Mortgage Protection Insurance

sandy71

Sorry if this has already been asked. We started our mortgage again when we moved 4 years ago but before that we had a smaller mortgage (Both with Halifax) We had mortgage protection on it and payed around £130 per month. The mortgage was in joint names but the protection was only in my husbands name even though we were both working.
Would this mean it was missold? I would really appreciate it if someone with a brain would be able to help me Thanks

dunstonh

Would this mean it was missold?

No.

Most MPPI plans cannot be taken jointly. Those that can usually reduce the benefits of the first person ie. 100% of one or 70/30 or 60/40 50/50.

If you were to put a complaint in you would effectively be saying "whoops, I havent been covered enough for the last 4 years and should have been paying more. Can you increase my monthly bill please and backdate it".

You have got away with paying less for 4 years. Now get a proper review done and get 2x sole cover (if that is what you want).

sandy71

Thanks, We are properly covered on this mortgage it was the previous one I was asking about. We did ask if we could both be covered and the Halifax said even though it was in my husbands name it would cover both of us.

sandy71

We have our mortgage cover with the same company as our mortgage. We have remortgaged since then and started a new policy.
When we took out the original one we were told we wouldn't get the mortgage if we didn't take this with them.

Is this the sort of thing we can claim back or am I just getting my hopes up:o

di3004

Hi Dunstonh I have asked Sandy to post this one here for you, as I believe you may be able to help and advise on this one, thank you.;)

magpiecottage

Probably mine actually - I have been reading the FSA's latest proposals on this - a surefire cure for insomnia.

But we don't know enough. Who was the lender and when did you take it?

dunstonh

making the accusation is one thing. Proving it is another.

If it was sold under an advice process, paid on a monthly basis and you were eligible for cover then its going to be hard to get that classed as a mis-sale unless you have something that says you should have it.

Back in the 90s, the lenders could insist on insurances to get certain deals. How far back are you talking?

di3004

Thank you MagpieCottage and Dunstonh.;)

sandy71

Sorry, I didn't give much info did I The mortgage is with Halifax. When we took it out originally it was in about 1998 ish (Got all the documents in the loft) It was originally and endowment mortgage which we later changed to repayment. It was found for us by a financial advisor but we arranged it ourselves in the local branch.

Hope thats enough info. Thanks for helping.

magpiecottage

Halifax would have been covered by the PIA Ombudsman for the endomwent and by the Building Societies Ombudsman for everything else at that time (despite by then being a bank).

This means its activities then would be subject to the Financial Ombudsman Service (as it would if it had been covered by the Banking Ombudsman).

This does not mean you have necessarily have a case, only that if you do you will be able ultimately to take it to the FOS.

sandy71

magpiecottage wrote: »

Halifax would have been covered by the PIA Ombudsman for the endomwent and by the Building Societies Ombudsman for everything else at that time (despite by then being a bank).

This means its activities then would be subject to the Financial Ombudsman Service (as it would if it had been covered by the Banking Ombudsman).

This does not mean you have necessarily have a case, only that if you do you will be able ultimately to take it to the FOS.

Sorry I am quite thick so I didn't really understand all that:o Thanks so much for your help though:D
How will I know if I have a case?