PPI Assistance

berbatov10

In the late 80's I took on an endowment Mortgage, buying a house with a friend.We were made to pay for insurance in the event I defaulted. There was no fact find done, no real discussion about if endowment was the most appropriate mortgage, I am sure that was the way thenI guess. In light of the ongoing PPI issues I started to look into this, the Mortgage Company was bought out several times and I ended up with a Birmingham Midshires product which I eventually paid off. My question is do I have any redress, bearing in mind the company who initially advised me no longer exists, or does the liablity pass to Birmingham Midshires?


Maany Thanks

[Deleted User]

No. It was an indemnity policy, which wasn't mis sold.

It was a condition of borrowing, so nothing to worry about.

SonOf

We were made to pay for insurance in the event I defaulted.

You were given the choice. Either increase your deposit to reduce the loan to valuation or pay the MIG.

There was no fact find done,

MIG didnt require one.

no real discussion about if endowment was the most appropriate mortgage, I am sure that was the way thenI guess.

Regulation didnt start until April 1988. So, prior to that, there were no such things as factfinds. Plus, every endowment that had ever existed upto that point had hit target and paid a surplus. Plus, you had MIRAS back then which made endowments more cost effective.

In light of the ongoing PPI issues I started to look into this, the Mortgage Company was bought out several times and I ended up with a Birmingham Midshires product which I eventually paid off. My question is do I have any redress, bearing in mind the company who initially advised me no longer exists, or does the liablity pass to Birmingham Midshires?

MIG has nothing to do with PPI.

[Deleted User]

berbatov10 wrote: »

I. My question is do I have any redress

My answer is that you have none whatsoever. The insurance you had to purchase covered the lender, not you, and is not somehow recoverable. If you didn't want to pay the Mortgage Indemnity Guarantee (MIG) you had the option of saving for a bigger deposit or buying a cheaper house.
Sorry.