Mortgage PPI from 2004

[Stressedoutmum]

Re: Mortgage PPI from 2004

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

[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

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!

[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'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'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

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!!

[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

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!

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

[nanna58]

Re: Mortgage PPI from 2004

Too confusing for me honey bunch ,someone with a brain will be here soon .....PLAN B !!!!!!

[Stressedoutmum]

Re: Mortgage PPI from 2004

Received a copy of my offer papers from BOI the other day. I must say I am very impressed with how quickly they have responded to both my queries!

Anyway, the actual mortgage application shows that my outstanding mortgage was £87K and we were borrowing £10700 plus £6230 'costs and fees' which I assume includes our PPI of £4340, therefore the total amount of the new mortgage was £103930.00

The offer papers show this, plus it shows 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 bringing the total loan amount to £105238.93.

2 questions. First what is the 'additional security fee' and secondly, assuming the amount of £6230 includes our PPI premium that leaves £1890. What would this have been? Would this be the fee charged to us by the broker? It hasn't been broken down on the actual application. Actually the application seems to have been completed by the broker rather slap dash with lots of bits not completed.

Thanks again!

[Stressedoutmum]

Re: Mortgage PPI from 2004

Hiya

Like a dog with a bone with this! I am trying to find out if CMC got commission for selling this policy and if so from whom. I don't know if I am wasting my time doing that but I'd rather do as much as I can that way I won't regret not trying everything!

Anyway, I had recently requested a copy of my mortgage application from Bristol & West (now Bank of Ireland) to see if there was anything of interest asking them specifically about PPI, but didn't really expect to get anything given this was 11 years ago now. However I've today received a copy of the application that we completed with Capital Mortgage Connections in March 2004. In their letter Bank of Ireland say 'I can confirm that there is no PPI registered on your above numbered mortgage account'. I'm not sure what this means. Does that mean they have never had a record of us having PPI against this mortgage, or is there no record because the PPI has expired? However we would have remortgaged a few years later and the mortgage would have been closed with BOI so I would have thought they'd have had some sort of record. The only thing on the application is a page we have both signed relating to insurance. One section for Home and buldings ins and another for PPI. There are 2 boxes for the PPI, one where you are to tick if you want Bristol & West to arrange mortgage cover (this is unticked) and the second box is to detail the insurer if we already have cover (again blank).

I have gone back to BOI asking if they have any other documents that details the actual amount we borrowed including and fees etc that were paid as we paid an amount for £4340 for PPI which was added to the mortgage. I don't think it will help much as it would be CMC's paperwork that would be most helpful and that I can't get my hands on! Wish I'd kept everything but when we remortgaged I've obviously destroyed it.

I'll wait and see what if anything comes back, but I find it strange that Bristol & West have no record of us having this cover! Is it safe to say that CMC did not sell me this policy for Bristol & West? Sorry if I am coming across as clueless here, but that's just what I am to be honest!

[Stressedoutmum]

Re: Mortgage PPI from 2004

So received my information today from Assurant

Unsurprisingly it doesn't really tell me anything. They sent a disc containing system notes regarding the policy. There is only one entry for the date the policy was taken out and another in 2009. The rest all relate to my complaint and their dealings with the FOS. They have also sent 4 pdf files. 2 are copies of the letters they sent me in response to my original complaint, one is the file that the FOS sent them asking to investigate and the 4th is a copy of Assurant's email advising that they are not liable as CMC were not selling on their behalf.

Basically that is it. I am now waiting on the Ombudsman giving their final response, which is unlikely to be favourable to us. I asked them if there's anywhere else I can go with this, given we are not in the best of financial situations at present and still paying for a worthless insurance policy, most likely for the next 20 years! They advised my only other option was court, which is obviously not an option for us as we don't have the financial means to do that.