mortgage ppi claim rejected

glencarron

Hello and thanks for reading this.
When we took our mortgage around 1988 we were told we had to take out a ppi policy to get the mortgage. If we did not take the ppi no mortgage loan as simple as.

Our original policy was arranged by a local man working as a financial advisor and done through Northern rock . The ppi was bought by Cardif pinnacle about 2001.
I have used resolver to complain to Cardif pinacle however they have replied saying they have made a final decision. They have referred our complaint to customer relations NRAM.

May I ask has anyone else experienced this also any advice would be appreciated.

dunstonh

When we took our mortgage around 1988 we were told we had to take out a ppi policy to get the mortgage. If we did not take the ppi no mortgage loan as simple as.

If that was the case, then it cant be missold. Compulsory insurance means it is compulsory as a condition of borrowing and you dont get a choice.

I have used resolver to complain to Cardif pinacle however they have replied saying they have made a final decision. They have referred our complaint to customer relations NRAM.

Neither Pinnacle or NRAM are liable for this sale. You are wasting your time complaining to them.

The finanical adviser is liable for the sale. However, it is 17 years prior to regulation of financial advisers for insurance (Jan 2005). So, they do not need to consider your complaint (assuming they are still around). They could reject it on multiple grounds 1) pre-regulation 2) it was compulsory.

Its game over. On the plus side, most MPPI complaints do fail and most complaints against advisers fail. Advisers account for under 1% of PPI complaints and its not generally regarded as an adviser failing. So, you are not missing out on anything.