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  • FIRST POST
    Polly Doodle
    Kensington Mortgages - PPI
    • #1
    • 24th Aug 11, 8:07 AM
    Kensington Mortgages - PPI 24th Aug 11 at 8:07 AM
    I was wondering if anyone could point me in the right direction. My Husband and I made an application for a mortgage with The Mortgage Lender (TML) who then arrange for us to have a mortgage with Kensington Mortgages. On top of what we wanted to borrow, they added 1800 for PPI. As the mortgage was repaid my husband and I wrote to Kensington to get a copy of our file as we were not sure whether it had been added or not. As it was, we then sent a form to reclaim the PPI. Kensington have now written back to us and said that as the mortgage was taken out with a broker it was not sold by Kensington Mortgages. Now this amount was added to our mortgage and the monthly payment made to Kensington so we were paying interest on it. They have told me to go back to TML or if they are no longer operating (as if they didnt know they had ceased trading,) to contact the Financial Services Compensation Scheme. Are they rightt o tell me to do this of are they fobbing me off.

    TML was I believe taken over by I think Resolve and guess what I tried phoning their number on the website and they no longer exist. Talk about take your money and run.

    Any info would be greatly appreciated as we do not know what to do next. Kensington have actually confirmed there was PPI on the mortgage.
Page 1
    • dunstonh
    • By dunstonh 24th Aug 11, 8:51 AM
    • 98,597 Posts
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    dunstonh
    • #2
    • 24th Aug 11, 8:51 AM
    • #2
    • 24th Aug 11, 8:51 AM
    Are they rightt o tell me to do this of are they fobbing me off.
    They are correct.

    A complaint is about the advice given. They did not provide any advice. Therefore they have no liability for the advice given.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • magpiecottage
    • By magpiecottage 24th Aug 11, 11:13 AM
    • 9,114 Posts
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    magpiecottage
    • #3
    • 24th Aug 11, 11:13 AM
    • #3
    • 24th Aug 11, 11:13 AM
    If you were advised on or after 14 January 2005, you can go to the Financial Services Compensation Scheme.

    If it was before then, it seems unlikely that you will be compensated, I'm afraid.
  • neil421967
    • #4
    • 10th Oct 11, 8:44 AM
    • #4
    • 10th Oct 11, 8:44 AM
    Polly Doodle,

    I have just found out Kensington paid out 4080 in PPI on my mortgage. The payment is hidden in the disbursements column.

    3 times in 6 years I have been in a position to need help with a policy like that, yet, did not know it existed.
    Whats more, Kensington did not inform me of such policy, they just kept raiding my bank and putting charge after charge on my account.

    I had originally also took 3 separate insurances out also as advised by the shark who set the mortgage up, yet I cancelled them when the 47 a month payments were being took at 112 a month????
    TML might cease to exist, but Kensington, have a duty also to inform you that these policies exist. To conceal the fact it does, is what is known as a break in the fiduciary relationship, and you have every right to sue Kensington.

    Before anyone thinks of telling me i am wrong, I say this with first hand knowledge from experience.

    Personally Polly, I would find some company, reputable of course, to take Kensington on, with that fact alone of the fiduciary relationship being broken, in the eyes of the law, that one issue is cast iron a result for you, and a lot of compensation.
    You may wonder why compensation, well, if, you had of needed the PPI at all, it would not have been marketed as a possibility to you by Kensington, furthermore, the fiduciary relationship being broken means Kensington have committed an act of distrust.
    I am currently starting action against these muppets.

    Hope that helps
    • dunstonh
    • By dunstonh 10th Oct 11, 10:07 AM
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    dunstonh
    • #5
    • 10th Oct 11, 10:07 AM
    • #5
    • 10th Oct 11, 10:07 AM
    Whats more, Kensington did not inform me of such policy
    They were probably not aware of the details.

    TML might cease to exist, but Kensington, have a duty also to inform you that these policies exist.
    no they dont

    Before anyone thinks of telling me i am wrong, I say this with first hand knowledge from experience.
    So, how does the lender, who doesn't arrange the insurance or have any liability for setting the insurance up, have a responsibility?

