Mortgage PPI Reclaim

Rhothgar

A friend of mine advised me to check whether I had PPI.

So I looked at your site and found the information I needed. As it happened, my mortgage came to an end this year so I rang the Building Society to cancel the policy I had with them.

At this point, I must say I have never paid proper attention to any paperwork they had sent. I treated it as gospel that everything was above board and correct.

I seemed to recall that I had a buildings and contents policy with them and just assumed that all paperwork was to do with that.

It turns out that the policy was in fact a payment protection insurance as I had put my hands on a renewal from them just prior to making the phone call.

On the call, I questioned about PPI and they immediately asked if I wanted to make an official complaint so I said that I did. The lady then advised that she would raise a case and they would be in touch in approx. 4 weeks.

I received a letter last week offering me a settlement on the basis of approx. 10 years of payments.

However, at the time I took out the mortgage (which was a re-mortgage to add my then partner), I cannot recall ever being invited to discuss the PPI element.

Their letter simply states that I have signed the mortgage form and therefore agreed to it.

When me and my partner split in 2000, I wrote to them and advised them of my change in circumstances. I was employed at the time I took out the mortage but only for 1 year. I then recall working through an agency who took of NI contributions until 2000 when I set up my own limited company.

My recollection of the PPI is that we were told that we would not get the mortgage unless we took out the insurance so naturally we took it out along with their Buildings and Contents Insurance too.

I have another policy with Aviva which I believe is a life assurance policy costing only £7 which covered the original mortgage and this is still extant.

My then partner was a commercial account handler at an insurance company at the time and this I believe also reinforces the fact that we were forced to take out their PPI policy because she would have been able to access and obtain a very cheap policy at the time to fulfil the needs of the building society.

As most know, taking out your first ever mortgage is always a stretch. Our joint income was only £26,000 and we were 'to the hilt' financially. So why would we take out the Building Society's PPI policy if we could obtain one much cheaper and if I also had a policy that covered the mortgage upon my death. It just doesn't make sense.

I am thinking that they are trying it on. Should I write back to them and demand full repayment or simply lay the above thoughts out to them?

Can they rescind the offer already made?

They have also enclosed a cheque for a lesser amount which I believe is to done with the Plevin side of things.

Advice very much appreciated.

-taff

If you paid it for ten years, they ten years is all you're going to get whether you remember agreeing to it or not. There will be a piece of paper with your signature on it testifying to that, it will not have been added without your knowledge but it might well have been called something else, cover of some sort, protection etc.

And if it was a condition of the mortgage, then it was a condition of the mortgage and you couldn't have got one without it from that lender.
Your financial staus of being stretched doesn't come into it.

Not Halifax was it? They roll over pretty easily on complaints.

consumers_revenge

Halifax told me to jog on. Claim resubmitted.

BorisThomson

consumers_revenge wrote: »

Halifax told me to jog on. Claim resubmitted.

You made a complaint and failed to escalate it when you didn't agree with the outcome. That complaint cannot be reopened because it is now time barred. Resubmitting a claim does not make it start again, it just gets you another jog on letter!

Rhothgar

-taff wrote: »

If you paid it for ten years, they ten years is all you're going to get whether you remember agreeing to it or not. There will be a piece of paper with your signature on it testifying to that, it will not have been added without your knowledge but it might well have been called something else, cover of some sort, protection etc.

And if it was a condition of the mortgage, then it was a condition of the mortgage and you couldn't have got one without it from that lender.
Your financial staus of being stretched doesn't come into it.

Not Halifax was it? They roll over pretty easily on complaints.

Mortgage term was 20 years so it was paid for the full term. They have said they will refund from 2000-2010.

The piece of paper with my signature on that they refer to and included a copy of was the mortgage application form.

Perhaps you misunderstood my point regarding being financially stretched at the time. Without it, we would not have got the mortgage. I was trying to illustrate the fact that we must have been missold it because I already had a policy in place via the previous lender whom Britannia bought out. Why would we need two policies? To my mind, that proves it was forced on us.

consumers_revenge

Original claim in 2012 was for feeling I was bullied into having the PPI. I had no proof otherwise!


As the mortgage is still current I am going in under PLEVIN as suggested on the site.


A. Were you told it was compulsory?


It's a common complaint that consumers are told they must buy a policy from the same provider as the loan to be accepted for the product. This is mis-selling.
If this applies to you, read the full 'I was told to have it' briefing
Any company that subscribes to the voluntary Lending Code (see subscriber list) agrees it won't insist you buy an insurance product from it. Therefore if the salesperson...

