Kensington Mortgages - PPI

Polly_Doodle · 24 August 2011 at 9:07AM

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.:mad:

dunstonh · 24 August 2011 at 9:51AM

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.

magpiecottage · 24 August 2011 at 12:13PM

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 · 10 October 2011 at 9:44AM

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 · 10 October 2011 at 11:07AM

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.

magpiecottage · 10 October 2011 at 11:12AM

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.

neil421967 · 11 October 2011 at 10:02AM

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 · 11 October 2011 at 10:06AM

[

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 · 11 October 2011 at 10:08AM

dunstonh wrote: »

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 · 11 October 2011 at 10:11AM

magpiecottage wrote: »

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.

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 · 11 October 2011 at 10:16AM

neil421967 wrote: »

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.

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?

Kensington Mortgages - PPI

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