Mortgage brokers

5ooooo

What is the situation if you took out a mortgage through a broker who added PPI on without telling you? Would the claim still go to the lender or to the broker?

The_squirrell

5ooooo wrote: »

What is the situation if you took out a mortgage through a broker who added PPI on without telling you? Would the claim still go to the lender or to the broker?

Did they really? Did you not notice any extra amounts being taken? Did you check your paperwork and sign it? Did you check your statements? Do you still have any paperwork? When did this happen?


Depending on your answers, it would be the Broker if it did actually happen.

[Deleted User]

5ooooo wrote: »

What is the situation if you took out a mortgage through a broker who added PPI on without telling you? Would the claim still go to the lender or to the broker?

Any such mis-selling "complaint" would go to the broker. The overwhelming documentary evidence will not support your allegation, you understand? All you will be basically doing is admitting that you never checked any of your monthly statements and that you signed your agreement to the mortgage (and PPI) without reading it first (or subsequently).

In addition, if this finance was arranged prior to January 2005, the broker won't have to even consider any complaint about it as it is pre-regulation of general insurance sales.

5ooooo

Presumably no I didn’t notice it (along with the other millions of people who are now claiming) . Looking back the ppi policy was also taken out with the same lender as the mortgage and we were presented with a ‘total’ monthly repayment. Therefore the broker was able to claim commission on both products.

The_squirrell

5ooooo wrote: »

Presumably no I didn’t notice it (along with the other millions of people who are now claiming) . Looking back the ppi policy was also taken out with the same lender as the mortgage and we were presented with a ‘total’ monthly repayment. Therefore the broker was able to claim commission on both products.

You are absolutely right that millions of people are claiming, but that doesn't always mean that it actually happened.
You need to enquire or complain to the firm that sold the product to you, as you would with most things.

[Deleted User]

5ooooo wrote: »

the broker was able to claim commission on both products.

Broker sold mortgage PPI does not breach the 50% tipping point for a Plevin refund of undisclosed commission.

I notice you disregard the fact that pre 2005 finance is pre-regulation?

Rainbowgirl84

Roll on August 29th. Although I expect there will be complaints about how unfair the cut off date was.

[Deleted User]

Rainbowgirl84 wrote: »

Roll on August 29th. Although I expect there will be complaints about how unfair the cut off date was.

I fully expect this forum to fill with tales of woe about having lived under a rock for more than a decade and not being aware of PPI complaints...

SonOf

Presumably no I didn’t notice it (along with the other millions of people who are now claiming) .

Most MPPI complaints fail.

who added PPI on without telling you?

If sold after Jan 2005, it would have had a statement of demands and needs. It would have had a policy document issued and cancellation rights. The monthly direct debit would appear on your account.

How on earth could it have been missed by you?

Looking back the ppi policy was also taken out with the same lender as the mortgage and we were presented with a ‘total’ monthly repayment. Therefore the broker was able to claim commission on both products.

Brokers dont sell lenders own insurance products as they dont pay commission. Plus, they tend to be poor quality compared to whole of market options.