• Didn't make it clear the policy was optional or tell you about any cooling off period.
• Implied or stated it would be more expensive if you didn't take the insurance.
• Implied or insisted you take out their policy to qualify for the product or help with your application.
• Was very pushy when selling the product, so you felt you could not say no.
• Would not let you continue with the application if you did not sign the insurance agreement as well.

If one of the above applies, go to the how to reclaim section.


If you've been previously rejected for a PPI claim, then you're likely due a Plevin payout
Plevin is aimed squarely at you if you had a claim rejected from a bank, building society or other big financial institution - and even if the ombudsman agreed with the rejection.


Regardless, worth a try as I'm still peed off 20 years later that the advisor knew we wanted a mortgage and basically told us the application wouldn't go through with out it.

Rhothgar

consumers_revenge

Have you just hijacked my post or are your posts supposed to be helpful to me? I'm confused. My mortgage isn't extant. It was paid off this year.

If you have hijacked my post, I would appreciate it if you start your own thread because otherwise it is going to get seriously confusing.

I have no idea if moneyineptitud0 or boristhompson are responding to me or you?

consumers_revenge

Sorry my original post was to the end of what was asked in post 2 re Halifax.

Boris replied to me post 4

I replied post 6

Apologies if it looks like I hijacked your thread.

Rhothgar

-taff wrote: »

If you paid it for ten years, they ten years is all you're going to get whether you remember agreeing to it or not. There will be a piece of paper with your signature on it testifying to that, it will not have been added without your knowledge but it might well have been called something else, cover of some sort, protection etc.

And if it was a condition of the mortgage, then it was a condition of the mortgage and you couldn't have got one without it from that lender.
Your financial staus of being stretched doesn't come into it.

Not Halifax was it? They roll over pretty easily on complaints.

Many thanks for your response Taff.

No it was Britannia. It was for 20 years and Britannia have told me that it was NOT a condition of the mortgage. The offer letter from memory which I will check today does not mention insurance I believe. That doesn't mean to say it wasn't stated verbally.

Should I actually upload a redacted copy of their PPI offer or is that inadvisable?

I haven't kept on top of this as the wind was knocked out my sails a bit when my thread was hijacked. Perhaps it wasn't actually hijacked? Consumers revenge was jsut talking about their experience after you asked whether it was Halifax. I got the sense that consumers revenge hijacked the thread but after re-reading it just looks as though it went a little off topic perhaps.

Well. Time has flown and I am no further on with this.

I knew I had 6 months and that will be up on Monday.

I have not submitted this to the Ombudsman but will be doing either today or tomorrow.

It would be nice if I could get a definite answer without the thread going off-topic. One interesting point consumers revenge did make though (though there is no live link) is regarding the question of whether I was felt forced into buying their insurance? Though this was in reference to someone else's reply which was not relevant to my thread.

As stated, my then partner was a commercial insurance broker and had sufficient contacts to be able to source us mortgage payment protection insurance far cheaper had we been allowed.

My main issue is cannot recall if we were advised in person about the mortgage and whether we had any meetings with the building society. I think this may have been advised in a phone call.

I am going to read through the paperwork again today and post any additional information.

The mortgage was paid off last September.

BooJewels

Rhothgar wrote: »

They have also enclosed a cheque for a lesser amount which I believe is to done with the Plevin side of things.

I've got a smidge confused by your OP and what you're not happy about. Did you get rejected on the original PPI mis-selling complaint but did receive a redress payout under Plevin?

A Plevin payout is likely to be a smaller amount and you only get these where a complaint is defended - you don't get both paid.

If your PPI complaint was upheld, you'd get repaid what you paid in (if a mortgage, it might only be the PPI aspect of a larger insurance package, so won't be everything you paid in), plus 8% interest, minus tax on the interest. Plevin would no longer apply as you'd already have got a full refund.

If your PPI complaint was defended, they'd then possibly reconsider the policy under the terms of Plevin. This pays out any commission the financial institution received, over the 50% that has been deemed to be fair. This would pay out a redress of the appropriate amount of commission, plus the 8% interest, minus tax on the interest.

I must say I have never paid proper attention to any paperwork they had sent.

I'm not sure that your inattentiveness could be construed as wrong-doing by the bank.

[Deleted User]

BooJewels wrote: »

A Plevin payout is likely to be a smaller amount

A Plevin refund will definitely be a smaller amount since only the undisclosed commission is repaid, the PPI is not refunded.