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I'd like to give a summary of my ongoing claim against LTSB (C&G) for missold PPI.
I took out a mortgage with C&G in Feb '97, whilst arranging this I was told by both my mortgage broker/IFA and directly from the local C&G branch that PPI was also a requirement. At the time I argued that I did not consider it necessary, through work I have PHI cover and am employed by a company with a no redundancy policy. I have no documentary evidence of my argument at the time, however I do have a letter from the broker that states "As discussed with (brokers name), the Cheltenham & Gloucester require you to take out their payment protection plan with your mortgage".
C&G's initial response was to state that it has never been compulsory to take out a PPI policy and that I could have cancelled the policy at any time.
I have since provided them with a copy of the letter from my broker and also the date of meeting with the branch to which they admit it does give the impression that I had to take this cover, however the IFA was not a member of C&G staff, and their response was to offer a 25% refund of premiums paid as their final offer, again saying that I could have cancelled the policy.
In my opinion I could not have cancelled the policy as this would have been in breach of the mortgage terms, for this reason it remained in place until I terminated the mortgage last year.
I believe my next action is to take this to the FOS and pursue a full refund of premiums paid (and interest?). I'd welcome any guidance or comments relating to this.
I took out a mortgage with C&G in Feb '97, whilst arranging this I was told by both my mortgage broker/IFA and directly from the local C&G branch that PPI was also a requirement. At the time I argued that I did not consider it necessary, through work I have PHI cover and am employed by a company with a no redundancy policy. I have no documentary evidence of my argument at the time, however I do have a letter from the broker that states "As discussed with (brokers name), the Cheltenham & Gloucester require you to take out their payment protection plan with your mortgage".
C&G's initial response was to state that it has never been compulsory to take out a PPI policy and that I could have cancelled the policy at any time.
I have since provided them with a copy of the letter from my broker and also the date of meeting with the branch to which they admit it does give the impression that I had to take this cover, however the IFA was not a member of C&G staff, and their response was to offer a 25% refund of premiums paid as their final offer, again saying that I could have cancelled the policy.
In my opinion I could not have cancelled the policy as this would have been in breach of the mortgage terms, for this reason it remained in place until I terminated the mortgage last year.
I believe my next action is to take this to the FOS and pursue a full refund of premiums paid (and interest?). I'd welcome any guidance or comments relating to this.
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