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PPI Claim Derbyshire building society
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Pitt_the_Elder
Posts: 2 Newbie
Hello
I only had a mortgage with the Derbyshire building society for around 6 years, but was miss sold ppi on this. Ive been told that they are no longer in existence and that the Nationwide took them over.
My question is, can I apply direct to the Nationwide to make my claim of miss sold ppi?
I don't have any paper work ascertaining to this mortgage as it ended in 2002.
I only had a mortgage with the Derbyshire building society for around 6 years, but was miss sold ppi on this. Ive been told that they are no longer in existence and that the Nationwide took them over.
My question is, can I apply direct to the Nationwide to make my claim of miss sold ppi?
I don't have any paper work ascertaining to this mortgage as it ended in 2002.
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Comments
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My question is, can I apply direct to the Nationwide to make my claim of miss sold ppi?
yes.I don't have any paper work ascertaining to this mortgage as it ended in 2002.
What are your reasons for complaint? A quick look at the FOS stats show the ombudsman rejecting more PPI complaints for Derbyshire than upholding. Not unexpected with MPPI as most complaints about that fail and Derbyshire only did regular premium MPPI (which is how it should be set up).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.0 -
Reason for complaint is that I know I was miss sold ppi on that mortgage as the loan was for only around 42k and the ppi was for over a million!!! I wasn't advised that I could refuse or set a lower rate.0
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Reason for complaint is that I know I was miss sold ppi on that mortgage as the loan was for only around 42k and the ppi was for over a million!!
That is not correct.
Maximum PPI provision per month is £2000 with most providers (some did creep towards £2500) but £1million is not possible. The amount borrowed has nothing to do with PPI.
To put that in context, using typical MPPI rates for the period, your allegation would have meant you were paying a premium on the MPPI of around £60,000pm. No chance that was the case.
Are you perhaps getting products mixed up. e.g. home insurance with PPI (An "upto million sum" insured on a house insurance is very common)I wasn't advised that I could refuse or set a lower rate.
The amount should be set to match the mortgage. What were the actual rates used as your figures are way out currently.
Good job you posted as a complaint on that basis would get you nowhere.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.0 -
As dunstonh says, it does not sound like PPI - I have NEVER heard of PPI with that level of cover.
Most PPI would pay at around £9.50 per month for each £100 of cover.
On that basis, your monthly premium would be £95,000 - more than twice your loan.
It could be the maximum level of cover for rebuilding costs or it could be the associated cover for claims against you by other people - but it is not payment protection insurance.0 -
Pitt_the_Elder wrote: »Reason for complaint is that I know I was miss sold ppi on that mortgage as the loan was for only around 42k and the ppi was for over a million!!! I wasn't advised that I could refuse or set a lower rate.
Blimey, with that sort of cover it would be well worthwhile getting ill0 -
yes.
What are your reasons for complaint? A quick look at the FOS stats show the ombudsman rejecting more PPI complaints for Derbyshire than upholding. Not unexpected with MPPI as most complaints about that fail and Derbyshire only did regular premium MPPI (which is how it should be set up).
Looking at this I’m not sure it’s even worth bothering to ask about a ppi check.
I had a mortgage with Derbyshire Building Society in the early 80’s and have no idea if I had any ppi and certainly have no paperwork. I have been mortgage free and moved house around 18 yrs ago so no idea where anything is likely to be with accounts or record/policy numbers.
Is it worthwhile bothering any further if so to whom and what do I ask?0 -
To be brutally honest I would not bother, if you have no records or indication of PPI then it would be highly unlikely for seller to have records 30-40 years later - also Derbyshire was taken over by Nationwide, as such only relevant records would have been transferred over (usually for current lending).0
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