Kensington Mortgages - PPI

135

Comments

  • societys_child
    societys_child Posts: 7,110 Forumite
    First Anniversary Name Dropper First Post
    scruffyonion wrote: »
    Thank you dunstonh

    I really thought if you were paying it together with your mortgage to that particular company, there would be proof you took this ppi out!!! most of my friends at the time went through a broker and went to this cowboy compan,

    I think this is dreadful you can not claim just because you go through a broker even tho you pay this insurance together with your mortgage repayments to this company, so there is no way I can claim at all then?

    kind regards
    You appear to be under the impression that because you had PPI you can claim it back.
    Even if you had someone to complain to, you would still need to show why you believe it was mis-sold "just having it" is not a valid reason..
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    scruffyonion wrote: »
    Thank you dunstonh

    I really thought if you were paying it together with your mortgage to that particular company, there would be proof you took this ppi out!!!

    You're not paying it 'with' the mortgage as such. You borrowed a higher amount on the mortgage which paid in a lump sum for the policy. This premium went to the insurance company not the mortgage company.
  • HolidayMaker123
    HolidayMaker123 Posts: 9 Forumite
    I am also having issues with Kensington over my PPI payments.

    The policy was sold by a financial advisor who has since ceased trading.

    As the payments were taken alongside the mortgage I assumed, wrongly, that the policy was with Kensington. If I had needed to make a claim I would have called them and I am assuming they would have referred me to the correct company. If this is the case why are they unable/unwilling to give me the details now?

    I am beginning to think that the PPI company is a subsidiary of Kensington.
  • -taff
    -taff Posts: 14,494 Forumite
    First Anniversary Name Dropper Photogenic First Post
    It doesn't really matter who they are, the broker sold it to you, and no one else has responsibility for the sale.
    Complaining to the underwriter is a last ditch attempt because they don't have to accept responsibility.
    They may have destroyed all your details, since it sounds like this was some time ago.
    Shampoo? No thanks, I'll have real poo...
  • dunstonh
    dunstonh Posts: 116,347 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    As the payments were taken alongside the mortgage I assumed, wrongly, that the policy was with Kensington. If I had needed to make a claim I would have called them and I am assuming they would have referred me to the correct company. If this is the case why are they unable/unwilling to give me the details now?

    You wouldnt have called Kensington. You would have called the broker or the insurer. Kensington probably wouldnt even know you had PPI (or any other type of insurance) as they have no reason to know.
    I am beginning to think that the PPI company is a subsidiary of Kensington.

    That is not the case.

    If your sale was before January 2005 then its game over. If your sale was after January 2005 you can complain to the FSCS. However, be aware that the uphold rate for the FSCS against mortgage brokers is just 5%. MPPI has a low success rate and advisers have an even lower success rate.
    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.
  • Michaels_nanny
    Michaels_nanny Posts: 4 Newbie
    Hi, having read all these posts about Kensington I'm really confused. Like many on this thread, we took out a remortgage with TML later transferred to Kensington. Although we already had a payment protection with our original mortgage with Coventry, we were told we Couldn't have the remortgage without taking out TML's ppi. I contacted the company the ppi was with, Provident, & they named the person who sold us the PPI & said that he was employed by the mortgage company.
    Have we any rights to claim against Kensington?
    TIA Lesley
  • dunstonh
    dunstonh Posts: 116,347 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Michaels_nanny wrote: »
    Hi, having read all these posts about Kensington I'm really confused. Like many on this thread, we took out a remortgage with TML later transferred to Kensington. Although we already had a payment protection with our original mortgage with Coventry, we were told we Couldn't have the remortgage without taking out TML's ppi. I contacted the company the ppi was with, Provident, & they named the person who sold us the PPI & said that he was employed by the mortgage company.
    Have we any rights to claim against Kensington?
    TIA Lesley

    No. The lender has no liability for the sale of third party products unless it was an agent/employee of the lender.

    The broker carries the liability for the sale as they are the ones that made the sale. Brokers became regulated on 14th Jan 2005. Was yours before or after this?
    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.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    Combo Breaker First Post
    dunstonh wrote: »
    No. The lender has no liability for the sale of third party products unless it was an agent/employee of the lender.
    I believe Kensington has only ever sold mortgages through third parties so it would be the broker.

    It is also worth noting that PPI for a mortgage is generally considered worth having - because your home would have been at risk if you lost your income and could not keep up repayments.

    So you would have to show either that you would not have been eligible for a payout or that the cost of the cover outweighed the potential benefits. The latter is normally only able to be shown if it was a single premium policy and the premium was added to the loan.
  • kayn123
    kayn123 Posts: 11 Forumite
    where is this I too an getting a ppi specialist to look at my mortgage
  • dunstonh
    dunstonh Posts: 116,347 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    kayn123 wrote: »
    where is this I too an getting a ppi specialist to look at my mortgage

    Kensington never sold PPI. So, why employ a company to look at it?
    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.
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