Can you claim for mis-sold PPI on a mortgage?

[NC nohare]

Can anybody tell me if you can claim back PPI charges on a Mortgage?

My husband and i took out a Mortgage in 1996 and were bamboozeled into taking out a PPI without knowing what we were signing up to. We were told we had to have it with the mortgage.

We have never claimed anything from it but paid a fortune into it. We no longer have this Mortgage.

Any info would be appreciated.

Thanks

N Xx

[cerberusalert]

Yes you can.

 

See http://www.consumeractiongroup.co.uk/forum/showthread.php?61081-PPI-Some-Notes-for-Claimants.. and check through the other stickies.

[NC nohare]

Thanks I did not know for sure.

All the press coverage seemed to focus on loans and not motrgages.

I have read the tread you directed me too and we were told that if we did not take out their PPi we could not have the mortgage so we were pressed in to it.To be honest it was not explained properly either.

Thanks again for your help

N

[cerberusalert]

we were told that if we did not take out their PPI we could not have the mortgage so we were pressed in to it.

A prime example of mis-selling.

[cerberusalert]

Incidently when you reclaim it you can go back further than six years & you can add Statutory Interest which IIRC is 8%.

[NC nohare]

Thanks for your help. I will start the process on Monday and keep you posted.

Fingers crossed

N

[dirkuberpower]

All the press coverage seemed to focus on loans and not motrgages.

 

 

Mortgage PPI is hard to get back, the mortgage process is mostly advised, the adviser had to do a fact find (a full assesment of his finances and needs) so would be asked questions about his employment benefits, pre-existing medical conditions etc. A lot of mortgage ppi is monthly paid too, which is good as single premiums is bad, as it incurs interest.

 

Unfortunetley you would have no proof that you were pressed into it, its your word against theres, and they have the evidence that you signed for it and issued you documentation.

[dj1971]

NC,

 

As already has been suggested go forth and submit your claim for mis-sold. If it was not explained to you exactly what the ppi was for and what the benefits and exclusions were, or that you could get a cheaper policy elsewhere then it was mis-sold and despite what your mortgage provider may well tell you it is not statute barred.

 

Personally, I would write a letter to them outlining why you believe the policy was mis-sold and requesting a refund of all premiums paid plus interest.

 

Is also a good idea to do some calculations to send in with the letter to show you know how much you are entitled to. If you need any help with these just ask.

 

As for the comments in the previous post, what a load of rubbish. The onus is on the provider to prove that everything was done correctly rather than the borrower to prove it was not.

 

Good luck

 

DJ

[NC nohare]

Thanks everybody for your advice. However conflicting it may be.

It just goes to show what a grey area this is.

Do you or anybody else know of anybody who has successfully obtained a refund for mis-sold mortage PPI?

I am no way going to let this one go but it seems that on mis-sold credit card and loan PPI is being refunded.

I hope somebody can tell me different.

Love this site and the people on here who do not judge you,just want to help you.

Thanks

NCO

[dj1971]

NCO,

 

I am afraid your observations appear to be correct.

 

Personally, I do not know anyone who has claimed mis-sold PPI on a mortgage.

 

Glad to hear you are not giving up though and you may be the one who sets a president on this one.

 

Good luck and please do keep us updated.

 

DJ

[cerberusalert]

Do you or anybody else know of anybody who has successfully obtained a refund for mis-sold mortage PPI?

Yes, someone I know very well.... me.

 

I had no problem whatsover tho'.... I politely asked for a refund & got it no questions asked.

[NC nohare]

Congratulations to you.

That must be the key.Be polite.Be assertive and know your rights.

Fingers crossed I follow in your foot steps.

I will keep you posted

NCO

[dirkuberpower]

NC,

 

As already has been suggested go forth and submit your claim for mis-sold. If it was not explained to you exactly what the ppi was for and what the benefits and exclusions were, or that you could get a cheaper policy elsewhere then it was mis-sold and despite what your mortgage provider may well tell you it is not statute barred.

 

As for the comments in the previous post, what a load of rubbish. The onus is on the provider to prove that everything was done correctly rather than the borrower to prove it was not.

 

You are right that the onus is on the firm to prove it was sold correctly, however, don't dismiss what I said was rubbish. I talk facts.

 

my point was is that the mortgage process is far more in depth than the sale of a loan (ppi is just whacked on) or credit card (box is just ticked) with ppi. Mortgage advisers, not so much in 96 do a full fact find, far more documents are issued. Its a different sales process.

 

I would point out that the complaint point you were not told you could get it cheaper elsewhere. This is a mythical complaint point. A firm is not obliged to discuss and advise on products it does not sell, is the truth.

 

I know this as I worked as and adjudicator at FOS until recently.

 

More firms are time barring now as the guidance on ppi complaints changed and firms are arguing they should not have to apply icob rules retrospectively, the rules with this is if they don't complain within 6 years of the sale, or 3 years since they knew there was cause to complain, whichevers the longest.

Edited February 13, 2011 by dirkuberpower

[dirkuberpower]

Can anybody tell me if you can claim back PPI charges on a Mortgage?

My husband and i took out a Mortgage in 1996 and were bamboozeled into taking out a PPI without knowing what we were signing up to. We were told we had to have it with the mortgage.

We have never claimed anything from it but paid a fortune into it. We no longer have this Mortgage.

Any info would be appreciated.

Thanks

N Xx

 

To help, who sold it to you? how was it sold? (phone, face to face) and was it paid for monthly (good) or single premium (bad)?