PPI on my Mortgage

[Mr Loads]

Hi all,

 

To cut a long story short,

 

ive just found out this morning that my wife and i have been paying PPI for 11 years.

 

We have been paying £58pm for quite a while.

 

The point is the broker we used is a very small independent broker, and i mean, very small, about 5 members of staff.

I have never been interested in taking out PPI in any form so i know i wouldn't have agreed to pay for this.

I actually thought the amount was for buildings and contents insurance.

The thing is, what do i do now?

 

I have cancelled the policy and was told by the lady over the phone to deal with the broker direct,

but i wouldn't know what steps to take.

 

What is the success likely to be as i probably haven't got any of the original paperwork anymore. Any feedback/help would be great.

 

For those who may feel that i would have known that this was PPI given the time we have had it i would like to say that i categorically didn't.

 

We were flooded twice in 2002 and because we wouldn't have been able to get insurance elsewhere i wouldn't cancel it.

In fact we fell behind two months once and i even paid the arrears because i was i thought it was buildings/contents insurance.

 

I have posted this on another forum and the feedback from one professional is that i haven't got a leg to stand on.

 

Thanks in advance

[BRIGADIER2JCS]

A more salient point here were you asked if you required insurance or were you told you needed it to get the loan, or was it just added without comment?

[Mr Loads]

Hi,

 

No i'm sure we didn't have to have it. I have never liked anything like PPI, i just didn't get the expense of paying for something like PPI. I would have cancelled i years ago if i had known.

[dx100uk]

get it reclaimed who is the main mortgage with.

 

dx

[Mr Loads]

Hi,

the main mortgage is now with Paratus, formally GMAC,

 

however this policy was taken out in 2002 and we remortgaged again in 2004/2005.

 

An IFA from another forum said that we wont be able to claim it back because it was taken out pre regulation in 2005.

 

I still want to have a go but i don't know where to start really,

 

apart from phoning the chap himself up and asking him,

 

He's just going to deny miss-selling it anyway!

[dx100uk]

yea we've heard of these wonderful IFa's over the road..

 

total rubbish ofcourse

 

your target is the company that you just cancelled it with

 

if they can cancel it they can refund it!!

 

dx

[Mr Loads]

Thanks for this.

 

When i spoke to the insurance company they said that i would have to contact the broker direct as it was nothing to do with them, which sort of makes sense.

[dx100uk]

no it doesn't

 

if they can cancel the policy

 

they have obv have been paid for it as its their policy

 

go get 'em

 

there are many insurance companies that DO pay out PPI reclaim

 

who is it?

 

they are fobbing you off.

 

the broker didn't get they money

they did!

 

dx

[Mr Loads]

The Insurance company are called Assurant Solutions. Have you come across them before?

[dx100uk]

i'm sure it would have been an advised sale through the broker

i'e he was advising this product was good so must have been trained by them.

 

try him 1st if you wish.

 

dx