Halifax MPPI

jenlou

Hi

I am 30 years old, and bought my first house with a Halifax mortgage 18 months ago. I have excellent health and a secure job as a teacher.

My mortgage repayments are roughly £800 a month, and I also have an additional £100 a month which comes out of my account. I had assumed that this £100 was the buildings and contents insurance, but when I had to make a claim earlier this year, I realised that the £100 was infact MPPI and that my buildings and contents insurance comes out of the £800.

I don't think that I need to be paying the MPPI and I think that I was mislead into having this payment by use of the word insurance.

I will certainly be cancelling this, but does anyone believe that I would be able to make a claim for the MPPI?

Thanks in advance. Either way, I guess I'll save £100 a month from now on!

di3004

jenlou wrote: »

Hi

I am 30 years old, and bought my first house with a Halifax mortgage 18 months ago. I have excellent health and a secure job as a teacher.

My mortgage repayments are roughly £800 a month, and I also have an additional £100 a month which comes out of my account. I had assumed that this £100 was the buildings and contents insurance, but when I had to make a claim earlier this year, I realised that the £100 was infact MPPI and that my buildings and contents insurance comes out of the £800.

I don't think that I need to be paying the MPPI and I think that I was mislead into having this payment by use of the word insurance.

I will certainly be cancelling this, but does anyone believe that I would be able to make a claim for the MPPI?

Thanks in advance. Either way, I guess I'll save £100 a month from now on!

Hello and welcome.;)

I think this is one for Dunstonh, who is very knowlegable and a financial adviser, good luck with this anyway.;)

dunstonh

I will certainly be cancelling this, but does anyone believe that I would be able to make a claim for the MPPI?

Highly unlikely.

You could put in a complaint but you are eligible for cover and its been set up monthly (which is the correct way). So, there is a financial need and the product is fit for purpose.

Your only avenue for complaint was that you didnt know about it. However, as its post general insurance regulation they will produce a statement of demands, an application form, a copy of the policy document issued and possibly a suitability letter/report (if done under advice). So, they they should have a lot of evidence to support the fact you were aware of it.

You would be relying on them not having documentary evidence and not having done the work correctly if you were to put a complaint in. Statistically and given when it was taken out, I doubt you will have much chance of success.

Never, ever buy your insurances, pensions or investments from a bank. It is a sales process, you wont get full advice and the products sold are expensive and low quality or cut down versions of the whole of market product.