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Can I claim back PPI on this Endowment Mortgage?

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4 posts • Page 1 of 1

Can I claim back PPI on this Endowment Mortgage?

Postby ccsgill » January 30th, 2017, 11:43 pm

Hi

I have some of the original paperwork for a number of endowment policies we had to take out as a condition of our mortgage. The original mortgage was with Abbey National in 1985 for £17.850. The endowment policy was with Sun Alliance. In 1987, the original mortgage was redeemed and an additional £6,000 added to purchase a new house. £17,790 was secured on the property (although we were still paying the original endowment) £6,210 was added. It says they intend 'to take security from the advance of a third party' (Legal & General) for this. 'A charge upon policies of Life Assurance: Sun Alliance £23,500. In the notes, it says: A Mortgage Guarantee Policy in the sum of £6,000 with Legal and General. The Premium of £210.00 is included in total loan and will be sent direct to the Insurance company. In 1991, we extended the mortgage by £15,000 for an extension. In the notes of this agreement it says ' Additional Endowment Policy for £15,000 with Friends Provident to be arranged. The cheque would be released when all these conditions were complied with.

We sold the house in 1994 and the mortgage was paid off but we kept the endowments in place as we had been told at the time that they would be likely to return a higher value than the mortgage. Obviously this didn't happen and they have now all matured.

We were not told at the time of getting the mortgage that the endowments were optional. They were actually a condition of receiving the loans so I believe they were mis-sold to us. However, can we now claim back the PPI as it has since matured? We are now living in Ireland but recently saw a programme where some people had claimed back as far as the early 80's.

Please advise if we can make a claim under these circumstances and would that be the premiums or just the guarantee policy?
Thanks
ccsgill
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Re: Can I claim back PPI on this Endowment Mortgage?

Postby Debtwizard » January 31st, 2017, 4:43 pm

Hello ccsgill and a very warm welcome to the DebtWizard IVA and debt help forum.

I'm sorry I cannot answer your question as it is not entirely my field, I know a fair bit about Payment Protection Insurance (PPI) but what you have asked is more for a specialist in that area.

What I can say is you can either write yourself direct to the PPI provider and make your own enquiries, if you do this you will save between 20 and 30% plus VAT on any Claims Management Company (CMC) Fees.

That said if you don't feel confident in making enquiries yourself and subsequently employ a CMC then be mindful of the fees they apply as mentioned above. If you suspect a large claim then consider negotiating on the fee percentage but you will be expected to still pay any VAT.

If you do decide to deal your claim yourself and are subsequently rejected then you can always go to the Financial Ombudsman Service (FOS), within six months of the rejection, as they are heavily involved in disputes in the PPI industry and often over rule the PPI providers on claims in favour of the consumer.

Just one point to add, if you are successful then bear in mind that you will be liable to pay HMRC tax on the interest element of any interest payments claim you receive, if going back the the time you have mentioned in your post and you are successful with your claim then the interest element will could be substantial.

Trust this helps.

Best wishes and good luck,

Mike
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Re: Can I claim back PPI on this Endowment Mortgage?

Postby ccsgill » January 31st, 2017, 5:19 pm

Thanks Mike for your reply

I had looked at a similar query on your forum which seemed to indicate this was possible.

I'm not sure if you will know, but should I send the claim letter to the Abbey National (now Santander) who were the ones who insisted on the life assurance policy OR the companies who provided the Insurance (Sun Alliance/Friends Provident)?

I would imagine it should be Abbey National as they set the terms even although they didn't receive the premiums

Thanks
Gill
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Re: Can I claim back PPI on this Endowment Mortgage?

Postby Debtwizard » January 31st, 2017, 6:40 pm

Hi Gill

I would start with Santander as they will soon put you right if it is them or Sun Alliance/Friends Provident.

The Financial Conduct Authority (FCA) have made it clear to all financial institutions and PPI providers that they need to engage with consumers and deal with PPI claims in a robust fashion.

You will find that either organisation will have teams to deal with your enquiry when you make contact, as I said in my earlier post you have the FOS to fall back on if you are not happy with their response.

Would be good to read how you get on plus here to help where I can.

Now that we have accepted two post from you, you will not need to have any further posts approved before going live on the forum.

Best wishes,

Mike
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