Reclaim Miss-Sold PPI From Northern Rock
Northern Rock And PPI
If you have ever had a loan mortgage or credit card with Northern Rock, then there is a significant chance that you have been mis-sold PPI on your borrowing.
Northern Rock aggressively sold PPI on all of their borrowing products, especially after they decided to de-mutualise as a building society in the 1990's. Being a smaller bank it was perceived that they would soon be swallowed up quickly, by one of the big players. Northern Rock had other ideas though and they tried to prove that they could grow quickly and organically. This gave way to a sell, sell, sell culture where advisors were heavily incentivised to sell PPI on loans, mortgages or credit cards. At one point Northern Rock using this strategy, launched themselves into FTSE 100 and became was one of the top five mortgage lenders in Britain.
Much of the growth, came out by offering their famous 125% mortgage. Known as a "Together Mortgage," it allowed home owners on a purchase or re-mortgage to borrow up to 125% of the value of their property. Of this 95% was secured on the house and the other 30% an unsecured loan. Take one of these and or indeed, any type of Northern Rock mortgage and you were pushed into buying "Paysafe" cover. Not only that, any time you wanted to secure more borrowing on your mortgage, you were pushed to take yet another "Paysafe" policy. We have seen a number of these being taken by customers to cover the borrowing on just one house and overall mortgage. A ridiculous money making practice.
Take a mortgage through a broker and even they were incentivised to sell you "Paysafe." Typically sign up day one, for 3 months free cover and the broker would bank a tidy £100 fee - for just a signature! Northern Rock were a broker's dream. You even had a box on the mortgage application to apply for a cheap rate credit card. Then came the barrage of calls from Northern Rock convincing you that you needed some of that PPI to cover the debt.
Northern Rock were also big on personal loans. Back in the early 2000's they offered huge unsecured loans, with the emphasis on getting these protected by big single premium policies added to the loan from the outset. The most expensive way to buy a PPI policy.
By the end of 2007, the sales machine simply ground to a halt. Northern Rock could no longer borrow money in the marketplace and no longer sell on it's tranches of mortgage debt, as was their modus operandi. Nationalisation, followed in 2008.
At Beat the Banks, we are experts on recovering your full lending records from the former Northern Rock and their PPI insurers. All our claims experts are former bank lending managers too. Our aim is to give every single claim, the very best possible chance.
If you think you have been mis-sold PPI by Northern Rock, we are here to help and remember, not having old records doesn't mean it's impossible to claim. That's our job. To find out more about how we can help you reclaim from mis-sold PPI on your Northern Rock loan, credit card or mortgage, simply give our team a call on 01382 200474 of for free on 0800 193 1234.
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