PPI Rejected - Plevin claim rejected due to mortgage date

Saunts01

Our claim for PPI being mis-sold under Plevin has been rejected due to the date that the mortgage was taken out.



The response from our bank states:



'When you purchased your PPI policies, the PPI premium included commission paid by the insurance company to the bank. At the time of the sale, lenders were not required to inform you of the existence or size of this commission.


The Financial Conduct Authority (FCA) has issued new rules and guidance which require lenders that supplied PPI to consider whether the non-disclosure of anticipated commission and any future profit share by the underwriter at the time of the sale led to an Unfair Relationship under section of 140A of the Consumer Credit Act.


From 31 October 2004. new mortgages became regulated by the FCA under the Mortgage Conduct of Business (MCOB) rules. The Customer Credit Act does not apply to mortgages regulated under the MCOB rules.


Your mortgages ending xxxx and xxxx were entered into on 26 June 2008 and 26 June 2008. As a result, your mortgages ending xxxx and xxxx are regulated under the MCOB rules. This means the FCA's new rules and guidance on non-disclosure of commission and profit share do not apply. I am therefore unable to uphold your complaint on this basis.'


Does anyone know if this is correct and the Plevin rules do not apply to mortgages after 31st October 2004 that were regulated by the MCOB?



Some of the information I have read online says that 'Plevin will apply to any PPI deal where a premium was paid on or after 6 April 2008'.


Any advice or guidance would be appreciated.



Thanks in advance.

dunstonh

Does anyone know if this is correct and the Plevin rules do not apply to mortgages after 31st October 2004 that were regulated by the MCOB?

Yes it is correct.

Some of the information I have read online says that 'Plevin will apply to any PPI deal where a premium was paid on or after 6 April 2008'.

Only if the debt is under the consumer credit act. The reason for this is that s140a was amended in 2006 (with effect 2008). Hence where the 2008 rule comes from.

Mortgages under MCOB were not subject to the consumer credit act. MCOB was FCA rules and the FCA had no rules on commission disclosure.

bolton01

Hello,
Im looking for some guidance here if anybody can help me please?
I was blatantly missold a Single Premium Accident/Sickness/Unemployment Insurance policy costing £3,037.00.I have exhausted all the complaints with all the organizations I can complain too.
The missale occurred in January 2004,I have continually complained to the FCA /FOS,Assurant the Insurance Underwriter,Nationwide Building Society most recently as Portman Building society the mortgage lender is now owned by Nationwide,they are all saying its all before jan 2005 when financial companies became regulated,and they cant rule on it? does anybody know who regulated in Jan 2004?The crazy thing is they paid out some claims and then it suddenly stopped paying out for no good reason?
Carrington Carr went into liquidation and I was offered approx £95 which I accepted at that time,does this mean legally they are accepting and acknowledging that I had a case against them?
Ive been to Citizens Advice about this and they have told me i need to go to a specialist solicitor who ive found off the Law society website,I spoke to my closest solicitor who told me they will look at my case free for the first half an hour and then probaly want to charge me £500 plus VAT to take it on? with the rest as No win no fee? is this normal practice? or should I just find another solicitor who will cover all the case on a no win no fee basis?
Has anyone had any success in claiming against either Carrington Carr or Awd Home finance for Plevin or recovering the full amount as Awd is still trading and was the parent company?
Im very frustrated banging my head against a brick wall with this one,The original mortgage solicitor first alerted this to me,its potentialy worth approx £6,000 to me a lot of money! Thank You.

McKneff

Its not good hijacking another thread.

Please start a new one of your own

-taff

And just in case you don't start a new thread, no, they were not regulated, you won't be getting anything. And as they don't exist any longer, you have no one to complain to.
Don't waste your money with solicitors.