Mortgage Broker sold me PPI cover - how do I go about seeing if I have a PPI claim?

Jenbabs86

Hi, after reading Martin’s blog about the PPI claim deadline this August, I am considering exploring whether I have a claim with some sickness cover that I was sold when taking out a mortgage product some years ago. However, it wasn’t through a bank, it was through a mortgage broker (with both the mortgage product and sickness cover which would cover mortgage payments). Would I be sending the template letter that is in Martin’s blog to the mortgage broker? I’m confused who I need to raise this with?

Thank you in advance for any advice ☺️ x

[Deleted User]

What year? Brokers were not regulated until January 2005, so any complaint about a sale prior to this date simply won't be considered.

Any valid complaint must go to whoever sold you the insurance. You therefore write to the broker (if the sale was post January 2005).

This "sickness" cover wouldn't be Critical Illness would it? That's not PPI and won't have been mis-sold in any case.

You don't need to use a template letter, just valid and truthful complaint reasons.

dunstonh

Would I be sending the template letter that is in Martin’s blog to the mortgage broker

Yes. However, you do need to consider a few things first.

Mortgage brokers/advisers account for under 0.5% of PPI complaints Mainly as they retailed a type of PPI that is considered more important and you can still buy today. The FOS uphold rate against brokers is just 16%.

Unlike banks where you are dealing with a faceless entity, with a mortgage broker, you are dealing with an individual. That individual will be affected by it emotionally and financially. Even if the complaint is rejected. Indeed, a young mortgage broker I know came to me a few years back following a try-it-on complaint and was in tears and it affected them for months. They suffered a £500 FOS charge despite the complaint being rejected (as a network member, they dont get the "free" cases).

This was a kid who was only earning around £1500 month and they got hit financially for nothing.

The two biggest mortgage broker networks in the country, which account for over half of all mortgages arranged, both fail to get enough PPI complaints registered with the FOS to even be classified (that means under 30).

So, before you wreck someone's life for the next few months, or even years, you seriously need to consider if you were missold it or not.