Mortgage Protection Insurance Discussion

Feebs

Thanks all for your invaluable advice. Think I need to check my entitlements at work first. I have already taken 2 months sickness full pay when I was off after the death of my partner.

Also, many of my colleagues have had 'job at risk' letters. I haven't received one but I've heard that if there is even a sniff of public sector redundancy (even if it isn't you), then you would not be eligible for a mortgage protection policy ?

Many thanks as always for great advice on this site.

kingstreet

Feebs wrote: »

Thanks all for your invaluable advice. Think I need to check my entitlements at work first. I have already taken 2 months sickness full pay when I was off after the death of my partner.

Also, many of my colleagues have had 'job at risk' letters. I haven't received one but I've heard that if there is even a sniff of public sector redundancy (even if it isn't you), then you would not be eligible for a mortgage protection policy ?

Many thanks as always for great advice on this site.

Different periods aren't linked. That should have been classed as compassionate leave, not sickness either way.

Possible redundancy is likely to make you ineligible for unemployment cover. The illness and disability element would not be affected.

Feebs

Hi Kingstreet...unfortunately..I they only give 3 days compassionate leave and the rest had to be taken as sick leave, so I guess I've already 'eaten' into my sick leave entitlement.

Anne19

We took out a mortgage with the Halifax 5 years ago. We have a Halifax Total MPP.

Is this included in what's being talked about ... the PPIs?

Last month, we got a letter from the Halifax saying they were cancelling our Plan because of a non-payment. The letter says we have the option to re-instate the cover within 30 days (that's only 3 days away).

What should we do about this
Anne

dunstonh

Is this included in what's being talked about ... the PPIs?

TMPP is a packaged product that allows a number of different types of insurance to be held as segments on one policy. One of those segments could be PPI.

However, the issues is not about the product. Its about how they were set up and sold.

Last month, we got a letter from the Halifax saying they were cancelling our Plan because of a non-payment. The letter says we have the option to re-instate the cover within 30 days (that's only 3 days away).

What should we do about this

Do you want the cover or not?

Anne19

I've discovered today that out of the £64/mth we were paying, £12 was for a life insurance, and the other £50 is cover for unemployment, sickness etc. We had NO idea we were paying for this! My understanding was also that we had to take it out with the Halifax to get the Halifax mortgage. I checked with my husband and that is his exact recollection too. Must look into this more ...

roonaldo

Anne19 wrote: »

I've discovered today that out of the £64/mth we were paying, £12 was for a life insurance, and the other £50 is cover for unemployment, sickness etc. We had NO idea we were paying for this! My understanding was also that we had to take it out with the Halifax to get the Halifax mortgage. I checked with my husband and that is his exact recollection too. Must look into this more ...

the word optional is usually stated on all the documents.

dunstonh

My understanding was also that we had to take it out with the Halifax to get the Halifax mortgage.

Anyone can say that but can you back it up with evidence? All the paper documents that exist will show its optional. Also there will be a report that was issued at the time giving you the reasons why you should have it along with the cancellation rights telling you that you can cancel if you dont want it.

There is virtually no chance of a married couple claiming that life assurance wasnt necessary. Its paid monthly so its set up correctly. So, the odds of getting that back are highly unlikely.

The MPPI segment is set up correctly (its mainly single premium MPPI that is bad). So, you cant go down that route. Did you have a financial need for it? - most people are yes as you would need around 2-3 years with of savings to show you didnt need it or have 6 months full pay, 6 months half pay from the employer.

Every fake complaint going says that they were told they had to have it. However, without evidence that can be rejected given how easy it is for people to lie. So, you will need something more than that as a complaint reason.

Anne19

The life insurance was just for me (the wife!). We do have other life insurance in place which is for both of us, but we had to take this one out with the mortgage. The PPI was for my husband only.

How would anyone 'prove' what they were told in an office 5 years ago? Obviously, if written proof is necessary, there's no way we could give that, but could anyone?

dunstonh

How would anyone 'prove' what they were told in an office 5 years ago?

They cant which is why most complaints making a verbal accusation fail if there is no other complaint reason or failure by the selling firm.

Obviously, if written proof is necessary, there's no way we could give that, but could anyone?

There will be written documents that state it is optional or you have been given right to cancel and that you chose to have it. Documentation trumps verbal accusation.