Sold mppi when mortgage had guarantor
GsyBluebell1
Posts: 1 Newbie
Hi I wonder if someone can help?
In 1996 (as a Student) I took out a mortgage with Halifax Building Society. My Dad was a guarantor for this mortgage. At the time I was strongly advised to take out mppi by Halifax - this is stated in the mortgage offer letter. I took out life assurance with Hambro assured and payed monthly up until 10 years ago. I have a few questions about this & please forgive my ignorance.
Would this life assurance been classed as mppi?
If so, as I had a pre existing medical condition (which I was receiving outpatient hospital treatment for at the time of getting the mortgage), could this have been mis-sold to me?
Lastly, wouldn't the need for life assurance be null and void anyhow if my Dad was Guarantor to the mortgage - if I missed any payments he would have been liable for paying those. I can't find any info about what his liability was for the mortgage if i had died!
This is my first foray into the world of mis-sold ppi's/mpp's/life assurances etc so i don't know if this is something that I would possibly be able to claim. Would I be contacting Hambro Assured or Halifax?
Thanks in advance for any info.
In 1996 (as a Student) I took out a mortgage with Halifax Building Society. My Dad was a guarantor for this mortgage. At the time I was strongly advised to take out mppi by Halifax - this is stated in the mortgage offer letter. I took out life assurance with Hambro assured and payed monthly up until 10 years ago. I have a few questions about this & please forgive my ignorance.
Would this life assurance been classed as mppi?
If so, as I had a pre existing medical condition (which I was receiving outpatient hospital treatment for at the time of getting the mortgage), could this have been mis-sold to me?
Lastly, wouldn't the need for life assurance be null and void anyhow if my Dad was Guarantor to the mortgage - if I missed any payments he would have been liable for paying those. I can't find any info about what his liability was for the mortgage if i had died!
This is my first foray into the world of mis-sold ppi's/mpp's/life assurances etc so i don't know if this is something that I would possibly be able to claim. Would I be contacting Hambro Assured or Halifax?
Thanks in advance for any info.
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Comments
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Would this life assurance been classed as mppi?
No. Life assurance is life assurance. MPPI is MPPI.If so, as I had a pre existing medical condition (which I was receiving outpatient hospital treatment for at the time of getting the mortgage), could this have been mis-sold to me?
No. Life assurance asks you a range of medical questions at the start and the life assurance company takes that into account when they set their premium and acceptance terms.
As guarantor, he would have been liable for the debt. That is the point of being a guarantor. It is also possible, that he wouldnt have ended up as the property owner either (for example if you married, it would go to spouse). So, life assurance seems a sensible recommendation which does cover a financial need.Lastly, wouldn't the need for life assurance be null and void anyhow if my Dad was Guarantor to the mortgage - if I missed any payments he would have been liable for paying those. I can't find any info about what his liability was for the mortgage if i had died!This is my first foray into the world of mis-sold ppi's/mpp's/life assurances etc so i don't know if this is something that I would possibly be able to claim. Would I be contacting Hambro Assured or Halifax?
There appears to be no mis-selling here.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It's not car insurance either...GsyBluebell1 wrote: »Would this life assurance been classed as mppi?0
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