Anyone had Mortgage PPI success for Yorkshire

Options
I have 3 different PPI for mortgages with the Yorkshire BS
I have read that its difficult to get a refund on PPI for mortgages but figure Ive got nothing to loose by submitting the paper work in, I have the account details etc for all 3 over the last 32 years.
Is there a link to any success stories awarded via ombudsman to see if any of my situations match up . I am looking for guidance on what would give me my best shot at a refund, thanks in advance

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    Your best shot is to put down the reasons why you were mis sold.

    What are they?
  • bonjen3
    bonjen3 Posts: 66 Forumite
    Options
    Your best shot is to put down the reasons why you were mis sold.

    What are they?

    I don't know enough about reasons why a mortgage PPI would be considered mis sold or not .
    First mortgage - 2 of us were working, no dependents so could continue to pay should one loose their job
    2nd mortgage - husband had serious medical issues , I stopped work for a family , so no idea if only he was covered or both of us,
    3rd mortgage , we have PPI on current one but have an offset mortgage that covers about 95% of outstanding mortgage should it be needed.
    husband is company director so is that classed as self employed?
    lots of serious ongoing medical issues
    not aware of high commission costs,

    without annoying the "forum police" Id be happy to take on board any other reasons that PPI refunds for mortgages could be classed as valid
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    All of the reasons you've given support the sale as being a very good idea, rather than mis selling.

    I'm not sure who the forum police are, or if they are busy investigating other cases, but another mis sale reason might be if you have enough savings to clear the mortgage in full.

    However, that seems unlikely, as people tend to have a mortgage because they can't afford to buy outright.
  • bonjen3
    bonjen3 Posts: 66 Forumite
    Options
    All of the reasons you've given support the sale as being a very good idea, rather than mis selling.

    I'm not sure who the forum police are, or if they are busy investigating other cases, but another mis sale reason might be if you have enough savings to clear the mortgage in full.

    However, that seems unlikely, as people tend to have a mortgage because they can't afford to buy outright.

    well currently we have enough money spare outright to pay off the mortgage in full, 95 % sits in an offset account, the rest is in other savings / investment accounts. Is there a link that I can read on reasons why other people have had mortgage PPI success at ombudsman , I find this forum quite hard to navigate.
  • SonOf
    SonOf Posts: 2,631 Forumite
    First Anniversary First Post
    Options
    I don't know enough about reasons why a mortgage PPI would be considered mis sold or not .

    MPPI can still be bought today and the majority of complaints on MPPI are rejected. The product itself suffers fewer issues than loan or credit card PPI and is considered more important given the nature of the debt it is covering.
    First mortgage - 2 of us were working, no dependents so could continue to pay should one loose their job

    No issues there.
    2nd mortgage - husband had serious medical issues , I stopped work for a family , so no idea if only he was covered or both of us,

    Potential issue but only if the condition is a type that virtually invalidates the policy in all areas. If it was a specific health area then not an issue as other health conditions would still be covered
    3rd mortgage , we have PPI on current one but have an offset mortgage that covers about 95% of outstanding mortgage should it be needed.

    No issue there.
    husband is company director so is that classed as self employed?

    He is not self employed but it is similar if he is a 100% shareholder. However, most MPPI covers the self employed fine.
    not aware of high commission costs,

    There has never been any requirement to disclose commission with MPPI and it doesnt actually have high commission. Unlike loan and credit card PPI.
    without annoying the "forum police" Id be happy to take on board any other reasons that PPI refunds for mortgages could be classed as valid

    We cant farm out reasons for you in the same way you can with loan and credit card PPI as the default expecation with MPPI is that a complaint would fail.

    Main reasons for this are:
    1 - Most mortgages in the UK are put in place with mortgage brokers, advisers or estate agents. They dont sell the insurance the lender offers. Whole of market products tend to be better quality. They were also only regulated from January 2005 and by then the PPI issue was already happening.
    2 - MPPI is nearly always regular premium standalone with its own direct debit. That is how good PPI should be set up.
    3 - MPPI covers a major long term debt and not a short term insignificant one, in terms of the consequences if it goes unpaid.

    This is not to say that your complaint would not be successful. A small number do succeed. Its just that reasons are not as obvious as loan/credit card and tend to be more personal to you.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    bonjen3 wrote: »
    without annoying the "forum police" Id be happy to take on board any other reasons that PPI refunds for mortgages could be classed as valid
    Any reason why you are still considering further PPI complaints fully five years on from your earlier success?
    https://forums.moneysavingexpert.com/showthread.php?t=4892780

    Why didn't you make all your complaints in 2014?
  • bonjen3
    bonjen3 Posts: 66 Forumite
    Options
    Any reason why you are still considering further PPI complaints fully five years on from your earlier success?
    https://forums.moneysavingexpert.com/showthread.php?t=4892780

    Why didn't you make all your complaints in 2014?

    because life is busy and at the time the general consensus was that mortgage PPI refunds was not worth trying for.

    So feel free to help or scroll on by if you wish, but Ive got nothing to loose, if I get some cash back then great, it will help my family whilst we are going through some hard times just now, if I don't get anything back then fair enough, thats life sometimes you win and some times you loose.
  • SonOf
    SonOf Posts: 2,631 Forumite
    First Anniversary First Post
    Options
    because life is busy and at the time the general consensus was that mortgage PPI refunds was not worth trying for.

    That is still the case.

    Single premium MPPI has a high success rate. However, no banks retailed that method.


    Did you use a bank or a mortgage adviser/broker, estate agent?
  • bonjen3
    bonjen3 Posts: 66 Forumite
    Options
    SonOf wrote: »
    That is still the case.

    Single premium MPPI has a high success rate. However, no banks retailed that method.


    Did you use a bank or a mortgage adviser/broker, estate agent?

    we got it direct from the mortgage advisor at the Yorkshire , we went into their offices to sign up the paperwork. If Im being honest, I can't really recall what was or wasn't said.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards