Preferred Mortgages /Oakwood Home Loans PPI Claim

[boutya58]

I took out a mortgage over 19 years with Preferred in 2004 via a broker who is no longer operating and was advised that i needed PPI before I could get the loan. Preferred then transferred the loan to Oakwood. I lost my job and defaulted on several payments but was able to sell the property and pay of the loan in 2009 .

 

I contacted the FSCS for help but they advised that as my claim was longer than six years they could not help

 

Questions.

 

1. Can i still claim or not ?

2. Who do i claim from?

3. Do i claim PPI back for the 5 year period of having the loan or for the full 19 years

 

Hope you can help

[ims21]

Hi yes you can claim and you would normally claim from whoever you making the payments to.

 

Was this premium paid as a separate payment each month or was it added to your mortgage as a single premium?

 

ims

[boutya58]

Hi ims

 

Thanks for your reply.Good to now i can still claim.

 

As to your question, i am unsure what way it was paid but think it was as part of the mortgage payment.

 

Just to clarify - Do i need to make my claim directly with Preferred as they were the original lender ?

 

Regards

[ims21]

You need to find out who you were paying.

 

If it was a single premium added to the mortgage and was included in your mortgage payment then you claim from the lender.

 

If it was a separate payment that ran alongside the mortgage you would claim from whoever you were paying.

 

Maybe a SAR to the lender might reveal some information

 

ims

[boutya58]

Received info back after SAR request.

 

Paymentsheild provided the PPI/MPPI so sending another SAR to them for breakdown of payments etc.

 

Can I claim back MPPI ? Is this the same as PPI ?

 

Oakwood have added quite a number of charges to the account and I have sent them a request for full refund. They have sent what equates to a delaying letter back to me saying their complaints department will look into my request and reply in another 20 days.

 

I think I will go ahead and put in my claim via the courts, is this the right thing to do or do i wait further ?

 

Cheers

[ims21]

Yes you can claim back MPPI if it was mis-sold.

 

Charges claims would likely need court action to get them back.

 

Does the paperwork you have received confirm that this was not a single premium added to the loan at the outset?

[dallynj]

I took out a mortgage over 19 years with Preferred in 2004 via a broker who is no longer operating and was advised that i needed PPI before I could get the loan. Preferred then transferred the loan to Oakwood. I lost my job and defaulted on several payments but was able to sell the property and pay of the loan in 2009 .

 

I contacted the FSCS for help but they advised that as my claim was longer than six years they could not help

 

Questions.

 

1. Can i still claim or not ?

2. Who do i claim from?

3. Do i claim PPI back for the 5 year period of having the loan or for the full 19 years

 

Hope you can help

 

hi, i too have had similar problems with preferred mortgages. i was forced to use them back in 2005 to purchase a right to buy property. it seemed like every week they sent a letter saying the libor rate was changing so put my payments up. i was eventually able to get out of the mortgage after 12 months by remortgaging with northern rock (i know, out of the frying pan and into the fire!!!) to do this though i was charged a ridiculous fee. did you manage to get in touch with them and if so would it be possible to forward their contact information. much appreciated if you could.