Sold by an 'Introducer'

KingL

Hi

I'm thinking of making a claim for refund of (possibly) PPI (from 1993), but there are two things which potentially make it a non-starter, so thought I'd run those past you folks first. i.e. is it even worth progressing?


1) I bought my Mortgage (and Endowment and Insurance) through what Halifax always referred to as an 'Introducer' (a financial advisor specialising in property purchase). The Mortgage Company (Halifax's) paperwork makes it fairly clear that PPI is NOT mandatory, but my Introducer told me that I did have to have Payment Protection for at least 1 (possibly 2) years. All selling was done by the Introducer, not by Halifax. If there was any mis-selling done, it is more likely that the 'deceipt' was on the part of the Introducer. Does the fact that Halifax didn't sell the product to me make any difference to my claim for a refund?

2) I definately paid for some kind of payment protection insurance, but it _may_ have been MIG. Records on that part are scarce. (1993). Can we infer from the avilable details whether it was PPI or not?

Available details are:

There were four (?) components
a) a (endowment) Mortgage with Halifax
b) an Endowment with Standard Life
c) mandatory mortgage indemnity insurance on ~£11,000 of the loan, premium £820.
d) payment protection insurance of some kind

I have the mortgage-offer paperwork which mentions the MII, (c).

I have no paperwork whatsoever on (d). I remember making monthly payments, but I don't even know if it was one-and-the-same as (c). I remember the Introducer saying it was mandatory for at least a year (possibly 2 years). The premium was about £30 a month, which I paid by SO/DD. I was allowed to cancel it after 1 (?2) year(s), so I did. If I was allowed to cancel the payments, can I reasonably assume that they weren't for the MII?

I don't have bank accounts going back that far (1993). I vaguely remember that the MMI premium was added to the mortgage, but I'm not sure.

---

relevant bits from Halifax's mortgage offer:

5. The society would normally only lend (x-£11,000) on the security of the property , but is prepared to lend x subject to Sun Alliance providing a mortgage indemnity for the difference. The premium will be £821 and will be payable by you.

Special note:
The society strongly advises all borrowers to consider arranging insurance cover to protect their ability to maintain their mortgage payments in the event of sickness, accident or unemployment. Details of such mortgage protection schemes can be obtained from any Halifax branch or your financial advisor. Your home is a risk if you do not keep up replayments, etc

I paid-off the morgage and endowment 20 years ago, though I have kept the mortgage open (£100 unpaid), so I can use Halifax's deed store for free, so I still have a 'relationship' with them.

so:

1 - what are the chances of me having confused (d) with (c)
2 - does the fact that it was all sold by an introducer change the refund claim chances
3 - do I still address a refund-claim to Halifax (the Introducer doesn't seem to exist any more)

tia

[Deleted User]

It's 13 years before regulation.

Forget it and move on.

dunstonh

1) I bought my Mortgage (and Endowment and Insurance) through what Halifax always referred to as an 'Introducer' (a financial advisor specialising in property purchase). The Mortgage Company (Halifax's) paperwork makes it fairly clear that PPI is NOT mandatory, but my Introducer told me that I did have to have Payment Protection for at least 1 (possibly 2) years. All selling was done by the Introducer, not by Halifax. If there was any mis-selling done, it is more likely that the 'deceipt' was on the part of the Introducer. Does the fact that Halifax didn't sell the product to me make any difference to my claim for a refund?

Two issues here

1 - It is pre-regulation. So, the broker/adviser would not have been regulated at the time.
2 - morgtage brokers are allowed to insist on insurance being taken through them in return for free mortgage advice. As long as the insurance is suitable.

There is usually a clawback period of 2-4 years. That probably ties in with the period you mention. Although that is more common on life assurance, Critical illness cover or income protection. Not so on PPI. Although maybe the broker was indicating the minimum period required to build sufficient earnings to qualify for the free mortgage advice.

As halifax didnt sell anything to you, they have nothing to refund or for you to complain about.

1 - what are the chances of me having confused (d) with (c)
2 - does the fact that it was all sold by an introducer change the refund claim chances
3 - do I still address a refund-claim to Halifax (the Introducer doesn't seem to exist any more)

1 - Pretty high. if it was added to the mortgage, it would have been in a sub account and increased the monthly payment or had a payment segment to the sub account. We see a lot of posts on here from people mixing up MIG with PPI.
2 - Yes it does. It makes it non-existent
3 - no you dont. Halifax have done nothing wrong for you to complain about.

KingL

Fair enough, thanks for the info

morgtage brokers are allowed to insist on insurance being taken through them in return for free mortgage advice..... maybe the broker was indicating the minimum period required to build sufficient earnings to qualify for the free mortgage advice.

I know for a fact that they a tidy bundle on commission for the Endowment Sales, but it is possible they were also clawing-back on the Insurance, as well....

thanks, I'll move on.