Mortgage Protection Insurance Discussion

kingstreet

It can be addressed by two different products, or you can look for a "menu" plan which bolts the different options together into one plan.

I suggest you search out an IFA who can compare the two.

You're looking for accident, sickness and redundancy cover and life cover, or a menu-based plan which provides both.

Farmeremma_82

I have just had my renewal notice from the Wessex Group (through connells estate agent) - since I bought my 2 bed flat in Nov 2008 - my payments have constantly been set at £19.33 a month.

Just a few questions I need help with:

1) do I need MPPI?
2) If I need it - am I paying too high for this?
3) I took out MPPI as my financial advisor said I would need this to get my mortgage - is this correct or was I mis-sold?
4) if mis-sold - can I claim this back?

I am soo clueless about this and any help anyone can give would be appreciated.

Thanks v much

Emma

kingstreet

1. If you have a job you could lose through no fault of your own, or be unable to do as a result of accident or illness and your employer would only pay you for a limited time, I'd say yes, you have a need for some form of protection.

2. No idea. You've given no information about your mortgage to be able to compare. £19 is not a lot to pay for protection though.

3. If your needs were analysed and the protection recommended, the chances of this being miss-sold are slim to none. Only "blanket" sales to every applicant without regard for their circumstances is a potential miss-sale.

4. No. It wasn't.

Products sold face-to-face by individual advisers are usually handled on an "advice and recommendation" basis. The adviser completes a "factfind" to gather data about you. Then he analyses this data to establish your need for protection. He addresses that need by recommending a product which falls within suitability and affordability, providing you with printed illustrations and a suitability letter.

What documentation do you have from the time you purchased this cover?

Cre8tive_2

Hi, I've recently started a new job as an hourly paid lecturer, which means I don't get paid over the holidays. I attempted to claim on my mortgage protection insurance during the summer holidays, however after 4 months of 'reviewing my policy', my insurance provider finally came back to me and said that I was no longer covered as my fixed-term contract had not ended before it's completion.

I have 2 questions that I require advice on...
1. Can I claim back my MPPI as I've been paying for a policy that is useless to me?
2. Are there MPPI companies out there that cover fixed-term contracts which break for a couple of months before the next fixed-term contract begins?
My contracts run from semester to semester, so I have 3 per year over the Sept - June period.

Many thanks in advance.

kingstreet

What was your employment situation when you took out the cover?

Cre8tive_2

I was full time employed when I took out the cover, but my employer reduced my hours to part-time when the company started to struggle to keep afloat. I started teaching alongside my job to try and make up the loss of income. They offered me full time hours at the college on a fixed term arrangement, so I left my other job.

The insurance company looked into back-dating my claim from when my original hours were reduced, but decided that because I left of my own devices and wasn't made redundant, that my claim wasn't valid. However it took them nearly 4 months to reach this decision.

mick123b

I have recently discovered that I am still paying MPPI on a property I sold 8 years ago.

Can I reclaim this PPI and if so how?

dunstonh

mick123b wrote: »

I have recently discovered that I am still paying MPPI on a property I sold 8 years ago.

Can I reclaim this PPI and if so how?

You would be reliant on the goodwill of the insurer. However, may will reconsider refunding if you can provide them proof of repaying the mortgage. They will then reconsider refunding from that date. If it is a policy from the lender, then the lender will usually be able to supply that information if you havent kept it.

Do note though that MPPI is nothing to do with the property. It is a mortgage. So, if you moved but still had a mortgage then most MPPI plans will cover the mortgage whoever it is with. it is only lender's own policies that often restrict to their own mortgage.

mimicat_2

We increased our mortgage with the Abbey National in 2000 to buy a bigger house which we sold in November 2010 and paid off in full. When we increased the mortgage in 2000 we were told we had to have a protection plan which we were sold by Abbey National the company being paid are Royal London Mis.Recently the bank cancelled the direct debit and I have been told that the policy has elapsed and cannot be re-instated - I have paid £7474.95 to date. No-one wrote to tell me it was going to expire Royal London state they wrote to my old address.
I asked for the plan as I had absolutely no paperwork and found it was a protection plan (a term assurance plan only and will not accrue a value at any time).
Looking at the policy it seems we were covered for death for £52k, nil for critical illness benefit and a waiver of payment benefit with exclusions which they have failed to include with theses documents. The policy was due to expire on 26/6/2025.
I was a Civil Servant my husband was self-employed, I don't think this was the cover we needed and it was therefore mis-sold. Am I right?

dunstonh

Recently the bank cancelled the direct debit and I have been told that the policy has elapsed and cannot be re-instated - I have paid £7474.95 to date

Why did the bank cancel the direct debit?

No-one wrote to tell me it was going to expire Royal London state they wrote to my old address.

Well, that means they did write to you. You just hadnt told them your most recent address.

I was a Civil Servant my husband was self-employed, I don't think this was the cover we needed and it was therefore mis-sold. Am I right?

Are you suggesting that you are immortal? The cover as you describe sounds spot on what you would expect for a mortgage.

Have I a PPI claim?

Apart from the fact its not PPI, no you dont