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  • FIRST POST
    Mogcat
    Halifax Mortgage - Repayments Insurance
    • #1
    • 21st Apr 12, 7:46 PM
    Halifax Mortgage - Repayments Insurance 21st Apr 12 at 7:46 PM
    Hi, sorry if this question has already been asked but be nice I'm new....I've just received the annual mortgage statement and there is a value of 65 each month for 'repayments insurance' - is this ppi?
    I'm already paying separate life cover and TMMP which has payment protection included.
    I was forced into TMPP when we took out a further advance - was told that we couldn't have the advance without although my husband is self employed and always has been.
Page 1
  • dunstonh
    • #2
    • 22nd Apr 12, 2:24 PM
    • #2
    • 22nd Apr 12, 2:24 PM
    I've just received the annual mortgage statement and there is a value of 65 each month for 'repayments insurance' - is this ppi?
    Possibly. It could also be life assurance.

    I'm already paying separate life cover and TMMP which has payment protection included.
    TMPP is a multi-segment policy that can be used to cover life assurance, critical illness, PHI and PPI (and any combination of).

    I was forced into TMPP when we took out a further advance - was told that we couldn't have the advance without although my husband is self employed and always has been.
    Most MPPI covers the self employed. So, that isnt really a problem. Being told you had to have it is a mis-sale reason but its the most difficult to prove. That said, it is Halifax we are talking about here and they are auto refunding on PPI (but not life assurance or other insurances). So, not really a problem for you.
    I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • Mogcat
    • #3
    • 22nd Apr 12, 3:48 PM
    • #3
    • 22nd Apr 12, 3:48 PM
    Hi Dunstonh, many thanks for your reply. I've found all the original paperwork and it is a form of redundancy payment protection. We already have life cover and savings so not sure why we would have needed this. At the time we took the mortgage out we seem to distantly recall that we weren't allowed the mortgage without this protection. Only 22 when we took it out so was a bit unsure. The TMPP is for life, critical illness and payment protection although as I said earlier we was told that we had to have this even though we already had life/critical illness with St Andrews Life via the Halifax. I've read many comments that Halifax are auto refunding - why would they do this and is it actually true?
  • dunstonh
    • #4
    • 23rd Apr 12, 6:36 AM
    • #4
    • 23rd Apr 12, 6:36 AM
    We already have life cover and savings so not sure why we would have needed this.
    life cover doesnt overlap. Savings would have to be significant and not just an emergency fund.

    At the time we took the mortgage out we seem to distantly recall that we weren't allowed the mortgage without this protection.
    Quite possibly the case as over the years a number of deals required the purchase of insurance. Where that is the case, the lender is allowed to do that. It is only when they tell you that you need it when you dont that it is wrong.

    I've read many comments that Halifax are auto refunding - why would they do this and is it actually true?
    They are auto refunding on PPI only. Not other insurance types. They have a backlog and they have taken the view that refunding all PPI is quicker than investigating each complaint. There will probably be a point when they stop doing that. Many banks have a threshold where they auto refund on amounts up to a certain amount.
    I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • Mogcat
    • #5
    • 23rd Apr 12, 11:12 AM
    • #5
    • 23rd Apr 12, 11:12 AM
    Thanks again for your help . My complaint has only been in for 3 weeks so i guess its too early to hear any news yet. Not sure on the timescales that Halifax process to. I genuinly do think that we were mis-sold but I'm not sure whether they'll agree - even if they do seem to be auto-upholding. Will post any outcome as soon as hear anything.
    I'm going to have a search through some old credit cards too as I have a feeling there may have been PPI on them too but not sure if I still have paperwork
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