1995 Mortgage with C&G

TaDa

Hi!


I took out a mortgage with C&G in 1995 - I believe it had PPI with it - is it too late to claim?


Cheers

dunstonh

C&G mortgages never had PPI built into them. Indeed, until the early 90s, they never sold insurance. It was their big selling point. They did introduce standalone (monthly direct debit) MPPI after Lloyds bought them. However, that was not built into the mortgage.

TaDa

Ok thanks for that


I remember having some form of PPI on the mortgage - perhaps it was a standalone policy - is there any point in chasing it now do you reckon?

[Deleted User]

TaDa wrote: »

is there any point in chasing it now do you reckon?

What would be your reason for complaint?

Nasqueron

TaDa wrote: »

Ok thanks for that


I remember having some form of PPI on the mortgage - perhaps it was a standalone policy - is there any point in chasing it now do you reckon?

If C&G didn't sell PPI that would suggest you arranged it yourself (perhaps via a broker who did your advice for free in return for buying insurance through them) so hard to say how you'd have been miss-sold. Are you perhaps confusing it with some form of life / buildings insurance?

dunstonh

The date is in the range where Lloyds changed the offering of C&G products. So, its possible it was offered by C&G. However, C&G mortgages were also offered by brokers.

C&G branches were not sales targeted on it initially. That came later. Lloyds and TSB branches were.

TaDa

I went into a branch and saw an advisor there
as to why I'm claiming? Well, if they took my money for no good reason (because the insurance would never have paid out) then I want it back for no good reason too :-)

[Deleted User]

TaDa wrote: »

I(because the insurance would never have paid out

Why wouldn't it have paid out?

TaDa

Ok, I'm showing my ignorance here - I thought the whole point of this PPI 'scandal' was that the insurance was designed to never pay out.


Isn't that the case?

[Deleted User]

TaDa wrote: »

I thought the whole point of this PPI 'scandal' was that the insurance was designed to never pay out.

The point of the PPI scandal was that it was frequently mis-sold for a variety of reasons. In order to be refunded, you need to identify if your PPI was mis-sold and complain giving (genuine) reasons.

No point complaining the PPI would never have paid out if in fact it would have. That kind of complaint is virtually guaranteed to fail unless the Bank finds something else as part of their investigation.


It's possible (though unlikely with mortgage protection) that a self-employed person might find themselves with insurance that would not pay out or signed up to a policy with onerous terms.It's also possible that a pre-existing medical condition might have precluded you from claiming on the insurance (though again unlikely with mortgage cover)


You really need to read up more on the subject before you proceed any further. Start by reading here;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

dunstonh

TaDa wrote: »

Ok, I'm showing my ignorance here - I thought the whole point of this PPI 'scandal' was that the insurance was designed to never pay out.

Isn't that the case?

No. That is not correct.

PPI is a product type. Some types of PPI were poorly sold by the banks and some types of PPI were quite low quality. However, this does not apply to all of them.

Most loan PPI complaints succeed. Credit card PPI is a little better (but not by much). However, most MPPI complaints fail. MPPI covered a major debt with lifetstyle changing consequences if it went unpaid. Unlike loan and credit card PPI.

Today, you can still buy certain types of PPI and MPPI is one of two types still retailed.

The complaints are not actually about the product but the way the product was sold and whether it was suitable.