by an independent broker, FOS would accept that Northern Rock could not have sold it.

You could try complaining to the broker but FOS can only look at it if they still exist.

They would also not be able to look at it if the broker did not subscribe to the Mortgage Code at the time it was sold. Brokers only subscribed to the Mortgage Code from mid 1999 so it is touch and go in this instance.

Having got past all those hurdles, you would still need to show that the sale breached the Mortgage Code at the time. That would mean proving that the policy would never have paid out.

Because it did not address the issue of paying a single premium and adding the cost to the loan, that approach is not available in cases such as this.