MPPI refusal

lilychip

Hello,
Could anyone offer some advice we applied to paymentcare for MPPI cover as we are in the process of going through a 5year fixed mortgage. They refused my other half works as a HGV Technician/Foreman for a large HGV repair and maintenance company. We were honest on the online application stating the company had restructed (direct answer to thier questions) to make the organisation more cost efficient. We also told them there had been one redundancy of an office staff member but there were no plans for any further redundancies.

Obviously this is what has made them refuse our application. I have already applied to another MPPI provider online, however as so far they have not asked for these kind of details I expect they will soon and we could have another refusal.

Has anyone encountered these problems and is there particular MPPI providers I should apply to?

My other half really does not expect to be made redundant, there could be salary or hour cuts but we have taken that into account and it would'nt be a problem. It's just with taking on a new mortgage we really want to be responsible and protect ourselves.

Is there any hope or are we doomed! I would be really grateful to hear from anyone with advice/experience

Many thanks Lilychip

lilychip

:eek: I was very disappointed not to get any replies to my post. I'm really starting to get worried now please can someone with some knowledge let me know if we are likely to get this cover.

I don't think it will be useful to apply to lot's of providers as I'm sure they all share information. My new mortgage lender is asking for a prompt return of the forms, so I really need to make a decision quickly and they have already taken payment for the house valuation.

Please please can someone share thier thoughts. Any comments will be gratefully received, especially any from Financial advisors.

Thank you and really hope to hear from someone:eek:
Lilychip

stephenni1971

I think you have to be realistic that in the current climate of job insecurity and large numbers of company closures, any insurer offering cover against redundancy will be applying very strict criteria and getting cover will not be as easy as it might have been a year or two ago.

Best I think you can do is to apply elsewhere but be prepared for a similar answer. I would love to tell you otherwise but thats just the market at the moment...

lilychip

Hi Stephenni,

Thankyou so much for your reply. Yes I agree things in the job climate are not very good and I can understand why getting this cover is more difficult.

Have you got any suggestions as to the best companies to get quotes from in this situation, that might be more likely to take us on? I don't mind if its a bit more expensive than normal but obviously having a new mortgage we have got limits.

Thanks again for taking the time to post your reply, its great to get some feedback.

:beer: :beer: Lilychip