have i been missold mppi

jase75

hi this is my first post and i would like some advice if possible, about 9 years ago i purchased my house with a northern rock mortgage, my estate agent arranged everything for me, including mppi, after reading this forum i think i have been missold a policy as i seem to have 2 more or less identical ones one with pinnacle and one with paymentshield is the agent liable for this? Or is it my own fault for being naive and not realising for what i've been paying for all this time? any advice would be very welcome

di3004

jase75 wrote: »

hi this is my first post and i would like some advice if possible, about 9 years ago i purchased my house with a northern rock mortgage, my estate agent arranged everything for me, including mppi, after reading this forum i think i have been missold a policy as i seem to have 2 more or less identical ones one with pinnacle and one with paymentshield is the agent liable for this? Or is it my own fault for being naive and not realising for what i've been paying for all this time? any advice would be very welcome

Hi there & welcome.;)
I feel as its in regards of a mortgage Dunstonh will be best to respond to this one for you, good luck with this.

dunstonh

i seem to have 2 more or less identical ones one with pinnacle and one with paymentshield is the agent liable for this?

How did you end up with two?

You can actually have multiple plans along as you dont exceed the limits. Also, are they both MPPI plans or is one a PPI?

Or is it my own fault for being naive and not realising for what i've been paying for all this time?

erm, err, well, sort of, potentially but possibly not.

The job of the adviser is to make sure what you have is suitable. If that recommendation is a replacement of an existing plan, they have to make you aware that you should cancel the existing plan. The adviser cannot cancel it for you.

If its an increment then its fine. If one is a PPI and the other an MPPI then its fine (Pinnacle and paymentshield do both versions).

You can always go back to the adviser if you want a recap on why you should have both.

di3004

Thank you Dunstonh.......;)

jase75

thanks, both taken at time of arranging mortgage, northern rock together came with free cover for 3 or 6 months, the estate agent sold me extra policy on top of this, I didnt realise they were the same type of policy until recently, one of them has some income protection with it, the other is just mppi.