Mortgage PPI Claims

gman2312

Can anyone tell me if the following is true.
I was contacted by phone by a compnay based on Camarthon advising that the Banks had been taking out money from applicants Mortgage repayments and setting up a PPI to cover themselves for any potential future losses.

Is this true?

I've approached all of my previous Mortgage lenders and had the standard reject letters, but still aim to purse this matter.

Could anyone help with this??

[Deleted User]

LOL. No. .

Nearlyold

gman2312 wrote: »

Can anyone tell me if the following is true.
I was contacted by phone by a compnay based on Camarthon advising that the Banks had been taking out money from applicants Mortgage repayments and setting up a PPI to cover themselves for any potential future losses.

Is this true?

I've approached all of my previous Mortgage lenders and had the standard reject letters, but still aim to purse this matter.

Could anyone help with this??

Can't help I'm afraid but you can console yourself with the fact that your "complaint" letters alleging this would have brightened many a complaint handlers day, as no doubt your letters would have been passed round the complaints dept. for everyone to have a good laugh at.

antrobus

gman2312 wrote: »

....I was contacted by phone by a compnay based on Camarthon advising that the Banks had been taking out money from applicants Mortgage repayments and setting up a PPI to cover themselves for any potential future losses.....

A bank is perfectly free to take out an insurance policy to cover any 'potential future losses' that might arise as a result of its lending. It would not really be any of your business.

Deleted_User wrote: »

LOL. No. .

Not heard of credit default swaps?:)

dunstonh

I was contacted by phone by a compnay based on Camarthon advising that the Banks had been taking out money from applicants Mortgage repayments and setting up a PPI to cover themselves for any potential future losses.

Is this true?

Up until the mid 90s, there was an insurance called mortgage indemnity guarantee (MIG) which the borrower paid when borrowing above a certain loan to valuation. This was for the benefit of the bank. However, it was not PPI and it was not missold as it was a condition of the mortgage.

(Text removed by MSE Forum Team)

magpiecottage

The most common location of scam PPI claims companies is down the A48 in Swansea but we are aware of some in Carmarthen as well.

antrobus

magpiecottage wrote: »

The most common location of scam PPI claims companies is down the A48 in Swansea but we are aware of some in Camarthen as well.

Well, you're getting closer, but it is Carmarthen. Unless you want to go with Caerfyrddin, that is.:)

magpiecottage

Typo corrected.

The MOJ has two businesses registered there - Scarlet Marketing Services and Thomson Legal.

Both have been complained about on this board.

[Deleted User]

The irony of an OP refusing to sign up with a Claims Company but all too ready to believe the lies told in the hope of a sign-up.

I agree it looks like the CMC was hoping to complain about MIG

spacemates_2

Hi everyone, we had our first mortgage back in 2004 through a company called SPML ( southern Pacific ) we only had the mortgage for two years before moving it, at the time of signing up we were told the mortgage would not be accepted unless we took out something called MIG the person told us it was to be sure our mortgage payments were protected if we could not pay, fearing we would not get a mortgage anywhere else we reluctantly agreed, that insurance was added to the mortgage because we were told that was the only way and we finally accepted.
Within the first year my partner who was the one working became seriously ill so she could not work for months we attempted to ask for the help of the insurance we had been told would protect us, only to be told we were not eligible for cover the reason we cannot recall but it left us shocked and struggling.
We purchased our right to buy council house.

Anyway we are finally getting into reclaiming charges and fees so we requested all the info relating to our mortgages and bank accounts, because of the info we received back from SPML we realised that we had this insurance, I have spent the day looking into the commons and the broker Hadenglen and I was shocked to read all the negative comments about them, I would like to get the charges back and if possible the money we are still paying for a useless /pointless insurance, I was going to moan at the broker for him selling the policy, but I remember him saying it was the mortgage company who insisted we get the policy.
I was trawling through this information they sent me and every where where the underwriters names and details should be they have been erased or covered up so my paperwork has been altered before being copied and set to me, why would they do that? What are they hiding it for?
One other thing the statements I received show the I am in credit £51 even though I remortgaged back in 2006.
Sorry about the speech I have more to say but looking at what I have put I will think about compacting it a little.

[Deleted User]

Here are the answers from your duplicate posting:

antrobus wrote: »

Is mig a ppi?

No.

A Mortgage Indemnity Guarantee (MIG) covers the lender not you.

Moneyineptitude wrote: »

The reason you "cannot recall" was that the MIG covered the lender in case you couldn't pay, not you. The reason you were told this was compulsory was that otherwise the lender would not grant you the mortgage. This would have been because you were deemed more likely to default.

It's all explained here;
http://www.home.co.uk/guides/mortgage_glossary.htm?mig

You cannot complain about mis-sold MIG.

RADDERS wrote: »

A Mig is used when customers have a high loan to value and it covers the mortgage company on the amount over a certain percentage, normally 80%.
For example if the house you were purchasing was £100,000 and the you wanted a 95% LTV the Mig would cover the £15,000 above the 80% so if the property was repossessed the mortgage lender could claim on the Mig for the £15,000.
Hope that explains it a little better for you.

If you had read the answers already given in this thread, you needn't have posted at all, let alone twice!