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    • archieparchie
    • By archieparchie 11th Feb 18, 3:43 PM
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    archieparchie
    Mortgage Payment Cover
    • #1
    • 11th Feb 18, 3:43 PM
    Mortgage Payment Cover 11th Feb 18 at 3:43 PM
    I was advised by my Mortgage lender Nationwide back in July 2012 that my Payment Protection Insurance was compulsory as part of my mortgage and they would not uphold my complaint as I had been provided with sufficient information to enable me to make an informed decision. Unfortunately due to some family matters the 6 month deadline to take it the Financial Ombudsman passed and I did not pursue any further. I'm just wondering if the PLEVIN situation may be applicable and could / should I go back to Nationwide? Appreciate any comments you may have.
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    • dunstonh
    • By dunstonh 11th Feb 18, 4:56 PM
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    dunstonh
    • #2
    • 11th Feb 18, 4:56 PM
    • #2
    • 11th Feb 18, 4:56 PM
    Unfortunately due to some family matters the 6 month deadline to take it the Financial Ombudsman passed and I did not pursue any further.
    If it makes you feel any better. Most MPPi complaints are rejected. You wouldnt have won on your complaint with it being compulsory.

    I'm just wondering if the PLEVIN situation may be applicable and could / should I go back to Nationwide?
    MPPi itself has lower commission than the tipping point under plevin. However, the lender also participated in a profitshare with the insurer and the FCA require that to be included (even though it is not a commision). That will take it just over the tipping point. So, you should get something but dont expect it to be much.
    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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