Hello,
Back in 2004 we were sold a single premium PPI policy alongside our mortgage by a company called: The Mortgage Group, now called: The Money Group (Cornwall) Limited based at TMG House, Charles Street, Truro, Cornwall, TR1 2PH.
We recently wrote them a full letter and included a seperate interest calulation sheet too, below in blue is part of the letter.
We feel we were mis-sold this because:· In 2004; as the broker and the products seller you failed to properly explain or make clear to us - the purchasers; that by agreeing to accept your recommended single premium payment protection policy and having its premium added to our loan, that this premiums figure would actually attract additional interest over the entire term of our mortgage/loan. We were not advised by you/your agent at the point of sale that we would have to pay any interest as it was explained, that this product was deemed as a separate entity to our mortgage and this belief, based upon what we were told was further reinforced by the fact that this policy was promoted as not been subject to any interest as it was a one off insurance policy purchase, with cover only lasing five years, with the premium been spread across our repayments, where our mortgage was a loan and expected to run beyond this time scale for 25+ years.
Had the true facts and cost of this protection plan been fully explained to us at the time, we would never have agreed to this product and certainly declined, as nobody would surly agree to make a one off purchase for an insurance policy knowing that although the cover would only last for five years, it would astonishingly generate and continue to attract interest ultimately payable by us, for the next 25+ years of a mortgage. After recently discovering what has happened, and because you failed to point out that we would be required to pay back interest on the Payment protection policy once it was added onto the loan we feel shocked and deeply upset at this seemingly disgraceful practice and feel that we were certainly ill-advised on obtaining a separate policy promoted as suitable and interest free by your company, when clearly this was not the case. As a result we feel that this product was mis-sold to us.
· We were also not informed at the point of sale by you/your agent that we could buy similar insurance cover elsewhere and that by doing so we could have potentially found a similar stand alone policy cheaper. Our interests were not best served by this unfair practice and as such we feel that we were mis-sold this product.
· It was not fully explained at the point of sale by you/your agent that there were certain exclusions and restrictions within the policy itself and its associated terms and conditions that could affect us due to our personal circumstances, preventing us from making a fully informed decision about this policy and its actual suitability, especially in light of our pre-existing health conditions and circumstances - present at the point of sale. Had you taken the due skill, care and diligence to do this, you would have been able to identify suitability issues and as such we would not have agreed to purchase this policy, which you obtained sales commission for and as a result, we feel that we were mis-sold this product.
We have since become aware that all these points have been considered as evidence of mis-selling and since we were sold this policy by you/your agent, you are therefore responsible for this mis-selling.
I am sure that you will be aware that this complaint in not time barred and is valid under the limitations act as: Section 32(1) (b) of the 1980 limitation act postpones the commencement of the limitation period, in case of fraud, concealment or mistake. Any referred time limit begins to run from when we first became aware, which in our circumstances was 2013. I have also clarified this information with the Financial Conduct Authority (FCA) and the Financial Ombudsman Service. (FOS)...
I continued to mention the mortgage code etc. and In response they replied with the following wonderful text:
Its all a bit wiered really, as they seem to have dismissed our points and glossed over them? They also sent me a an A4 sheet with some terms on that they have highlighted?
The policy formed part of the loan, yes... we know that... as it was added on, our point relates to the fact that we were not told about it generating interest... as it was sold to us as a one off single premium product, interest free! thats what they forgot to tell us...
Ah a cheque... We naturally Cant remember that they sent us a refund for £500+ or not, its a long time ago, but that's by the by... as my point was never about any cheque as I can simply wipe off that figure from our spreadsheets total as I'm a fair person.
We still dont know how they have complied with the mortgage code by ignoring us and to top it all they are saying that "they" consider our claim regardless, to be out of time? not a peep over
Any help with a reply or what to do next would be really appriciated as, I'm a little rusty with this sort of stuff now, no doubt that I will soon be well oiled again though lol
C.
