Mortgage PPI

BusyMumB

I am not sure whether I have any potential PPI claim and have read some of the previous threads on the subject but am still unsure as to whether I might have a claim and/or how I would go about it as it doesn't seem to be as straight forward as credit card claims.

My partner and I jointly purchased our house almost 16 years ago and used a mortgage adviser through our estate agents. We were advised to take out a PaymentShield PPI policy with our mortgage. My partner was a serving police officer, thus unlikely to lose his job and I had some sickness/disability cover through my work. I have therefore always wondered whether we were in some way mis-sold the policy? It was covering myself only for disability & unemployment, but the cover was for the total value of the monthly mortgage repayments. As my partner was highly unlikely to ever be made redundant did we really need a policy, as it would have been unlikely that we would both have been out of work and therefore unable to meet the repayments on the mortgage which were not excessively high anyway and which my partner could have covered. Or if it would still have been recommended that we have one should it not have been for a lesser amount to cover half of the repayment as it was a joint mortgage?

Any thoughts would be appreciated on whether I have a claim, either for the PPI itself or under the Plevin rule?

Thanks

SonOf

My partner and I jointly purchased our house almost 16 years ago and used a mortgage adviser through our estate agents.

That is all we need to know.

Mortgage brokers were not regulated until Jan 2005. So, anything sold earlier than that is pre-regulation and they dont have to consider any complaint you make about it. You dont get access to the FOS or FSCS. So, game over even if you have a valid complaint.

We were advised to take out a PaymentShield PPI policy with our mortgage.

On the plus side, that almost certainly means you were not missold. Paymentshield is a quality provider and only did standalone monthly premium MPPI. That is how it should be.

My partner was a serving police officer, thus unlikely to lose his job and I had some sickness/disability cover through my work.

With mortgages, the FOS usually reject 12 months sick pay a as a complaint reason. Its one that works better with short term unsecured debts (like loans and credit cards). Not long term secured debts with lifestyle changing consequences if it goes unpaid.

Any thoughts would be appreciated on whether I have a claim, either for the PPI itself or under the Plevin rule?

It wont qualify under plevin as mortgage brokers only got commission way under the tipping point. MPPI was typically around 17-37%. Even banks didnt take over the tipping point on commission with their MPPI. However, they fall foul of profitshare and that just takes them over. Whereas mortgage brokers dont do profitshare with insurers.

Bottom line is you can put this one to bed as one you dont need to complain about as its pre-regulation and doesnt sound missold.

BusyMumB

Thanks for your comments.

Can I just check are you speaking from experience or do you work in this financial sector as I haven't been able to find some of that info online myself.

Thanks

[Deleted User]

BusyMumB wrote: »

I haven't been able to find some of that info online myself.

The poster concerned has impeccable credentials and you can trust any factual information he has posted to be both accurate and up-to-date.

Regardless, this is just a discussion board, so it's entirely up to you whether you believe or act on any advice freely given.

The_squirrell

"The poster concerned has impeccable credentials and you can trust any factual information he has posted to be both accurate and up-to-date"
I would wholeheartedly agree with that comment

BusyMumB

Thank you all.

Much appreciated

[Deleted User]

The_squirrell wrote: »

"The poster concerned has impeccable credentials and you can trust any factual information he has posted to be both accurate and up-to-date"
I would wholeheartedly agree with that comment

Would you please start using the "quote" button, Squirrel ?

Use this format please;

Moneyineptitude wrote: »

The poster concerned has impeccable credentials and you can trust any factual information he has posted to be both accurate and up-to-date.

The_squirrell wrote: »

I would wholeheartedly agree with that comment