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Very small PPI Mortgage Settlement. DH wants to dispute but hasn't done so and I'm not sure we'll win WWYD?

(5 Posts)
mrsnec Thu 01-Nov-12 09:07:39

We've been very successful with our other claims but this one was £215! They are saying that the Mortgage was based on a 60/40 split between me and DH. The mortgage was taken out in 2005. I was between jobs at the time they gave us a mortgage. I had a probationary contract that stipulated I wasn't covered. We moved abroad in 2011. They've based their figure on my husband's share of the premiums from 2005-2011 + 8% interest on the total and they reached their figure from that. I only stayed with that company 2 years then temped for the next 3 so even if I was then covered it would only have been for 2 years. Is it worth disputing? Should we bank the cheque anyway? And is that rate of interest normal? Thanks in advance.

LadyKooKoo Thu 01-Nov-12 12:42:30

The interest rate is perfectly normal but I would dispute it and do not bank the cheque.

mrsnec Fri 02-Nov-12 06:41:04

Thanks LadyKooKoo. I'll keep the cheque then and I'll get in touch with them then regarding my work history and see what they come back with.

GrumpySwivelHead Fri 02-Nov-12 20:58:14

Their decision should be made based on your circumstances at the time you took out the loan & policy
Was your PPI in joint names? If so the fact that you were not employed at the time you took out the policy means that probably you wouldn't have been able to claim on it (you'll need to check the policy) and therefore it wasn't appropriate for you. The fact that your circumstances changed after you took the policy isn't the point IMHO so I think you have a case for taking it to the FOS.
The 8% is standard and dictated by the FSA

mrsnec Sat 03-Nov-12 06:54:15

Thing is they are refering to the initial consultation! The very first time we strolled into the building society. I was unemployed at the time and the premiums and mortgage repayments were based on what I was going to be earning. I started that job a couple of weeks after that meeting and the mortgage and premiums didn't start for months after I started work. Would you go to ombudsman at this stage then instead of going back to Building Society first? Thanks for your help.

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