PPI Insurance for Mortgage

fanmail13

Hi all,

Hopefully you experts can shed some light.

I have spent the best part of the day trying to trace a direct debit that has been going out of my account for some time 2005. I thought this was a life insurance policy with the NU, however it appears to be a PPI for my Mortgage with the NPBS. THE REASON I WAS LOOKING? : I have just started a new job that has life insurance as an employee in addition to other subsidised pension / illness / insurance benefits.

Therefore i thought i would save the £50 odd quid a month on what i thought was a life insurance policy - but its not one ?

The policy is not with the mortgage provider, but appears to have been taken out at the same time back in March 2005.

1, What risk do i have of cancelling this ?
2, Do i have any chance of claiming back, when i didnt know i had it ?
3, Who would i claim back from ? - My Mortgage provider or the PPI provider( Norwich Union )?

Thanks in hope

Steve

di3004

fanmail13 wrote: »

Hi all,

Hopefully you experts can shed some light.

I have spent the best part of the day trying to trace a direct debit that has been going out of my account for some time 2005. I thought this was a life insurance policy with the NU, however it appears to be a PPI for my Mortgage with the NPBS. THE REASON I WAS LOOKING? : I have just started a new job that has life insurance as an employee in addition to other subsidised pension / illness / insurance benefits.

Therefore i thought i would save the £50 odd quid a month on what i thought was a life insurance policy - but its not one ?

The policy is not with the mortgage provider, but appears to have been taken out at the same time back in March 2005.

1, What risk do i have of cancelling this ?
2, Do i have any chance of claiming back, when i didnt know i had it ?
3, Who would i claim back from ? - My Mortgage provider or the PPI provider( Norwich Union )?

Thanks in hope

Steve

Hi Steve

First of all who sold you the PPI, was this arranged by a broker as such?
I note you state you did not know you had this.
If this is the case then you can try to reclaim.

It would be the ones who arranged this for you you write to.

Obviously its always best to have cover for this if the unfortunate did happen, so make sure you have a cover to cover everything, such as sickness and unemployment etc etc.

I am sure someone who knows more of this actual cover works will post up, but for more info, check the link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck.;)

fanmail13

Thanks di.

The whole transaction was completed by NPBS, and i never had anything to do with Norwich Union. So i suggest the NPBS acted as broker .I am nervous though about claiming from my mortgage provider.. Can they be naughty with me in the future?


Steve

dunstonh

Can they be naughty with me in the future?

No. However, unlike PPI claims, MPPI is usually sold by an adviser. So, that means factfind and needs analysis should exist on file to show what your financial needs were and what was being recommended.

So, you are unlikely to get away with making claims without evidence as they should have evidence to support the recommendation. If the needs analysis is correct then they will reject the complaint.

1, What risk do i have of cancelling this ?

Only if you suffer a claimable event which you are no longer insured for.

2, Do i have any chance of claiming back, when i didnt know i had it ?

Statistically unlikely. Only if you were unsuitable for it at point of sale is there a chance.

3, Who would i claim back from ? - My Mortgage provider or the PPI provider( Norwich Union )?

The mortgage adviser is liable for advice. As that is the building society, you complain to them. Dont get your hopes up though. If they did it correctly then its an easy rejection for them. MPPI is not the same as PPI that is covered in most posts in this forum. All they have to do is look at your factfind/mortgage application, see what was recorded against your ability to repay the mortgage and if a financial need existed then they reject your complaint.

Why do you think it was mis-sold? i.e. what reason would you give?