Reclaiming PPI and Life ins sold with mortgage?

wen-tom

Hi all, I am not sure if I am posting in the right place - could someone move me if I'm wrong...

I am coming to the end of a 5yr fixed rate with abbey (nightmare in itself)

This made me look at our PPI and life insurance (Dec Term) sold with the mortgage. I decided to get some quick quotes from other companies for both and the quotes are coming up a lot less than we are paying to Abbey!

To be honest, I cant remember whether they were sold as necessary but as 1st time buyers we were maybe a bit nieve and didn't ask many questions. They certainly didn't tell us that we did not have to take the policies with them?

Would anyone know where I would stand on reclaiming the money paid or even the difference between the current payment and the new quotes?

Hope that makes sense?

grogdog

not a hope in hell. this is why it is better to go to an ifa rather than a specific lender

dunstonh

Would anyone know where I would stand on reclaiming the money paid or even the difference between the current payment and the new quotes?

Not a chance of claiming the life assurance premiums back. PPI would depend on how it was sold. Cost has nothing to do with it.

Ian_Griffiths_Halifax

dunstonh wrote: »

Not a chance of claiming the life assurance premiums back. PPI would depend on how it was sold. Cost has nothing to do with it.

And whether or not it was suitable to your needs.

dimbo61

So look for another life assurance company
I went through cavendish online and no I dont work there or get any kind of commission ( but maybe I should ! )
Take out level term assurance for the term you expect the mortgage to last.
Consider any life cover you have with work !
consider if you have kids or want kids !
Should be alot cheaper so take out new cover and cancel policy with lender once you have got the PAPERWORK not before.

Ian_Griffiths_Halifax

dimbo61 wrote: »

So look for another life assurance company
I went through cavendish online and no I dont work there or get any kind of commission ( but maybe I should ! )
Take out level term assurance for the term you expect the mortgage to last.
Consider any life cover you have with work !
consider if you have kids or want kids !
Should be alot cheaper so take out new cover and cancel policy with lender once you have got the PAPERWORK not before.

My ex's boyfriend thought he knew all there was about getting insurance. Used Cavendish, which baffles me as to how they can afford to do things their way, but that's their business, and was a bit big headed. I know he comes on here as he thinks he knows everything.

He then borrowed somebody elses van to move into my former house and crashed it - Un-insured! Hahaha RESULT :rotfl:

Some people think they know everything and a little knowledge is dangerous.

dimbo61

Sorry Ian I am a bit confused are you telling me that the life assurance I have taken out via Cavendish online is not valid ?
Went with the same company M & G as my mortgage lender wanted me to have and for the same level of cover just that I paid £50 to cavendish instead of £960 commission of the saleslady in the building society.
I pay £24 a month for the next 22 years
but had I taken the same cover via my lender it would have cost me £36 a month.
The maths £12 x 12 months X 22 years plus interest saved as I overpay my mortgage by £12 each month = £5000 over 22 years.
Sorry your ex boyfriend failed to get the right van insurance but this has little to do with this post.

Ian_Griffiths_Halifax

dimbo61 wrote: »

Sorry Ian I am a bit confused are you telling me that the life assurance I have taken out via Cavendish online is not valid ?

Sorry your ex boyfriend failed to get the right van insurance but this has little to do with this post.

No, what I'm saying is I don't know how Cavendish can afford to do it, though Non-Advised sales will eventually, I hope and expect, be not allowed and so their compliance requirements will reduce the ability to do sales in this way. They are merely benefitting from people getting advice from an adviser and using up his valuable time and resources, only t place the business elsewhere.

What I was saying, after a few pints, was that it was sweet justice that the cretin saved a couple of quid on his life insurance, but he's had to pay out thousands of pounds to the owner of the van he was driving unisured :rotfl: :rotfl: :rotfl:

olly300

Ian_Griffiths_Halifax wrote: »

No, what I'm saying is I don't know how Cavendish can afford to do it, though Non-Advised sales will eventually, I hope and expect, be not allowed and so their compliance requirements will reduce the ability to do sales in this way. They are merely benefitting from people getting advice from an adviser and using up his valuable time and resources, only t place the business elsewhere.

They don't give advice and do the minimum of administration. Doing as many things online or via post keeps costs down as the office could be anywhere.

Using the telephone is the next step up in price and having an office/people coming out to visit clients costs more.

Ian_Griffiths_Halifax wrote: »

What I was saying, after a few pints, was that it was sweet justice that the cretin saved a couple of quid on his life insurance, but he's had to pay out thousands of pounds to the owner of the van he was driving unisured :rotfl: :rotfl: :rotfl:

Some people are just stupid.

dunstonh

Cavendish operate almost like a factory line. No doubt low skilled staff on low pay just scanning the docs, sending the standard letter covering their backsides and forwarding the application. Nothing more than that. If you pay someone £5.70 an hour and they do 5 applications an hour then you can see the potential profit.

wen-tom

thanks all. didn't think there would be any way to do this. just makes me angry. I have already started a new L Assurance application with another company and will cancel this one when i get the new one.