Mortgage PPI

BusyBusyBusy

We had a Mortgage with Nationwide when we bought our first house back in 1998. We were offered MPPI by the Nationwide adviser and took it up with the mortgage policy.
At that time both my husband and I were working full time, in permanent jobs with the option of redundancy payable to both of us should we lose our jobs.( We also had life cover on a first death basis to protect the mortgage.)
Since then, I left work voluntarily to raise our children so we have since relied on my husbands income from his full time, permanent jobs. I'm not sure that if he (or I) had been made redundant, the PPI would have become payable to us, as we'd have had to have been out of work for a number of weeks until the benefit was payable to us. We had savings at the time (albeit only a small amount).
I don't remember being it being explained to us whether we 'needed' PPI and whether it suited our personal circumstances at that time.
I've contacted Nationwide in the first instance so that they can find our details of the mortgage and MPPI and I'm waiting to hear. I'm just curious to know if we are eligible to claim. It's the only thing that I can think that we;ve ever taken out PPI on - except a very old credit card of mine, which I KNOW I paid PPI on but had the sense to cancel the cover eventually (after a few years) when I realised that owing a couple of hundred pounds on a credit card and paying for PPI, when I had savings, was daft.

dunstonh

At that time both my husband and I were working full time, in permanent jobs with the option of redundancy payable to both of us should we lose our jobs.( We also had life cover on a first death basis to protect the mortgage.)

Excellent. That verifies that having MPPI was a suitable thing to tell you. No issues there.

Since then, I left work voluntarily to raise our children so we have since relied on my husbands income from his full time, permanent jobs. I'm not sure that if he (or I) had been made redundant, the PPI would have become payable to us, as we'd have had to have been out of work for a number of weeks until the benefit was payable to us. We had savings at the time (albeit only a small amount).

Again, this just makes the choice to have MPPI suitable as you would have been looking at the loss of the house if you had suffered a claimable event.

I don't remember being it being explained to us whether we 'needed' PPI and whether it suited our personal circumstances at that time.

The sale was pre-regulation. 1998 standards were not as good as 2005 standards (when regulated started). However, you not remembering is not a reason for complaint. However, what you have told us indicates that having MPPI was suitable and you had a financial need.

I'm just curious to know if we are eligible to claim.

you are eligible to complain about whatever you like. Even if its the colour of the carpet in the branch of the local Nationwide.

If you mean whether you have grounds for complaint, then based solely on what you have said, there appears little reason for them to uphold your complaint as it does appear you needed it and it was not mis-sold. That said, Nationwide are a bit of a pushover on PPI and banks and building societies are quite inconsistent in their decisions (often down to auto payouts and poor record keeping). We also have no access to the audit trail. So, we can never be sure. We can only rely on what you tell us and on that basis, there appears to be no wrong doing.

BusyBusyBusy

Ok Thanks for replying. I've not claimed in the past because I really wasn't sure that we were eligible. It's just that many people I know have claimed and been successful. It was self doubt on my part that led me to wondering whether I'm missing out on something. Seems I'm probably not. Thanks again.

dunstonh

BusyBusyBusy wrote: »

Ok Thanks for replying. I've not claimed in the past because I really wasn't sure that we were eligible. It's just that many people I know have claimed and been successful. It was self doubt on my part that led me to wondering whether I'm missing out on something. Seems I'm probably not. Thanks again.

Most loan and credit card PPI complaints succeed. Most MPPI complaints fail. Today, MPPI is one of only two types of PPI still retailed. it doesnt have the same level of issues that the other two types have.

indeed, had banks set up loan and credit card PPI in the same way as MPPI, then the PPI issue would probably never have happened. However, they wouldnt have made as much money back then (ignoring the payback now) as MPPI is a lower profit product.