Mortgage Protection Insurance Discussion

mimicat_2

We did not have enough funds in that account as the HSBC had changed my husbands business account which resulted in some direct debits not being paid from the bills account as there were insufficient funds there for a while. Two direct debits were cancelled by the bank the other company wrote to us and it was set up again.

The Abbey National knew the mortgage was paid off in 2010 as we paid them the full amount when we sold up, as they sold us the protection policy surely they should have let us know we no longer required it.

We were never in possession of any paperwork and spent months trying to identify what it actually was.

If you say it was what we needed then we must accept what you say but we feel like we've been conned out of the payments from when we sold in 2010.

dunstonh

We did not have enough funds in that account as the HSBC had changed my husbands business account which resulted in some direct debits not being paid from the bills account as there were insufficient funds there for a while. Two direct debits were cancelled by the bank the other company wrote to us and it was set up again.

Ok. That explains what happens but also indicates that you know that payment was not made and there were issues. What did you do about it?

The Abbey National knew the mortgage was paid off in 2010 as we paid them the full amount when we sold up, as they sold us the protection policy surely they should have let us know we no longer required it.

Many people keep their life assurance in place when they repay their mortgage. The choice is with you. Not them.

If you say it was what we needed then we must accept what you say but we feel like we've been conned out of the payments from when we sold in 2010.

I think you need to look firmly at yourself for the blame here. You do not appear to be in control of your finances. You need to take responsibility for your spending. You had insufficient funds to meet payments but didnt know what you were spending your money on. No-one else is going to control your spending. The bank is not there to do it. You need to do it.

you havent been conned. You are victim of your own failure to control your finances. Sorry.

mimicat_2

We tried to find out what it was by email and letter finally we rang the bank who told us who the payment was to. We then contacted Royal London without paperwork it was hard to discover what it was.

If we had known it was in fact life insurance we wouldn't have taken it out in the first place because we are more than adequately covered. We certainly don't want or need anymore.

The fault is certainly not with us it is with greedy people insisting we buy what we don't want or need - we went for a top up mortgage to buy a bigger house not life cover.

Cancelling any policy within a month is a con pure and simple. Using your premise the cheque when the policy matured would also have gone to the old address, so would they have pocketed that too? It is dishonest behaviour.

dunstonh

If we had known it was in fact life insurance we wouldn't have taken it out in the first place because we are more than adequately covered. We certainly don't want or need anymore.

A really crude guide for working out if you have enough life assurance is 10x your joint income plus all debts. Did you have a figure of that sort of amount when it was taken out? If so, you may well have a case. If not then you dont have enough.

The fault is certainly not with us it is with greedy people insisting we buy what we don't want or need - we went for a top up mortgage to buy a bigger house not life cover.

I suggest you learn to say no when you dont want something. However, the mortgage adviser would have had a responsibility to tell you what your financial needs are and the vast majority of the population take out life assurance on a mortgage to cover that need. You seem to think you are different. You may be but I suspect not.

Cancelling any policy within a month is a con pure and simple. Using your premise the cheque when the policy matured would also have gone to the old address, so would they have pocketed that too? It is dishonest behaviour.

Its not a con.The policy would not have matured as its not an investment. So, no cheque would have been sent out. If it was a policy with value then they would have written out about 6 months before and if no reply would have made an effort to trace you. They would not have pocketed the money.

egor110

I'm currently paying £44 month to cover me - £400 month and my partner £295, the mortgage payment is £630 month.

I've looked on iprotect and i can get £700 worth of cover for £19, what else do i need to look at before changing?

dunstonh

egor110 wrote: »

I'm currently paying £44 month to cover me - £400 month and my partner £295, the mortgage payment is £630 month.

I've looked on iprotect and i can get £700 worth of cover for £19, what else do i need to look at before changing?

Is it the same thing? iprotect is a budget PPI plan. Is that what you are after? Is PPI what you have or it is a PHI policy?

I wouldnt waste my money on a PPI but I would spend good money on a PHI.

egor110

I've currently got mppi, purely to repay the mortgage not income protection.

pigput

Hi, I'm about to be made redundant and do have MPPI. With my policy I will start getting paid out the insurance cover after 60 days. I have a week long holiday abroad booked in 3 months time which has been booked for some time. In order to claim MPPI I must be claiming JSA, but will need to sign off JSA if I leave the country. How will this affect my MPPI payment? What should I do?

MrsJH_3

If anyone is thinking of taking out insurance mortgage protection with British Insurance then think again or read the small print very carefully. They should be called payment prevention rather than payment protection. I made a claim against my policy and have only received one payment from them since February although I continue to pay my monthly premiums. Steer well clear is my advice!!

teessidetone

hello, i have been unemplyed for most part of the past year apart from a 4 month temp job, my mortgage protection cover with the halifax has now ended after a 12month period of cover. end of sept i started work again, hopefully for many years! but i need to take out new mortgage payment insurance, is there any you can take out straight away or does one have to have been working for 3/6 months before the start date of a new policy, like what i have seen in the terms of a couple of providers? very confusing! anyone point me in the right direction?