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Plevin
Natalie6999
Posts: 402 Forumite
Does the Plevin ruling cover Mortgage PPI?
When I took out my mortgage in 2001 I had to take out a mortgage protection plan with Paymentshield. The plan was sold to me by my mortgage advisor at the estate agents.
I have tried to reclaim through both Paymentshield & after they rejected my claim, I contacted the estate agency that the mortgage advisor was employed by & yet again was rejected. I forwarded my complaint to FOS, but as the policy was taken out in 2001 they rejected my complaint.
When I took out my mortgage in 2001 I had to take out a mortgage protection plan with Paymentshield. The plan was sold to me by my mortgage advisor at the estate agents.
I have tried to reclaim through both Paymentshield & after they rejected my claim, I contacted the estate agency that the mortgage advisor was employed by & yet again was rejected. I forwarded my complaint to FOS, but as the policy was taken out in 2001 they rejected my complaint.
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Comments
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Does the Plevin ruling cover Mortgage PPI?
Technically yes (depending on date range). However, in reality, most MPPI commission was below the tipping point. Some bank ones have just gone over the tipping point.I have tried to reclaim through both Paymentshield & after they rejected my claim, I contacted the estate agency that the mortgage advisor was employed by & yet again was rejected.
Not unexpected. It was pre-regulation. It was a distribution channel that has less than 1% of complaints about PPI. Paymentshield is a very good product.
Paymentshield commission was way below the tipping point. So, plevin will not apply here.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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