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Mortgage PPI - sold by mortgage advisor
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McUrchin
Posts: 5 Forumite
Hi
I’m new to the forum, but have had a look around and can’t see an answer to this.
When I took out my previous mortgage, it was through a mortgage advisor attached to an estate agency (I seem to remember this was a government scheme of some sort)
The advisor sold me a PPI policy along with the mortgage - but it was a separate PPI company, NOT connected to the mortgage company.
At the time, I worked for a company without a great sickness package, but pretty soon afterwards I was made redundant and went to work somewhere with very good sickness benefits.
It was not explained to me at the time, that the policy was only useful to me while I was in a job without benefits, so I continued with it for quite a few years.
So
Q1 does this sound like it’s worth claiming?
Q2 who would I claim against, mortgage advisor at the estate agents or PPI company themselves?
I’m new to the forum, but have had a look around and can’t see an answer to this.
When I took out my previous mortgage, it was through a mortgage advisor attached to an estate agency (I seem to remember this was a government scheme of some sort)
The advisor sold me a PPI policy along with the mortgage - but it was a separate PPI company, NOT connected to the mortgage company.
At the time, I worked for a company without a great sickness package, but pretty soon afterwards I was made redundant and went to work somewhere with very good sickness benefits.
It was not explained to me at the time, that the policy was only useful to me while I was in a job without benefits, so I continued with it for quite a few years.
So
Q1 does this sound like it’s worth claiming?
Q2 who would I claim against, mortgage advisor at the estate agents or PPI company themselves?
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Comments
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When did this take place?0
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When I took out my previous mortgage, it was through a mortgage advisor attached to an estate agency (I seem to remember this was a government scheme of some sort)
Date is criticial, pre-2005 it's pre-regulation, after the paperwork will be watertight proving it was all explained to you and you agreedThe advisor sold me a PPI policy along with the mortgage - but it was a separate PPI company, NOT connected to the mortgage company.
Quite normal and a good idea, after all it's your home that is at risk
At the time, I worked for a company without a great sickness package, but pretty soon afterwards I was made redundant and went to work somewhere with very good sickness benefits.
So clearly it was a good policy - as you clearly needed it. The fact you moved jobs is irrelevant, point of sale matters. MPPI normally pays out on top of any work benefits and potentially for much longer.It was not explained to me at the time, that the policy was only useful to me while I was in a job without benefits, so I continued with it for quite a few years.
That's incorrect, it was useful when you were sold it. You could have won the lottery the next week, wouldn't change a thing about the point of sale. You could always have gone and had a review of it but as above, MPPI is a good policy, your new job benefits may not be that good anyway, the FOS routinely rejects MPPI complaints from civil service staff with up to 12 months paid sick because of the nature of the debt and the risk to your home.So
Q1 does this sound like it’s worth claiming?
Q2 who would I claim against, mortgage advisor at the estate agents or PPI company themselves?
Not at all as you're looking at it the wrong way. You complain (not claim) and the reasons you have given are easy to dismiss
The person who sold it to you.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thank you very much for your replies
It was around 2008, so sounds like date wise I wouldn’t stand a chance.
What about Plevin? Or does that not apply to mortgages?0 -
At the time, I worked for a company without a great sickness package, but pretty soon afterwards I was made redundant and went to work somewhere with very good sickness benefits.
We know the FOS rejects complaints where people have 12 months sick pay with MPPI (unlike loan and credit card PPI). So, how long was thir "great sickness package?It was not explained to me at the time, that the policy was only useful to me while I was in a job without benefits, so I continued with it for quite a few years.
What makes you think it was only useful while you were in a job without benefits?Q1 does this sound like it’s worth claiming?
Nothing you have said indicates any reasons for complaint.Q2 who would I claim against, mortgage advisor at the estate agents or PPI company themselves?
The estate agent if it was taken out after 14 Jan 2005. However, do be aware that mortgage brokers account for under 1% of PPI complaints and the majority fail. They also tend to take it personally. So, expect to be blacklisted by that estate agent if they are still around.What about Plevin?
Doesnt apply to mortgage brokers. The commission is around 15-35% on regular premium MPPI put in place by adviser/brokers. It doesnt exceed the tipping point. Same with banks. Except for banks also had profitshare and it its the profitshare that took them over the tipping point.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Fab. Thanks for sorting this one out for me
That leaves an old car loan (that definitely had PPI added as standard) and a credit card for me to check
I think back then I was one of the few people in the country that really had very little credit!0 -
That leaves an old car loan (that definitely had PPI added as standard) and a credit card for me to check
Car loan as in a loan sold by a car dealer? Was that before or after 14th Jan 2005?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Nope. Car loan from AA to purchase car
Are you going to tell me that this isn’t complainable either?
And it was 23/3/20050 -
Nope. Car loan from AA to purchase car
Are you going to tell me that this isn’t complainable either?
And it was 23/3/2005
Post regulation so yes you can complain
Credit card will almost always be valid as a complaint as banks were regulated prior to 2005 but it's easy to check, PPI was listed on every statement where you held a balance (didn't pay off in full)Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Nope. Car loan from AA to purchase car
Are you going to tell me that this isn’t complainable either?
And it was 23/3/2005
No, that one is fine. It is after regulation started.
Banks have to consider pre-regulation complaints but retailers/brokers/advisers/manufacturers/dealers do not apart from a small number of areas.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Fab. Thank you
I still have my repayment statement from that one, but it doesn’t mention the PPI...I shall have to go investigating0
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