    The complaint is against the broker. Not the lender.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • magpiecottage
    • By magpiecottage 10th Oct 11, 10:12 AM
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    magpiecottage
    • #6
    • 10th Oct 11, 10:12 AM
    • #6
    • 10th Oct 11, 10:12 AM
    Unfortunately the above post is NOT correct (ie the one by neil421967, not the one by Dunstonh).

    It was for the intermediary, who acted as YOUR agent to tell you of the policy's existence, not the lender.

    Assuming the policy was with a different institution they would not normally have details of it or know of its continued existence unless it had been formally assigned to them (there would be data protection issues).

    FOS is unlikely to be able to assist you beyond confirming this point and using a solicitor will almost certainly be throwing good money after bad.

    The intermediary firm seems to have been dissolved earlier this year so the FSCS is your only realistic source of redress.
    Last edited by magpiecottage; 28-02-2012 at 2:53 PM.
  • neil421967
    • #7
    • 11th Oct 11, 9:02 AM
    • #7
    • 11th Oct 11, 9:02 AM
    So, how does the lender, who doesn't arrange the insurance or have any liability for setting the insurance up, have a responsibility?

    The complaint is against the broker. Not the lender.[/QUOTE]

    The lender DOES have details of who the Money was paid to, what it is for, and how much was paid, and the full company details of who the money was paid to. They also have purchase orders and receipts.
    To pay for the Insurance they raise a purchase order, it is a prooduct they are buying, not just throwing the money at the Insurance company.

    With all due respect to the above 2 posters, whether you have 2k or 50k posts, does not mean you know it all.
    As I said, I have had first hand experience of such, so experience is worth more than 'fabricated knowledge'
  • neil421967
    • #8
    • 11th Oct 11, 9:06 AM
    • #8
    • 11th Oct 11, 9:06 AM
    [


    no they dont



    .[/QUOTE]

    Yes they do.

    Although a mortgage is a much larger payout in 99% of cases, the insurance products are all the same for mortgages and loans, so are the contracts.
    With PPI being purchased, Kensington at the time of completion, should have sent through the post, an FOS information pack regarding the PPI and who it was with, plus, it should be stated CLEARLY on the mortgage document what the payment was for. It was not a disbursement.
  • neil421967
    • #9
    • 11th Oct 11, 9:08 AM
    • #9
    • 11th Oct 11, 9:08 AM
    [QUOTE=dunstonh;47566367]They were probably not aware of the details.


    Why would they not be ?? Do you mean to say, they will make a separate payment of 4080 on a mortgage account, and not know where it has been paid to ??
  • neil421967
    Unfortunately the above post is NOT correct.

    It was for the intermediary, who acted as YOUR agent to tell you of the policy's existence, not the lender.

    Assuming the policy was with a different institution they would not normally have details of it or know of its continued existence unless it had been formally assigned to them (there would be data protection issues).

    FOS is unlikely to be able to assist you beyond confirming this point and using a solicitor will almost certainly be throwing good money after bad.

    The intermediary firm seems to have been dissolved earlier this year so the FSCS is your only realistic source of redress.
    Originally posted by magpiecottage

    Magpie Cottage, I did not have an intermediary, nor a new mortgage with Kensington. Kensington bought my mortgage off West Bromwich and sent me a new schedule through, and a new balance existing jumped up by 4080 bacause Kensington paid SOMEONE for a PPI account.
  • neil421967
    Magpie Cottage, I did not have an intermediary, nor a new mortgage with Kensington. Kensington bought my mortgage off West Bromwich and sent me a new schedule through, and a new balance existing jumped up by 4080 bacause Kensington paid SOMEONE for a PPI account.
    Originally posted by neil421967
    A final point to both of the above.
    If you are both financial advisers, obviously you know then regarding mortgages and the passing around between buying companies, so please tell me the procedure that should be followed by mortgage companies when they SELL your mortgage to other companies.

    What rights does the mortgage payer have to say NO.
    What rights does a mortgage payer have to refuse to sign a new agreement?
    • dunstonh
    • By dunstonh 11th Oct 11, 11:55 AM
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    dunstonh
    Unfortunately the above post is NOT correct.
    mine or the one above mine?

