I think Halifax paid PPI 1st yr then I paid St James? Not sure how to claim

[savvy369]

I'm not sure if I have a case? I was a first time buyer if that helps to say in my case?

 

Just looking through my files, the first year (aug 2001) of my mortgage for PPI all I can find is the Halifax mortgage letter saying

thank you for applying for a mortgage

"As the loan amount you require exceeds our basic lending limit it is necessary for us to arrange additional mortgage security. you will be advised of the fee in due course. Please note that if you are borrowing less than 90% of the lower of the valuation or purchase price we are currently paying this premium."

 

Then on the mortgage offer letter At the end of the letter it says (oct 2001)

SPECIAL NOTE

We strongly advise you to consider arranging insurance cover to protect your ability to keep up your mortgage repayments if you become ill, lose your job, etc. You can obtain details of such mortgage repayments insurance from from any of our branches or your financial adviser...

 

Then a few weeks later the halifax letter of acceptance for my mortgage says

an additional mortgage security fee of £419 is also due. We will pay this fee. (explaining that they are lending me more than they normally would and additional mortgage security is required)

 

But exactly one year after my mortgage I started paying PPI monthly for the next 12 years to St James Place.

So who do I apply to and how do I explain the first year? Very confusing. By the end of the first year I must have believed I needed it but £419 per year is extortion, so I must have shopped around. I've never been in debt, ill, lost job or took out life insurance. any advice gratefully accepted

thanks

[honeybee13]

Hello there.

 

I'm not sure the mortgage security fee is the same thing as the PPI. Reading what you say above, the mortgage security fee was because you were borrowing a high percentage of the property value.

 

Do you have anything from St James Place please? Others will advise, but you may need to ask them for copy paperwork from when you took out the insurance.

 

HB

[honeybee13]

This is from the Guardian a few years ago about mortgage security fees, or mortgage indemnity as I remember them. As I said, I think your PPI with St James Place may be a different issue. What paperwork do you have from them please?

 

http://www.theguardian.com/money/2009/nov/04/refund-indemnity-insurance

 

HB

[savvy369]

ok thanks

it says Term protection plan from st james, which covers death and critical illness, and probably not PPI after all?