Compulsory building insurance
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ColinV
Posts: 1 Newbie
Hi
In 1966 my wife and I took out a joint mortgage with a building society. We moved house twice and eventually paid it off in 2001. Throughout that period the building society insisted that the buildings insurance cover was supplied by them. When I last challenged this ( just before I decided to close it) it was £100 more than avalaible on the open market. I pay less now than they charged in 2001.
Whilst not falling into the ppi claim scheme I consider that their tie up with Norwich Union was probably more to their benefit than mine and a restrictive practice.
I reckon this cost me a lot of money over 35 years.
Comments and advice welcome.
In 1966 my wife and I took out a joint mortgage with a building society. We moved house twice and eventually paid it off in 2001. Throughout that period the building society insisted that the buildings insurance cover was supplied by them. When I last challenged this ( just before I decided to close it) it was £100 more than avalaible on the open market. I pay less now than they charged in 2001.
Whilst not falling into the ppi claim scheme I consider that their tie up with Norwich Union was probably more to their benefit than mine and a restrictive practice.
I reckon this cost me a lot of money over 35 years.
Comments and advice welcome.
0
Comments
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I doubt you'll get anywhere with a complaint now.
You originally took this insurance out 51 years ago.
Do you have documentary proof that you were always prevented from sourcing a cheaper policy elsewhere?
Was the insurance simply renewed each year without you ever questioning it?0 -
Whilst not falling into the ppi claim scheme I consider that their tie up with Norwich Union was probably more to their benefit than mine and a restrictive practice.
You are wrong. Even today, they are allowed to tie up with their chosen insurer.Comments and advice welcome.
1966 is 39 years prior to regulation. The rules on restrictions didnt change until the 90s. No case 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
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