PPI - Broker or Building Society ?

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Ricardo_du_Cannes
Ricardo_du_Cannes Posts: 2 Newbie
in Reclaim PPI & other insurance
My daughter and her husband took out a mortgage through a mortgage broker in 2010. This was on an interest only basis with a fixed rate and had a mortgage protection policy was also provided. She thinks that they were miss-sold the protection policy and I believe should also have a "Plevin" claim. However, who should she approach about her PPI claim, the mortgage broker or the Nationwide BS who provided the mortgage ?

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  • Browntoa
    Browntoa Posts: 49,302 Forumite
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    Whoever sold the ppi , the broker or nationwide
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    Long term forum member
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    and had a mortgage protection policy was also provided.

    What type of mortgage protection? (it is a non-specific term that can cover a number of different insurances. The most common being life assurance. Which is not PPI)
    and I believe should also have a "Plevin" claim.

    I very much doubt that is the case. If it is PPI and the complaint is rejected, then a plevin check will be done but mortgage brokers commission is typically around the 15-30% mark. Way under the 50% tipping point. Even bank MPPI is under the tipping point if you didnt include profit share. Its only the profit share that takes it over. Brokers didn't get involved in profitshare.
    However, who should she approach about her PPI claim, the mortgage broker or the Nationwide BS who provided the mortgage ?

    The broker. However, do be aware that brokers only account for under 1% of PPI complaints and the majority are rejected. Whilst it is possible to be missold, its not generally viewed as a broker issue.

    You also havent mentioned what the complaint reasons are. Plus, you need to check what type of insurance it actually is.
    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.
  • AdamJones
    AdamJones Posts: 10 Forumite
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    Check the type of insurance. Contact both the broker and the bank. Could be any.
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    AdamJones wrote: »
    Check the type of insurance. Contact both the broker and the bank. Could be any.

    If a mortgage broker provides the advice, then the bank do not provide any insurances.
    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.
  • Bermonia
    Bermonia Posts: 977 Forumite
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    Plevin would be a non-starter as not relevant for regulated mortgages which theirs would be.
  • AdamJones
    AdamJones Posts: 10 Forumite
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    I'd still contact both. The ppi could've been sold after the mortgage, or during a telephone call post application but pre completion. It happens. If you contact both there's nothing to lose.
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    AdamJones wrote: »
    I'd still contact both. The ppi could've been sold after the mortgage, or during a telephone call post application but pre completion. It happens. If you contact both there's nothing to lose.

    Banks are not allowed to cross-sell to adviser/broker clients.
    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.
  • -taff
    -taff Posts: 14,507 Forumite
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    AdamJones wrote: »
    I'd still contact both. The ppi could've been sold after the mortgage, or during a telephone call post application but pre completion. It happens. If you contact both there's nothing to lose.


    You're talking about credit card PPI
    Shampoo? No thanks, I'll have real poo...
  • Ricardo_du_Cannes
    Ricardo_du_Cannes Posts: 2 Newbie
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    Based on all your feedback...I will approach the broker not the BS, I don't expect Plevin and also as less than 1% of PPI claims come from brokers, do not expect success.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    Ricardo_du_Cannes wrote: »
    Based on all your feedback...I will approach the broker not the BS, I don't expect Plevin and also as less than 1% of PPI claims come from brokers, do not expect success.
    A 2010 sale is also very likely to have a very comprehensive audit trail, which makes the prospect of your complaint being successful even more remote. Plevin will not apply.

    What exactly is the complaint, bearing mind that Mortgage PPI is a useful insurance still being retailed today?
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