Back in 2004 we were sold a single premium PPI policy alongside our mortgage by a company called: The Mortgage Group, now called: The Money Group (Cornwall) Limited based at TMG House, Charles Street, Truro, Cornwall, TR1 2PH.
We recently wrote them a full letter and included a seperate interest calulation sheet too, below in blue is part of the letter.
We feel we were mis-sold this because:· In 2004; as the broker and the products seller you failed to properly explain or make clear to us - the purchasers; that by agreeing to accept your recommended single premium payment protection policy and having its premium added to our loan, that this premiums figure would actually attract additional interest over the entire term of our mortgage/loan. We were not advised by you/your agent at the point of sale that we would have to pay any interest as it was explained, that this product was deemed as a separate entity to our mortgage and this belief, based upon what we were told was further reinforced by the fact that this policy was promoted as not been subject to any interest as it was a one off insurance policy purchase, with cover only lasing five years, with the premium been spread across our repayments, where our mortgage was a loan and expected to run beyond this time scale for 25+ years.
Had the true facts and cost of this protection plan been fully explained to us at the time, we would never have agreed to this product and certainly declined, as nobody would surly agree to make a one off purchase for an insurance policy knowing that although the cover would only last for five years, it would astonishingly generate and continue to attract interest ultimately payable by us, for the next 25+ years of a mortgage. After recently discovering what has happened, and because you failed to point out that we would be required to pay back interest on the Payment protection policy once it was added onto the loan we feel shocked and deeply upset at this seemingly disgraceful practice and feel that we were certainly ill-advised on obtaining a separate policy promoted as suitable and interest free by your company, when clearly this was not the case. As a result we feel that this product was mis-sold to us.
· We were also not informed at the point of sale by you/your agent that we could buy similar insurance cover elsewhere and that by doing so we could have potentially found a similar stand alone policy cheaper. Our interests were not best served by this unfair practice and as such we feel that we were mis-sold this product.
· It was not fully explained at the point of sale by you/your agent that there were certain exclusions and restrictions within the policy itself and its associated terms and conditions that could affect us due to our personal circumstances, preventing us from making a fully informed decision about this policy and its actual suitability, especially in light of our pre-existing health conditions and circumstances - present at the point of sale. Had you taken the due skill, care and diligence to do this, you would have been able to identify suitability issues and as such we would not have agreed to purchase this policy, which you obtained sales commission for and as a result, we feel that we were mis-sold this product.
We have since become aware that all these points have been considered as evidence of mis-selling and since we were sold this policy by you/your agent, you are therefore responsible for this mis-selling.
I am sure that you will be aware that this complaint in not time barred and is valid under the limitations act as: Section 32(1) (b) of the 1980 limitation act postpones the commencement of the limitation period, in case of fraud, concealment or mistake. Any referred time limit begins to run from when we first became aware, which in our circumstances was 2013. I have also clarified this information with the Financial Conduct Authority (FCA) and the Financial Ombudsman Service. (FOS)...
I continued to mention the mortgage code etc. and In response they replied with the following wonderful text:
Its all a bit wiered really, as they seem to have dismissed our points and glossed over them? They also sent me a an A4 sheet with some terms on that they have highlighted?
The policy formed part of the loan, yes... we know that... as it was added on, our point relates to the fact that we were not told about it generating interest... as it was sold to us as a one off single premium product, interest free! thats what they forgot to tell us...
Ah a cheque... We naturally Cant remember that they sent us a refund for £500+ or not, its a long time ago, but that's by the by... as my point was never about any cheque as I can simply wipe off that figure from our spreadsheets total as I'm a fair person.
We still dont know how they have complied with the mortgage code by ignoring us and to top it all they are saying that "they" consider our claim regardless, to be out of time? not a peep over
Any help with a reply or what to do next would be really appriciated as, I'm a little rusty with this sort of stuff now, no doubt that I will soon be well oiled again though lol
C.
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