Claiming mis-sold PPI from lender

rockyp48

Hi there,

I am wondering if it is possible to claim against a lender for mis-sold PPI on the mortgage?

I was mis-sold PPI through a broker when taking out a mortgage in 2004. The PPI was a single payment premium added to the mortgage. At the time we also did not realise the cover was only for 5 years on a 20 year mortgage.

Anyway, the broker ceased trading in 2009 and as the sale was pre 2005 we couldn't go to the FSCS.

We raised a complaint against the insurer which went to the ombudsman but they could not uphold due to the involvement of the broker and the fact that there was no proof the broker and the insurer had a relationship.

We are now wondering if we have any recourse with the mortgage lender? There was £6000 approx added to the mortgage (we have a copy of the original mortgage application) which we have been paying interest on ever since. If there is not fair enough, just want to make sure that we have gone down all avenues before giving up. The last 10 years have been difficult financially due to redundancy that happened just after the policy expired so were really done over here.

Many thanks

[Deleted User]

rockyp48 wrote: »

We are now wondering if we have any recourse with the mortgage lender?

None whatsoever. You have already exhausted every possible (and a few non-possible) avenues available to you.

Only the broker sold the policy and only the broker would be liable.

But the broker was not regulated in 2004 and is no longer trading regardless.

Sorry.

McKneff

You werent 'done over.
You said we didnt realise it was for only five years.
You will have signed to say you had read and understood the terms and conditions.
You obviously hadnt..
While i sympathise , we have all done it but it really is no one elses fault

dunstonh

I am wondering if it is possible to claim against a lender for mis-sold PPI on the mortgage?

Yes. As long as it was lender actually sold MPPI and the MPPI was missold (most MPPI sales are not classed as missold and most mortgages in the UK are not direct with the lender).

I was mis-sold PPI through a broker when taking out a mortgage in 2004.

in which case, the lender didnt sell you PPI. So, you wouldn't complain to them. it would be like complaining about Tesco for something you bought at ASDA.

We raised a complaint against the insurer which went to the ombudsman but they could not uphold due to the involvement of the broker and the fact that there was no proof the broker and the insurer had a relationship.

That was always going to be the case. The insurer has no liability.

You were actually missold. Single premium MPPI is never how it should be done. However, you have no-one to complain to.