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    • betweenarockandhardplace
    • By betweenarockandhardplace 5th Jan 18, 9:50 PM
    • 45Posts
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    betweenarockandhardplace
    Can I reclaim PPI on a past mortgage?
    • #1
    • 5th Jan 18, 9:50 PM
    Can I reclaim PPI on a past mortgage? 5th Jan 18 at 9:50 PM
    Hello all

    Just after some advice please

    My partner reclaimed PPI on a welcome finance loan which he got in 2000 and managed to get £9000 back from them but he used one of them company that take 35% of it! I didn’t know until he told me he used them and I told him we could of done it ourselves for free!!

    Anyway it’s just occurred to me that he had a mortgage with nationwide started in 1997 and he knows for a fact they told him he needed PPI or they wouldnt offer the mortgage to him, he keeps important paperwork and I’ve had a look through and it does say “insurances” with a payment going out every month on the statements, now the house was sold in June 2012 and mortgage paid off

    Is it too late to complain about the PPI and how would we go about getting it back? Would it just be a normal “complaint” through nationwide website? We have all his account numbers and such so should be easy to find his account shouldn’t it? Do they delete accounts after a certain amount of time?

    Thank you everyone
Page 1
    • zx81
    • By zx81 5th Jan 18, 9:54 PM
    • 17,285 Posts
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    zx81
    • #2
    • 5th Jan 18, 9:54 PM
    • #2
    • 5th Jan 18, 9:54 PM
    Lenders will keep data for as long as it is required and as specified in their privacy policy.

    Bear in that if taking PPI as a condition of the mortgage, then it wasn't mis sold. If it wasn't, but he was told it was, then that would be a mis sale reason.
    • dunstonh
    • By dunstonh 5th Jan 18, 10:20 PM
    • 93,047 Posts
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    dunstonh
    • #3
    • 5th Jan 18, 10:20 PM
    • #3
    • 5th Jan 18, 10:20 PM
    he knows for a fact they told him he needed PPI or they wouldnt offer the mortgage to him,
    Nationwide did have some deals in the 90s that required the purchase of MPPI to get the special rate. They also ran a longer deal that gave it free of charge for the first 12 months and then they wrote to you asking if you want to keep it or not.

    However, apart from any special pricing deal, Nationwide have not had it is compulsory.

    and it does say !!!8220;insurances!!!8221; with a payment going out every month on the statements, now the house was sold in June 2012 and mortgage paid off
    Was that house insurance, life assurance or MPPI? or any other insurance?

    Is it too late to complain about the PPI and how would we go about getting it back? Would it just be a normal !!!8220;complaint!!!8221; through nationwide website? We have all his account numbers and such so should be easy to find his account shouldn!!!8217;t it? Do they delete accounts after a certain amount of time?
    Its not too late. However, most MPPI complaints fail. So, dont get your hopes up. You will need a better reason that being told it was compulsory. If it was, then it was not missold. if it wasnt then there wont be any evidence you were told that.
    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.
    • betweenarockandhardplace
    • By betweenarockandhardplace 6th Jan 18, 7:41 AM
    • 45 Posts
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    betweenarockandhardplace
    • #4
    • 6th Jan 18, 7:41 AM
    • #4
    • 6th Jan 18, 7:41 AM
    Thank you for your replies

    It’s not house insurance because he said he bought that elsewhere, he went through a mortgage broker who told him he had to have it or no mortgage lender would accept him, he never wanted it and never used it
    • Moneyineptitude
    • By Moneyineptitude 6th Jan 18, 10:30 AM
    • 20,476 Posts
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    Moneyineptitude
    • #5
    • 6th Jan 18, 10:30 AM
    • #5
    • 6th Jan 18, 10:30 AM
    he never wanted it and never used it
    Originally posted by betweenarockandhardplace
    You don't get a refund of insurance simply because you are fortunate enough not to have suffered a claimable event...
    • antrobus
    • By antrobus 6th Jan 18, 11:31 AM
    • 15,680 Posts
    • 22,336 Thanks
    antrobus
    • #6
    • 6th Jan 18, 11:31 AM
    • #6
    • 6th Jan 18, 11:31 AM
    Thank you for your replies

    It’s not house insurance because he said he bought that elsewhere, he went through a mortgage broker who told him he had to have it or no mortgage lender would accept him, he never wanted it and never used it
    Originally posted by betweenarockandhardplace
    If he "went through a mortgage broker" then any complaint needs to be sent to the mortgage broker, and not Nationwide.
    • dunstonh
    • By dunstonh 6th Jan 18, 1:03 PM
    • 93,047 Posts
    • 60,441 Thanks
    dunstonh
    • #7
    • 6th Jan 18, 1:03 PM
    • #7
    • 6th Jan 18, 1:03 PM
    It!!!8217;s not house insurance because he said he bought that elsewhere, he went through a mortgage broker who told him he had to have it or no mortgage lender would accept him, he never wanted it and never used it
    Game over then.

    The lender is not responsible for insurances put in place via third parties.
    1997 is pre-regulation for brokers. So, they dont have to consider any complaint.

    Plus, you are still not sure on what insurance it is. Statistically, most people take out life assurance to cover their mortgages and that is the most common policy put in place by brokers. Mid 90s did still see life assurance insisted on by some lenders (it was late 90s that they started to make it optional). Whether it was compulsory or not, it is common sense to have life assurance with a mortgage.

    It seems strange to buy MPPI elsehwere and not via the mortgage broker. In 1997 mortgage brokers were the type of place you went to buy it if you didnt want the lender version.
    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.
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