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ppi on interest only mortgage?


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Hi there,

 

 

im trying to help my dad to see if he was mis-sold PPI.

 

 

He took out a mortgage with Woolwich back in 1996 - 2006 of £20k.

 

 

He thinks that PPI was added without his knowledge to the loan .

 

 

He was in full-time employment at the time.

 

 

He has half of his yearly statements but not the actual policy document.

 

 

The thing i don't understand is that the mortgage was 'interest only',

does that mean they were only paying for the interest and not the money that they borrowed?

 

 

on the statements it shows that monthly payments were made & at the end of the annual term interest was debited.

 

 

Does that mean that they paid us the interest back - I'm abit clueless lol.

 

 

So yeah, can we still claim PPI on this?

 

 

I'm happy to show the statements,

 

 

if anyone wants to have a look at them for me.

 

 

Thank you in advance.

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Interest only does indeed mean that he is only paying the "interest" and not paying down any capital. So at the end of the term he will need to have something in place to repay the capital. Many years ago, the capital was covered mostly be Endowment policies which not only repaid the capital but left a nice tidy sum as well. These started to perform very poorly from around 2006 onwards leaving many people with huge shortfalls.

 

If there was PPI added and it was mis sold, then yes, put in a claim for a refund :)

 

Does your Father have anything in place to repay the capital at the term end ?

 

If not, then he should be thinking of how he is going to do this.

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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he borrowed capital say £50k

but only paid back the interest to borrow that over xx yrs

so once that's finished, he will still owe £50k capital.

 

 

as for the PPI, why not send Woolwich [barclays] an SAR?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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You can send a Subject Access Request to the bank/lender for data which might help indicate if PPI was added. Draft request below. YOu will need to send £10.00 which is the statutory fee for the data - send it to their Head/Registered office for the attention of the Data Controller. They 40 calendar days in which to respond.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387306-Full-Subject-Access-Request-**Updated-January-2015**

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Okay so I've attached a copy of a statement, as I don't understand it (not really good with things like this lol). My dads mortgage ended in 2006, when he moved address. When he left, he paid a final amount of around 10,000, so I'm guessing whenever he had the money he used to pay off a lump sum to pay of the capital he borrowed bit by bit.

 

 

I think i'll send off a SAR as requested above. And see what happens.

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pdf please

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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pdf please

 

 

 

Sorry this is going to sound so stupid, but how do I convert that image into PDF. Ive been trying for the past hour, but my tablet won't let me? :/

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bit diff on a tablet unless you download an app to do it.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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def interest only mortgage, no sign of ppi, interest renewal probably buildings insurance

there was tax relief on mortgage interest in those days

 

send sar if you want to be certain

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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