    The lender DOES have details of who the Money was paid to, what it is for, and how much was paid, and the full company details of who the money was paid to. They also have purchase orders and receipts.
    To pay for the Insurance they raise a purchase order, it is a prooduct they are buying, not just throwing the money at the Insurance company.
    That would then suggest it was their own product that was used and not a broker product. If a broker arranged it then the broker would sort the insurance and the lender would not know the details. Even if the lender knew at application stage that X was going to an insurer, they wouldnt note it down as they wouldnt know if it was life assurance or PPI or whatever.

    My mortgage advisers never pass insurance information on to lenders and lenders never ask it other than for house insurance.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • magpiecottage
    • By magpiecottage 11th Oct 11, 12:12 PM
    • 9,114 Posts
    • 5,584 Thanks
    magpiecottage
    If you are both financial advisers, obviously you know then regarding mortgages and the passing around between buying companies
    Originally posted by neil421967
    If you read my signature you would realise that I am not a financial adviser.

    What you now seem to be saying, though, is that your loan book was passed on by West Bromwich to Kensington. That CAN happen but the terms of the loan cannot automatically change.

    So either you did remortgage, in which case a broker would have been involved, or you arranged the policy directly yourself, or Kensington has made a deduction to your account without your consent.

    The last of these would be grounds for complaint but that is not the scenario presented by the OP.

    What rights does the mortgage payer have to say NO.
    Just say so.

    What rights does a mortgage payer have to refuse to sign a new agreement?
    The existing lender cannot force you to change your contract - although, as many Northern Rock borrowers have found, they can offer incentives to do so.
    • magpiecottage
    • By magpiecottage 11th Oct 11, 12:14 PM
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    magpiecottage
    With PPI being purchased, Kensington at the time of completion, should have sent through the post, an FOS information pack regarding the PPI and who it was with, plus, it should be stated CLEARLY on the mortgage document what the payment was for. It was not a disbursement.
    Which rules in the FSA Handbook place such a requirement on a lender?
  • Cstar1588
    TML were 100% owned by Kensington, therefore you might have a case against Kensington?
  • millymolly5
    I too am trying to recliam PPI from TML/Kensington, Kensington have confirmed there was PPI on the mortgage but have since sent me the ususal "can't help you any further" letter, if TML were wholely ownd by Kensington how should I proceed?
    • magpiecottage
    • By magpiecottage 6th Mar 12, 10:01 PM
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    magpiecottage
    TML Financial Solutions Limited was a subsidiary of Kensington Group PLC. However the word "limited" means creditors are restricted to the TML's own assets when seeking to recover debts.

    If the sale was on or after 14 January 2005, you can seek assistance from the Financial Services Compensation Scheme. Otherwise you have no source of redress.
  • scruffyonion
    Hi hope you can help here...I have posted this before but for the life of me I cant find it so ill post it again.....

    took out a mortgage in 1995 with Kensington Mortgage Co and moved in 1999 then took out a mortgage with halifax till 2006. So had the mortgage with Kensington for 4 years then with the halifax for 5 years both with brokers.

    I have tried to trace these brokers but they no longer exist. Can you still claim from both mortgage companies PPI ???

    hope someone responds soon

    kindest regards
    • dunstonh
    • By dunstonh 20th Sep 13, 6:36 PM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    Hi hope you can help here...I have posted this before but for the life of me I cant find it so ill post it again.....

    took out a mortgage in 1995 with Kensington Mortgage Co and moved in 1999 then took out a mortgage with halifax till 2006. So had the mortgage with Kensington for 4 years then with the halifax for 5 years both with brokers.

    I have tried to trace these brokers but they no longer exist. Can you still claim from both mortgage companies PPI ???

    hope someone responds soon

    kindest regards
    Originally posted by scruffyonion
    You have no-one to complain to. Game over. On the plus side, most MPPi complaints fail anyway as do most advised ones. So, you probably would have failed even if you could complain.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • scruffyonion
    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
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