Question on MPPI Paymentshield

[Skyrocket1]

OK thanks to the help and advice I've received on here, I am underway with my PPI claims (one letter sent and one SAR done!!)

 

My brother asked me about his MPPI which he bought through a broker when he got his mortgage with A &L. It was made clear to him at the time that he had to have this MPPI with Paymentshield so he got it.

He took out the mortgage and MPPI in 2005.

 

A quick google tells me that Paymentshield claim they are very different to the PPI organisations and that there is no point claiming against them as they have not missold.

 

Is this true?

 

My brother would certainly not have gotten this MPPI if he hadn't been made to think it was compulsary.

 

Does he have a claim and if he does, who does he start with? The broker or Paymentshield (that's who the payments are to each month)

Any advice very gratefully received on this!

 

Anybody please?

[ims21]

Hi

 

MPPI is very similar to PPI and if it was mis-sold then you should at least out in a claim to the company that you were paying the premiums to.

 

I would use the standard approach of spreadsheet of claim and fos questionnaire.

 

Have a look at some other MPPI claims on the site....CAG search facility top right

 

ims

[Skyrocket1]

Thanks Ims. I will have a look.

Just wasn't sure if anyone had anyone on here had any success with this company as there doesn't seem to be much about them on the internet other than a lot of literature from them stating that the MPPI they sell is not like other MPPI and they won't pay out, also that people need to be educated in the difference (which I do!)

[ims21]

In my view they would say that to put people off reclaiming.

 

If anyone has any suspicion that they have been mis-sold a protection policy on a loan then in my opinion they should try and reclaim.

 

As with anything, there are no guarantees but unless you try you will never know.

 

fos is also a route that is open if the company refuse to cough

 

ims

[Skyrocket1]

Thank you Ims.

I said I would help him with this, even though I'm feeling pretty clueless!

Will email him the link to the spreadsheet.

Can I ask, he knows how much he paid each month to them but how would he go about filling in the spreadsheet? Under you guidance I filled this out for my Barclay card but that was different because it was a store card so I filled in the 'payments out' ie charges and all payments made each month.

For mortgage PPI in this case to a separate company how does he fill in the spreadsheet and is it the 'StatIntSheetV101.xls' he would use for this?

[ims21]

Yep that's the correct spreadsheet

 

Just list the payments made with the date of payment, the description and the amount. The sheet will do the rest.

 

"Claim to" date is right up to now.

 

ims

[Skyrocket1]

Brilliant. Thank you!

Looks like an afternoon tomorrow filling that in with him then.

 

When we looked at the paperwork he had I couldn't find any interest rate for what he was paying then. With the Barclaycard one you had suggested 24.9% (and let them work it out! ) but that seems very high for this. He was paying on average £30 per month and his monthly morgage payments were £680 according to the paperwork I've got here.

What would you suggest we put for this?

[Skyrocket1]

Actually my tired eyes read that wrong, that £680 was the benefit he was entitled to a month should he have claimed.

 

Am not sure what the monthly mortgage payments were, will have to find that out tomorrow.

[ims21]

The premium was a separate payment from the mortgage.

 

As it was not part of a loan agreement there is not contractual interest to claim because no interest was paid.

 

If you are successful you will get back the premiums plus 8% statutory interest.

 

ims

[Skyrocket1]

Thank you so much Ims. You're a star.

You're right of course. I think it's my bedtime because I wasn't reading the spreadsheet correctly!

Off to bed now and start on this tomorrow! It's quite addictive this reclaiming malarkey!

[jimbo42]

Hi there, Im new and googled a similair situation and it brought me here. Id be interested to know how you get on with this as I also took out paymentshield unemployment cover through a broker/solicitor and feel I have been misled. At the time a explained to him my job situation and felt it wasnt the right thing for me as my job is pretty sound (well it was 7 yr ago) and i get full pay on the sick. Now I discover its been for only unemployment not sickness when I told him I wanted neither. The reason I have recently discovered it is because it comes from my partners account and she mistakenly thought the DD was for something else entirely...for 7 yr!

 

Would you let us all know how you get on OP?

[lisagx]

I too would be interested to see how you get on with this as i am thinking of pursuing this, do you have any news?

[fancypants11]

I have had the same problems. I got MPPI from Paymentshield back in 2000 via an 'independent' financial advisor in Spicer McColl where I purchased my house. He too told me I had to have MPPI (was my first purchase and I believed him) amongst other things. Have been trying since November to get recompense from either Paymentshield or Mortgages Direct who the agent worked for.

 

As Mortgages Direct weren't registered with the FSA on or after Jan 2005, the FSA can do nothing (apparently).

 

As Paymentshield did not sell me the policy direct they are not liable. The FSA has been looking in to this for 8 months and I have just received my 'sorry we can't help letter'.

 

I have since found out Mortgages Direct come under the umbrella of Spicer McColl but I cannot claim off them either.

 

I hope others have a bit more luck than I did!!

[ims21]

Hi guys

 

It would be best if you started your own threads with regard to your issues rather than hijack skyrocket's.

 

As a starter though, if fos won't help and if you were paying your MPPI separately you may need to claim from the underwriter as it is likely that your direct debit payments were going to them.

[georginapink]

Hi, did you get anywhere with Paymentshield? I have the same problem and im trying now to get my money back!!

[dx100uk]

threadis 6 yrs old you wont get seen here

please start a new thread

 

thread now closed to stop repeated newbie bumping

 

dx