Kensington Mortgages - PPI
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There are now grounds to make a complaint about a PPI policy based on the Plevin case. Technically, this isn't mis-selling – it's a breach of rules regarding fairness relating to the Consumer Credit Act – but the effect is the same.
The Plevin case suggests almost anyone who has simply had a PPI policy was likely mis-sold, and could be due money back. Financial Conduct Authority rules say firms should generally consider a complaint on the grounds of an unfair relationship between lender and borrower if commission was above 50%. With PPI sales, typical commission stood at 67% so most people who took out PPI are likely owed.
It's a common complaint that consumers are told they must buy a policy from the same provider as the loan to be accepted for the product. This is mis-selling.
If this applies to you, read the full 'I was told to have it' briefing
Any company that subscribes to the voluntary Lending Code (see subscriber list) agrees it won't insist you buy an insurance product from it. Therefore if the salesperson...
Didn't make it clear the policy was optional or tell you about any cooling off period.
Implied or stated it would be more expensive if you didn't take the insurance.
Implied or insisted you take out their policy to qualify for the product or help with your application.
Was very pushy when selling the product, so you felt you could not say no.
Would not let you continue with the application if you did not sign the insurance agreement as wel
You have said it was a condition. Therefore not missold. Kensington mortgages are for those who are borrowing above the norm or those with bad credit or circumstances that mean they are unable to borrow from mainstream lenders. They usually came with additional requirements to protect the mortgage. You were free not to borrow from TML.
Just having PPI does not mean it was missold or that you can complain it was missold and be successful.
Here’s the thing....being a former fraud officer, I electronically recorded the whole 2 to 3 hour meeting with the salesman from Kensington/ TML, in which the mortgage was sold and the forms were completed. In the recording of the meeting, you can clearly hear me repeatedly telling the salesman ([Name removed by Forum Team] of TML/ Kensington) that I don’t want nor need the PPI and each time he insists that it’s not possible to have the mortgage without it. This was an untruth and FRAUD.
Later, I enquire about the interest rate and he goes on to tell another lie. The interest rate I was charged was not arrived at the way he said it would and was mich higher than he suggested it would be.
If dealt with as a private criminal prosecution, it may be possible to use my recording along with your stories to support a case that they had a policy of routinely lying to customers about PPI and interest rates in orderto Obtain Money By Deception from customers and that this was a conspiracy between Kensington and it’s sister company, TML.
Also I have a great deal of paperwork to support my case, but need to join forces with lots of former customers who have had the same experience.
Let me know your thoughts....
If you genuinely believe this lender has committed the crime of fraud, I suggest you simply call the police.
Under RIPA 2000 it is not illegal for a private individual to record a conversation; however,
Recording or monitoring is only prohibited where some of the contents of the communication are made available to a third party. If a person intends to make the conversation available, they must get the consent of the person being recorded.
http://news.bbc.co.uk/1/hi/magazine/4801072.stm
What you did or did not do as a 'fraud investigator' would be neither here nor there, unless you were acting as one.
P.S. Yes, 'amateur lawyering' and advice is what you get here in MSEland. Professional advice needs to be paid for. If you wish to take legal action of any kind against Kensington that is where I suggest you start.