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Mortgage Payment protection wont pay out
Kinnairdy
Posts: 196 Forumite
Scenario:
Mortgage with Yorkshire Bank...includes Tailored Mortgage protection...paid @ rate of £10.00 pm for 10 years...never defaulted on mortgage or insurance payments...laid off 3 months ago...had to sign on...MPP pays out on proof of benefits...allegedly...contacted company to make claim...told not enough has been paid every month so they won't pay in full...recent letter from bank informing payments for insurance to rise to £16 pm...signed agreement to this and returned several weeks ago.
What to do now?...can't afford mortgage payments on benefit...has this been mis-sold...is the bank at fault for not setting the correct amount of MPP...advice/help welcome.
thank you.
Mortgage with Yorkshire Bank...includes Tailored Mortgage protection...paid @ rate of £10.00 pm for 10 years...never defaulted on mortgage or insurance payments...laid off 3 months ago...had to sign on...MPP pays out on proof of benefits...allegedly...contacted company to make claim...told not enough has been paid every month so they won't pay in full...recent letter from bank informing payments for insurance to rise to £16 pm...signed agreement to this and returned several weeks ago.
What to do now?...can't afford mortgage payments on benefit...has this been mis-sold...is the bank at fault for not setting the correct amount of MPP...advice/help welcome.
thank you.
Speak your truth quietly and clearly;and listen to others,even to the dull and ignorant,they too have their story. Avoid loud and agressive persons, they are vexations to the spirit
0
Comments
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has this been mis-sold
It depends.
What were you sold?
What does the paperwork say?
If (for example) you signed up to a policy to pay for part of the mortgage and you signed to say you have "read and understood" then you wouldn't have a case.
It would not necessarily be automatic to cover the whole mortgage, for example I have a working husband so I might cover a 50% share.
So what were you told you had purchased? and what does the paperwork say?0
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