YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR ROYAL BANK OF SCOTLAND MORTGAGE ACCOUNT
The Royal Bank of Scotland (RBS) was founded in 1727, and is separate to the Bank of Scotland, which also has headquarters in Edinburgh.
RBS has a wide range of financial products on offer, such as mortgages, credit cards, loans, savings accounts and insurance, catering for the private and business sectors.
There are buy-to-let mortgages available from RBS, as well as mortgages for first-time buyers, home movers and those looking to remortgage, allowing customers to browse through for the most suitable option for them.
What is Mortgage PPI?
To determine whether you may have been mis-sold PPI there are a number of questions that you will need to a
Many mortgage lenders sold PPI to their customers over the last 20 years or so. The policy was meant to act as a safety net to protect you from falling into arrears if you ever stopped working because of sickness, an accident or if you became unemployed, the policy would cover your mortgage repayments.
As a result mortgage PPI claims can be of high value because of the amount borrowed and the duration of the agreement. Bear in mind that mortgage PPI applies to remortgages as well as mortgages, so you may have been paying PPI on each mortgage and remortgage you may have taken out. Was the PPI mis-sold to you? Check all your paperwork from Royal Bank of Scotland and other lenders carefully.
Grounds on Which Mortgage PPI May Have Been Mis-sold by Royal Bank of Scotland
There are several ways in which Royal Bank of Scotland PPI was mis-sold. Lots of people took out PPI cover with their mortgages believing that it boosted their likelihood of being accepted, or that the policy was a necessity. However, there are many other ways it may have been mis-sold:
- Were you aware that Royal Bank of Scotland had added the PPI insurance to your mortgage? If you had no idea you had it, you may have been mis-sold.
- At the time Royal Bank of Scotland sold you mortgage PPI, were you unemployed, retired or a student? If so, you may never have been able to claim on the policy, so it could have been mis-sold.
- If the policy costs weren’t listed separately by Royal Bank of Scotland to the mortgage advance, you may have been mis-sold. Royal Bank of Scotland was required to list the costs separately.
- Did Royal Bank of Scotland provide you with information about alternative policies? If not, then you may have been mis-sold, because there may have been cheaper and alternative cover elsewhere.
- Were you informed by Royal Bank of Scotland about any exclusions? For example, if you had any pre-existing medical conditions, the cover may have been voided, therefore you could be classed as being mis-sold.
- Did Royal Bank of Scotland make it clear that mortgage PPI was optional and not compulsory? If Royal Bank of Scotland told you it was required in order to get the mortgage, or you felt pressured in any way to taking out mortgage PPI, you might have been mis-sold.
- Were any checks done by Royal Bank of Scotland to determine if you already had other policies in place? If not, you may already have been fully covered, so were mis-sold if they failed to check.
- Did Royal Bank of Scotland check if your employer provides full sick pay? If no checks were done and you are entitled to full sick pay, your mortgage payments would have been covered rendering the mortgage PPI unnecessary.
What Do I need to Start My PPI Claim with Royal Bank of Scotland?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember when or why you agreed to it? Were you informed that it would be added?
If you can’t remember please don’t worry, we can check if you had PPI with Royal Bank of Scotland mortgage for free.
How to start your PPI claim with Royal Bank of Scotland?
Plevin Ruling – Making a High Commission PPI Claim with Royal Bank of Scotland?
If you have raised a previous PPI complaint with Royal Bank of Scotland which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the new Plevin ruling on your PPI policy. Learn more about High Commission PPI claims.
Mortgage providers facing PPI claims:
The following is a list of mortgage providers who are known to have sold PPI. Please note this is not an exhaustive list.