PPI in disguise?

jon16

Hi everybody.
My first post on this great forum.
I was foraging through some old financial papers and came across my last repayment mortgage which ceased in 2008. I started this mortgage in 1999 with the Portman Building Society which eventually got swallowed up by the Nationwide. Anyway, looking at these papers in closer detail from the PBS, there's an item called a 'Mortgage Care Premium' for which I paid £15.72 per month and I assumed this amount carried through until the end of the mortgage. Is this amount a PPI in disguise? I've googled MCP and nothing relates to it. Any advice would be helpful. Thanks.

antrobus

jon16 wrote: »

Hi everybody.
My first post on this great forum.
I was foraging through some old financial papers and came across my last repayment mortgage which ceased in 2008. I started this mortgage in 1999 with the Portman Building Society which eventually got swallowed up by the Nationwide. Anyway, looking at these papers in closer detail from the PBS, there's an item called a 'Mortgage Care Premium' for which I paid £15.72 per month and I assumed this amount carried through until the end of the mortgage. Is this amount a PPI in disguise? I've googled MCP and nothing relates to it. Any advice would be helpful. Thanks.

You mean this kind of Mortgage Care insurance?
http://www.insurancecountrywide.co.uk/MC.aspx

I'm not convinced that anything is in disguise. What did you think you were paying for? What do you want to do about it?

jon16

Thanks for your reply. I can't really remember being signed up to this hence my question. Is MCP a form of PPI? If it is, then I'd like to get it back if possible.

[Deleted User]

Any insurance (which this is) can be complained about if mis-sold. How exactly do you think it may have been mis-sold?
You can't just have a refund because you didn't suffer a claimable event...

antrobus

jon16 wrote: »

Thanks for your reply. I can't really remember being signed up to this hence my question. Is MCP a form of PPI? If it is, then I'd like to get it back if possible.

If you want to make a complaint about it, you would have to contact the Nationwide, and see what records they have pertaining to your Portman mortgage between 1999 and 2008.

jon16

Again, thanks for the advice. I'll get on to Nationwide and see what happens.

Nasqueron

Just bear in mind you can't just "get it back" - you need to explain why you feel it was miss-sold (e.g. how you could have covered your mortgage and all your bills for 12 months if you lost your job or were unable to work or if it would not have paid out.

You would not have just had it added, you would have signed up for it either through a broker or in branch and it was listed on every monthly statement so you can't say you didn't know about it.

Establish the conditions of sale and why you feel it was miss-sold

magpiecottage

I don't see why calling it "Mortgage Care" means it is "in disguise".

That is a bit like saying "Ford sold me a Fiesta - is this a car in disguise?".

It is simply a brand name.

In addition, as has been said, simply having PPI does not mean it was missold if you had a need for it and it would have paid out on a claim for sickness or unemployment.

In 1999 if you had lost your job you would have received no State help for nine months - by which time your mortgage lender would almost certainly have started possession proceedings.

So it looks like you had a need which the cover met.

jon16

Some fairly good news. I contacted Nationwide with my papers and they're considering my claim. I'll get back with the result in due course. Thanks again for everyone's comments.

[Deleted User]

jon16 wrote: »

Some fairly good news. I contacted Nationwide with my papers and they're considering my claim.

Good news???

Claim? ??

You have sent them a complaint not a claim; they have simply acknowledged same.

The Bank now have eight weeks to consider your complaint. What exactly did you complain about?