Mortgage PPI from 2004

[Stressedoutmum]

Re: Mortgage PPI from 2004

Thanks nanna! Glad it's not just me who finds it confusing!!

[PlanB]

Re: Mortgage PPI from 2004

Bristol & West's fees which were £299 arrangement fee, £30 Chaps fee and £1009.93 Additional security fee, total £1338.93 which was also added to the mortgage

. . . . what is the 'additional security fee'

Did the offer papers sent to you by the bank include the 'Key Facts Illustration'? This is a document which sets out a breakdown of all charges, commission, broker fees, and so on. It's compulsory under the FCA's Mortgage Conduct of Business rules (ditto the FSA when you took out this mortgage).

The "Additional Security Fee" may have been the 'Higher Lending Charge' sometimes called a 'Mortgage Indemnity Fee'. This is an insurance policy provided by a third party to cover any loss to the lender if the property is repossessed and sold for less than the outstanding mortgage. The insurance company pays the lender not the borrower for the shortfall but unfairly the borrower pays the insurance premium. These were typically added as a condition of the mortgage if the Loan To Value was over 85%. What was your LTV?

If Capital Mortgage Collections are no longer trading then you may be able to make a PPI mis-selling claim through the Financial Services Compensation Scheme. I know they only deal with claims for mis-selling on or before 31st October 2004 so if you were sold this in March 2004 sadly you might fall outside their remit. I expect it would depend on the date you completed on your mortgage not the date of the application (March).

Give the FSCS a call to check 0800 678 1100.

http://www.fscs.org.uk/can-we-help/#


Plan B x

[Stressedoutmum]

Re: Mortgage PPI from 2004

Thanks PlanB

No they only sent a copy of the loan offer papers. On calculation our LTV would have been 86% prior to BOI adding their fees. 81% if I hadn't had PPI added to it!!

Unfortunately the mortgage completed around June 2004, we tried the FSCS before going to the Ombudsman and they rejected our complaint because of this.

They say timing is everything, it certainly seems so in our case! Just missing out by a whisker on everything!

[Stressedoutmum]

Re: Mortgage PPI from 2004

Final decision received from the Ombudsman today, and as I expected, they can't take my complaint any further.

So, despite having a stong mis-selling case, it seems that noone can be held responsible for it!

[Stressedoutmum]

Re: Mortgage PPI from 2004

Does anyone have any suggestions as to where else (if indeed anywhere!) I can take this complaint? The only evidence/paperwork I have is a copy of the mortgage application, the mortgage offer documents and the policy document. It really sticks in my craw that I am still paying this plus interest and the damn thing expired 6 years ago, and that I will still be paying it 10 plus years from now!!! The Ombudsman did mention court but I don't know enough about this and can't see how I could take action against Assurant anyway if they are not responsible. Would the actual mortgage lender (Bristol & West/Bank of Ireland) look at anything? They didn't sell me the product but they did add it to my borrowing. Unfortunately they are no longer our mortgage lender as we moved our mortgage a couple of years later. If it's the end of the line then fair enough, I'll just need to chalk it down to experience but I want to make sure I've exhausted all avenues first so I'm not thinking what if!

Any help advice would be appreciated

Thanks!!

[Pixie]

Re: Mortgage PPI from 2004

I'm sorry Stressedoutmum I don't have a clue about ppi but didn't want to read and run.

[Stressedoutmum]

Re: Mortgage PPI from 2004

I'm sorry Stressedoutmum I don't have a clue about ppi but didn't want to read and run.

Thanks Pixie! Oh I know what you mean, it's all pretty confusing to me too! lol

[Pixie]

Re: Mortgage PPI from 2004

I never bothered with it as it wasn't applicable to me. It does all sound pretty confusing!

[Stressedoutmum]

Re: Mortgage PPI from 2004

I never bothered with it as it wasn't applicable to me. It does all sound pretty confusing!

I must admit I've done pretty well out of PPI reclaims, mostly thanks to the great people on here!

[PlanB]

Re: Mortgage PPI from 2004

Does anyone have any suggestions as to where else I can take this complaint? The only evidence/paperwork I have is a copy of the mortgage application, the mortgage offer documents and the policy document.. . . . Would the actual mortgage lender (Bristol & West/Bank of Ireland) look at anything? They didn't sell me the product but they did add it to my borrowing. Unfortunately they are no longer our mortgage lender as we moved our mortgage a couple of years later.

I've got your PM.

Give me a little while to go back through all this.

Is there a deadline or cut-off point looming?

Plan B x

[Stressedoutmum]

Re: Mortgage PPI from 2004

Thanks so much plan B. No deadline so just whenever you get time!