reclaim PPI and other insurance

malka

Hi everyone you were all so helpful and I'm wading through stuff, just some more questions. Wasn't too sure whether to start a new thread, but here goes!


1) have discovered that my my late father was sold Life assurance when he took out a mortgage in 1976, (BTW the interest repayment was 13% on the mortgage)
the mortgage was with the Property owners Building Society which became the Woolwich and then was taken over by Barclays..... so his mortgage was 'owned' by these three different insitutions.
The group that sold my father the Insurance no longer exists.
I spoke to the FSC and they say that because this was all before 2005 theres nothing to be done,

please everyone do advise are the FSC correct?
what about this life assurance? where did it go?
what can i do about all this?


2) I also discovered that even once the Mortgage was paid he was sold some 'Deedstore scheme' whereby he paid Woolwich and then Barclays to hold his title deeds.
was that right? can I claim?
It was only when he died and I as the executor tried to find the deeds that the Land registry told me that Barclays still had a claim on the property/mark on the Land registry docs, even though the mortgage had been paid off!!!

Once I went to the Barclays to get this removed did it all come out.
is this something I can claim on?

dunstonh

Hi everyone you were all so helpful and I'm wading through stuff, just some more questions. Wasn't too sure whether to start a new thread, but here goes!

You should have started a new thread as your topic is not similar or related in any way to this thread.

1) have discovered that my my late father was sold Life assurance when he took out a mortgage in 1976, (BTW the interest repayment was 13% on the mortgage)

Most people buy life assurance for their mortgage. Indeed, it was compulsory until the late 90s. Why do you think there is a problem with that?

please everyone do advise are the FSC correct?

Yes they are. Its 30 years prior to regulation.

what about this life assurance? where did it go?

Probably ended with the mortgage.

what can i do about all this?

What do you want to do? you have made a very strange post.

2) I also discovered that even once the Mortgage was paid he was sold some 'Deedstore scheme' whereby he paid Woolwich and then Barclays to hold his title deeds.
was that right? can I claim?

Nobody on the internet is going to know what your father did. So, if you say that is what happened then you know more about it than us. So, we cant say whether its right or not.

Why do you think you can "claim"?

Nasqueron

You cannot "claim back" either of these products, life assurance is a perfectly valid product, unless your father was immortal it's not miss-sold.


A deed store is fine, if your father wished to pay to store his deeds that was his choice to do so, this was also not miss-sold

[Deleted User]

malka wrote: »

what about this life assurance? where did it go?

It "went" to the insurance company as profit since your father didn't suffer a claimable event. If your father had died prior to the mortgage being paid off, on the other hand...

malka wrote: »

I also discovered that even once the Mortgage was paid he was sold some 'Deedstore scheme' whereby he paid Woolwich and then Barclays to hold his title deeds.
was that right? can I claim?

He paid those institutions to safely store his deeds, why would you now get a refund? Did they lose the deeds?

malka

thanks everyone. Regarding the deeds thanks for explaining I get it now!
But what I don't understand is why even though the mortgage had been paid off did Barclays/Woolwich keep a charge against the property on the Land registry?

That would have affected my fathers credit rating no?

Nasqueron

malka wrote: »

thanks everyone. Regarding the deeds thanks for explaining I get it now!
But what I don't understand is why even though the mortgage had been paid off did Barclays/Woolwich keep a charge against the property on the Land registry?

That would have affected my fathers credit rating no?

You'd have to ask the bank about this

Credit rating is unlikely to be massively affected aside from if he wanted a new mortgage

dunstonh

But what I don't understand is why even though the mortgage had been paid off did Barclays/Woolwich keep a charge against the property on the Land registry?

In the past, some people used to keep the mortgage going at £1 owed just to get the storage of deeds cheaper. Remember that back then, deeds were important and needed safekeeping. Getting the bank to do it was considered a sensible thing to do.

malka

thanks again everyone!

Nearlyold

But what I don't understand is why even though the mortgage had been paid off did Barclays/Woolwich keep a charge against the property on the Land registry?

I believe a lender showing as holding a charge against a property makes it more difficult for fraudsters to sell or remortgage the property by purporting to be the owner - there were some recent cases where unencumbered properties were targeted in London with losses in the hundreds of thousands for buyers and a nightmare of worry for the rightful owners.

RADDERS

The other reason that people left £1 on the account and the bank still had a charge, was if you wanted to borrow some more money then as the bank still held a charge against the property then there would be no legal fees to pay.