Ppi reclaim from mortgage.

linz79

I'm just looking for some advice if I can claim ppi back off my mortgage which I have now finished paying Thanks

[Deleted User]

If you have valid reason to complain, then yes. If you just no longer need the insurance because you've paid off the mortgage, then no.

Why exactly do you think it was mis-sold?

linz79

I didn't want the ppi but was told it was part of the mortgage.

[Deleted User]

You have documentary evidence that you were told this? If not, it's just an easily rejected "hearsay" complaint.

Also be aware that there were circumstances where insurance was indeed compulsory on mortgages. If this was the case, then no point complaining about it.


You need to check your agreement.

Nasqueron

linz79 wrote: »

I didn't want the ppi but was told it was part of the mortgage.

Some older mortgages did require you to buy the PPI or no mortgage - if this was a condition of the loan it was not miss-sold as the bank don't have to give you money if you don't agree to their terms.

A more common case is where you go to a broker for advice which they give you free in return for buying insurance through them which is a legal and valid model so long as the insurance is suitable.

So can you clarify, did you buy through a broker or direct with the bank? Do you have documentary proof that shows you were told the PPI was mandatory but it wasn't?

dunstonh

Statistically, most MPPI complaints fail. You can still complain about it but it has fewer issues than loan or credit card PPI. Indeed, MPPI is still retailed today (one of two types that still is) because it is considered more important and had less issues.

If it was compulsory, as mentioned above, then you have nothing to complain about. Compulsory insurance is allowed. Its where it wasnt but you were told it was that it is an issue. However, that is also one of the weakest complaint reasons going as there isnt going to be any evidence to support that allegation and it makes an easy rejection.

In the mid 90s, there were plenty of deals around that required compulsory insurance to be bought. That was (and still is) allowed. Brokers often require an insurance purchase to give free mortgage advice. Again that is allowed as long as the insurance is suitable. Plus, most brokers were not regulated until Jan 2005 (those ones dont have to consider sales from earlier years).

williewasp18

I re mortgaged several years ago to get out of the endowment trap part of the deal was to take the Halifax TMP The person who sold this never explained that this was not a requirement to take their product or was I given any list that specified details of medical restrictions relating to family history.
The more I read into the policy the more unsuitable it becomes and because of the employment details disclosed at the time my staff status meant there would be no loss of earnings should I fall ill.
Have I a chance of a successful claim?

magpiecottage

williewasp18 wrote: »

I re mortgaged several years ago to get out of the endowment trap part of the deal was to take the Halifax TMP The person who sold this never explained that this was not a requirement to take their product or was I given any list that specified details of medical restrictions relating to family history.
The more I read into the policy the more unsuitable it becomes and because of the employment details disclosed at the time my staff status meant there would be no loss of earnings should I fall ill.
Have I a chance of a successful claim?

You should really start your own thread, rather than hijack somebody else's. However, in answer to your questions, who actually sold you the plan. Was it an employee of Halifax or a broker and what does te plan actually cover? The Halifax product does not just cover PPI.

Also, when you refer to medical restrictions relating to family history, what specific restrictions are you referring to and how would they affect you personally? If they are not relevant to your circumstances then this is not a reason for a complaint to be missold.

Also, you say you would continue to receive earnings if you fell ill - but for how long? Few employers can maintain salary payments in full for many months when somebody is sick.

Also, do you have any evidence that you were told the policy was compulsory?

dunstonh

The person who sold this never explained that this was not a requirement to take their product

They do not have to tell you that. They cant tell you it was compulsory. However, they dont have to say it is optional. However, even if they did, it is a weak complaint reason as you almost certainly have no evidence to support your allegation. It is rare for any complaint to be upheld on that specific point because of lack of evidence. Although that doesnt matter as that isnt what you are saying.

t or was I given any list that specified details of medical restrictions relating to family history.

That is because there is no such thing.

The more I read into the policy the more unsuitable it becomes and because of the employment details disclosed at the time my staff status meant there would be no loss of earnings should I fall ill.

What an excellent employer you have. I have never come across an employer in the land that pays indefinitely. In which case, you have a value reason for complaint. Even the best employers tend to pay no more than 12 months sick pay. And the FOS rejects complaints on MPPI for those (works with short term debt and loan PPI/credit card PPI)

Have I a chance of a successful claim?

The Halifax TMPP is a multi-segment plan that offers life assurance, critical illness cover, income protection and MPPI. You havent said what your TMPP covers. So, we cant say what your odds are.

Dale'o

We took our first mortgage in 1996 and the building society told us we must take out ppi or wouldbe refused the loan. They also said they could only give us the mortgage if we were tied in for 7 year and at a high interest rate. I have submitted a claim and they have offered me £100 to cover my distress but refuse the full claim ? Do i accept the £100 or pursue it further to get my full refund of over £1000 ?

dunstonh

We took our first mortgage in 1996 and the building society told us we must take out ppi or wouldbe refused the loan.

If that was a lie then provide your evidence of that and its an easy uphold decision. If you have no evidence then its a weak complaint that is unlikely to succeed on that particular point.

Many deals existed in the mid 90s that required an insurance purchase. This was particularly common with fixed rate mortgages offering deals around 95/96 as interest rates were high and the fixed rate deal was slightly below.... at that time. Of course, as rates fell back, many people got left behind on high fixed rates.

They also said they could only give us the mortgage if we were tied in for 7 year and at a high interest rate.

Nothing wrong with that. Fixed rate deals give certainty of payment. They may go on to be a cheaper option or may go on to be more expensive. In your case, more expensive. That is just luck of the draw.

Do i accept the £100 or pursue it further to get my full refund of over £1000 ?

There is no wrongdoing in respect of the terms of the mortgage. You agreed the terms knowing what they were in advance.

To get the MPPi complaint upheld, you need to provide evidence that you were told something incorrectly. So, what do you have?

Whilst the rules do not require you to have the evidence, the problem is that what evidence does exist has to point towards a wrongdoing. When making an allegation like that, there is unlikely to be any evidence to support your allegation and 20 years after the event, your recollection is likely to be poor.