PPI Mortgage Protection Reclaim Seeking Advice Tricky Case

We are new to reclaiming, we have done a lot of homework on MSE site but this is where we are at:-

In 2001 we were sold a Mortgage Via financial adviser who worked for Allen and Harris in Bath, the Mortgage was with the then Portman (now the Nationwide) all that side of things are fine.

At the time the financial adviser said we need to take out these insurance to get this mortgage and she more or less told us to do this:-
Critical Illness Insurance
Unemployment Cover

Now PPI I has come to light we realise we could have looked for our own and shopped around.

We contacted our bank and they supplied us with Statements for the 3 years the DDs ran, they are listed but we they are unable to name recipients as they only hold those details for 10 years.

When cancelled agreements with these companies after 3 years we done the right thing one year later and shredded the paperwork as you are encouraged to do.

We have a rough idea who these companies may be but we are not 100% sure, the Financial adviser still works for the same estate agents.

We are wondering what the best course of action is to take next to try and find out who to claim what from please.

Many thanks for any help.

PS we do have statements for the period listing exact amounts just not recipients of monies.

Replies

  • dunstonhdunstonh Forumite
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    Now PPI I has come to light we realise we could have looked for our own and shopped around.

    You used a broker. The broker does the shopping around. That is not a valid reason for complaint.

    You dont appear to have any grounds for complaint. CI is not PPI and many mortgage brokers do require you to purchase the insurance through them to get the free mortgage advice. As long as the insurance is suitable, that business model is allowed.

    It is also pre-regulation and unless the broker subscribed to the mortgage code (most did not) then they do not have consider pre regulation complaints.

    So, if you want to complain, you would complain to the adviser but as it stands there is virtually no chance of success as you dont seem to have any grounds for complaint, it it probably pre-regulation and not under the complaints process and possibly even time barred under the 3 year/6 year rule.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • roonaldoroonaldo Forumite
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    I was going to say the time bar rules too. You've know of the concerns for ten years now which even FOS would agree with time bar, not that they would look at it as pre-regulation and not under their jurisdiction.

    I also know about 2001 time Nationwide sometimes made PPI a condition of the mortgage. If so then fine as it was obviously communicated to you.

    Nothing will come of this.
  • magpiecottagemagpiecottage
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    Allen & Harris was never directly authorised byyhe FSA so FOS has no jurisdiction.

    Even if it had, PPI for a mortgage paid for by monthly premiums (which a direct debit indicates) is almost always found to be suitable so the complaint is rejected.
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