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mortgage PPI from 1996..can I claim ?
casey
Posts: 150 Forumite
Hi ,
we took out a mortgage in 1996 and were told at the time that it was compulsory to take out PPI and so we did. We are still paying PPI alongside our mortgage. It was initially with Norwich union later to be Aviva.
Can we claim back PPI ? Where do we begin ?
Thanks in advance,
Casey
we took out a mortgage in 1996 and were told at the time that it was compulsory to take out PPI and so we did. We are still paying PPI alongside our mortgage. It was initially with Norwich union later to be Aviva.
Can we claim back PPI ? Where do we begin ?
Thanks in advance,
Casey
Casey
0
Comments
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Can we claim back PPI ?
In the 90s, it was common for lenders to have deals that required the purchase of an insurance. That is allowed.
So, if it was compulsory then it was not mis-sold.
Some mortgage brokers require an insurance purchase to allow them to give fee free mortgage advice. That model is allowed as long as the insurance is suitable.
So, did you buy via a broker/adviser or via a lender?
Why do you think yours was missold?
if you bought via a broker, then 1996 is 9 years prior to regulation.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thankyou for your reply. We purchased through an advisor via estate agent . I thought that the fact I was told that I couldn't have the mortgage unless I took it out was grounds for mis-selling .Casey0
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You purchsed via a broker so even if it hadn't been complusory, brokers were not regulated prior to 2005.Non me fac calcitrare tuum culi0
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I thought that the fact I was told that I couldn't have the mortgage unless I took it out was grounds for mis-selling .
No. When it is compulsory that is allowed. When you are lied to by being told it was compulsory when it wasnt, then that is a missale.
However, it is a very weak complaint reason and very few complaints get upheld on that reason due to lack of evidence. You almost certainly have no evidence to back up your allegation. If you do have something that says it was compulsory then your complaint fails because that verifies it was. In your case, it would not be compulsory from the lender as you would have had to buy the lender product. It may have been a requirement from the EA broker to allow them to give free mortgage advice.
This is all irrelevant though. Estate agent brokers were not regulated at the time and do not have to consider your complaint.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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