PPI Claim success on Mortgage

HerbieM

Hi,

Having made a claim using the site (resolver) in August 2017 we have finally, after much back and forth, had the claim upheld. It was decided twice before as defended so well worth continuing to push.

The mortgage was in joint name for £55,000 taken out in 1990 and repaid on moving house in 1996.

The settlement calculation suggests a monthly premium of £9 was paid which seems extraordinarily low (I'd remembered it being £50+ but we cannot locate any paperwork, may need to look again!)

so the settlement figure is £600 for premium refund and £1300 compensatory interest (minus the tax).

So my question is do these figures seem sensible when compared to other claims?

[Deleted User]

You can't compare it to other complaints.

If you have evidence it's not right, then provide it. Otherwise, enjoy the money.

BooJewels

HerbieM wrote: »

The mortgage was in joint name for £55,000 taken out in 1990 and repaid on moving house

The settlement calculation suggests a monthly premium of £9 was paid which seems extraordinarily low (I'd remembered it being £50+ but we cannot locate any paperwork, may need to look again!)

If it was part a mortgage package, chances are that you had other forms of insurance cover at the same time - such as life cover, critical illness etc. The PPI aspect is cover for your repayments if you're off sick or unemployed. So if you think you paid 50 quid a month, it would sound in the right ballpark that the PPI element would be around 9 pounds.

Only this payment protection element is repaid - if it was part a wider mortgage package, this sounds like a reasonable calculation to me. As you suggest, your paperwork would outline this.

HerbieM

Thanks for the quick replies, will enjoy the new funds.