Mortgage PPI

[MrsSkint]

Hi guys

Can anyone tell me how far back I can go to claim a mortgage PPI?

I got a call from FOS last Friday saying that they found a PPI on my mortgage and that they would send me out a letter when it has been calculated.
I took it out in 1999 for I think, 5 years.

Someone on Martin's website told me that Barclays don't have to uphold my complaint as "In 1999, having MPPI (or ASU as it was known then) was considered best advice (it stll is today where appropriate)".

Can they get out of this one?

Thanks!

G xx

[pandora]

Re: Mortgage PPI

Hi ..

ASU (as was), would have been duly CONSIDERED by the mge advisor as part of the overall mge advice given, as would have been life cover - to repay your mge upon death, and PHI cover to maintain your mge & life ins payments in the event of long term illness - payable after a waiting period (and most valuable for the self employed).

After the Financial Services Act 1987, all financial advice became regulated and recommendations made by advisor both suitable and affordable to the cosumer - otherwise known as Best Advice.

ASU now PPI - is no different ... either in 1999 or now ... whoever gave you that advice was very wrong I'm afraid....

Suitability supporting the sale of the product should have determined by the completion of a fact find, and documented by the adviser within their recommendation and reason why letter.

ASU/PPI is designed to pay your mortgage and any supporting insurance i.e term assurance or low cost endowment - for a period of usually 12 months.


Suitability and best advice is proven by:-

• your assessed need of the product
• suitability of the product to your needs and situation
• (long term) affordability of the product

A mis-sale is proven if:-

• you could not benefit from the whole benefit of the product (i.e your circumstances would prohibit any claim under the t&cs of the product).
• you already held sufficient cover from other sources, deeming the sale of the PPI un-necessary
• a previous similar or same policy, although suitable, was cancelled by the advisor to be replaced by the sale of the PPI (referred to as churning)
• you did not want the policy and felt pressured into its purchase
• you could not afford the policy (long term)
• the benefits of the policy were mis-representeed to you at the point of sale

If FOS have contacted you ... fill in the forms they have sent you and let them have a look - if found unsuitable you will receive a refund of premiums paid & interest. You have really nothing to lose ...

Hope this helps

P:beagle:

[MrsSkint]

Re: Mortgage PPI

Thank you Pandora!

I'm afraid this has been ongoing for a couple of years now. Initially a CMC was "managing" my claims but they were absolute crap and with Amethyst's help I managed to rescind authority. So now FOS is dealing with this for me, and they have done a much better job than the ididots (sorry - CMC).

So - after 2 years Barclays have found the PPI that we took out with them in 1999. FOS contacted me and said that an offer letter will follow but they didn't know how much for, it still has to be calculated. Then I was told that I might not be entitled to it by someone on another forum, so I thought it best to find out for myself.

Thanks for your help, I don't think FOS would have told me that if there wasn't any chance of receiving anything. do you?

[pandora]

Re: Mortgage PPI

If FOS have told you that they are calculating your compensation (which means putting you back in the financial position you were, before taking the policy out) - it means that the complaint has been upheld (i.e found in your favour). This in essence will be a return of premiums & interest.

Its probably been sent by the adjuicator to a calcs team within FOS - and you should receive a letter shortly telling you on what basis the complaint was upheld, and detail what the compensation should be.

Just to give you a bit of background on me (so that you know I'm not talking poop), I'm a qualified (advanced diploma status) financial advisor, have worked in FS for over 20 yrs ( thank you for saying I don't look old enough !!), ranging from a mortgage and fiancial advisor, section head and trainer in large insurance compaines, and have also worked in and trained complaints teams both as an employee and with my own business, obviously having lost of dealings and fights with FOS along the way. So hope you feel secure in the advice I have given.

P :beagle:

[MrsSkint]

Re: Mortgage PPI

Thanks again Pandora, I think I'd rather listen to you tbh.
You're right though - you DON'T look old enough - Oil of Ulay? LOL
Seriously, I had an inkling you knew what you were talking about from your first post, and I've always had good advice here. Thanks again, I'll let you know what happens.
G x

[enaid]

Re: Mortgage PPI

Hello basilxx and welcome to beagles I am going to put your post onto a thread of its own where it will get more attention.

OK basil you will find your post here http://www.legalbeagles.info/forums/...ad.php?t=24432


Enaid x

[enaid]

Re: Mortgage PPI

I am sorry pandora I have moved the post as you can see, I will move yours if thats ok?

[pandora]

Re: Mortgage PPI

Absolutely fine with me Nelly ... !!

P :beagle:

[MrsSkint]

Re: Mortgage PPI

Hi

Received my letter from FOS today with a Settlement Form for me to sign and send back. It doesn't say how much but it states that "I am pleased to let you know that following our involvement Barclays has now agreed to make an offer to settle your complaint. Barclays will be writing to you to explain the precise terms of its proposed settlement - however, it has told us that it will be based on the general approach that the Financial Ombudsman Servie takes when we decide that a consumer has been mis-sold a PPI policy"

Does anyone know how long these things take after sending back the Settlement Letter and how long I should leave it before I start chasing!

Many thanks!

[nelliewops]

Re: Mortgage PPI

Hi Mrs Skint,

Well done on your success with this!

Often the FOS do quote a time-frame in their letters accompanying the acceptance form - usually it is 8 or 12 weeks. They may refer to this when you have sent it back to them as I believe it starts from when they have actually received your acceptance.

Mine which have been settled via the FOS have all paid up more or less within the allocated time, except the one which went to an actual ombudsman and is now legally binding. This one is still awaiting payment 5 months after that decision was reached!

However, most firms do pay up within the time-frame specified, but others need a bit of a prod to remind them you're still there.............

Do keep us posted!

Nellie x