PPI reclaiming - single premium policy

sar8546

I bought my house under the right to buy scheme in 2007 using Charterhouse Mortgage Consultants. Charterhouse sorted everything out for me (I was young, naive and new to financial agreements. Lesson learnt!), but through digging out my completion statement i can see the 3 year insurance policy was added, amongst other things, to my mortgage loan. My mortgage was for 30 years. Having read through many posts/articles on here i think i may be able to complain re mis-selling of the ASU insurance because:
I wasn't told it was optional, or that there was a cooling off period. It wasn't explained that the policy would attract interest due to it being added to the loan, and I am now paying interest on a policy that is no longer in force.

I have found a quote for my ASU insurance from centrepoint insurance services, but i know the policy was actually with Hamilton Insurance.

My query is who do i send my complaint to? Charterhouse, Centrepoint or Hamilton? If Charterhouse or Centrepoint, i believe they are no longer in business so in that case would i need to contact FSCS?

Any advice would be very gratefully received!

dunstonh

The mortgage broker is responsible. If they no longer exist, then you go to the FSCS.

Single premium MPPI nearly always gets upheld.

sar8546

Thank you for that

sar8546

I have been in touch with the FSCS and they have advised me that Charterhouse Mortgage Consultants ceased being registered with the FSCS from April 2007. Charterhouse sold me my mortgage and ASU insurance in July 2007. I have their key facts statement which states they were registered with the FSCS though unfortunately that document doesn't have a date. I have the ASU quote which is dated mid April 2007 but it wasn't actually purchased until my mortgage completion in July 2007. Therefore FSCS have said i'm not covered by them.

Is this a dead end or is there anything else I can do?

Thanks in advance for any advice.

dunstonh

sar8546 wrote: »

I have been in touch with the FSCS and they have advised me that Charterhouse Mortgage Consultants ceased being registered with the FSCS from April 2007. Charterhouse sold me my mortgage and ASU insurance in July 2007. I have their key facts statement which states they were registered with the FSCS though unfortunately that document doesn't have a date. I have the ASU quote which is dated mid April 2007 but it wasn't actually purchased until my mortgage completion in July 2007. Therefore FSCS have said i'm not covered by them.

Is this a dead end or is there anything else I can do?

Thanks in advance for any advice.

That doesnt make a lot of sense as the FSCS took on sales made after Jan 2005. Yours is 2007. So, the FSCS should cover it. Although it probably wont make much difference as the FSCS uphold rate against mortgage brokers is just 5% apparently.