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Mortgage Payment Protection - Help!
bigalzyirpal
Posts: 5 Forumite
Can anyone give me advice regarding a Paymentshield Mortgage Payment Protection Policy I have OR have not as the case me be.
I took out the policy in 1999 at the same time as a Halifax mortgage. £16.50 per month, direct debit then proceeded to put it to the back of my mind for a rainy day.
Then the monsoon day of endowment shortfall red letter arrived in August 2003.
I changed my Mortgage to a repayment with another company and ceased to have the Halifax Mortgage.
In all the 'excitment' of endowment disaster and swapping mortgages I forgot about the Paymentshield policy and have been paying the premium since then, 29 payments £478.50 to be precise.
I realised in November 2005 that the terms and conditions of the policy stated that the policy would be terminated if the original Halifax mortgage agreement comes to an end.
I phoned their customer services team to explain that I believed that I had not been eligible for any benefit since Aug 2003 and, can I have my £478.50 back please?
They said NO! - but if i would like to cancel NOW I could!
Does anyone know if I have any grounds to get the overpayment back.
I have sent them a letter to make a formal request for a refund.
I took out the policy in 1999 at the same time as a Halifax mortgage. £16.50 per month, direct debit then proceeded to put it to the back of my mind for a rainy day.
Then the monsoon day of endowment shortfall red letter arrived in August 2003.
I changed my Mortgage to a repayment with another company and ceased to have the Halifax Mortgage.
In all the 'excitment' of endowment disaster and swapping mortgages I forgot about the Paymentshield policy and have been paying the premium since then, 29 payments £478.50 to be precise.
I realised in November 2005 that the terms and conditions of the policy stated that the policy would be terminated if the original Halifax mortgage agreement comes to an end.
I phoned their customer services team to explain that I believed that I had not been eligible for any benefit since Aug 2003 and, can I have my £478.50 back please?
They said NO! - but if i would like to cancel NOW I could!
Does anyone know if I have any grounds to get the overpayment back.
I have sent them a letter to make a formal request for a refund.
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