Halve Your Mortgage Payment Protection Costs Article Discussion Area

pgsi

dunstonh wrote: »

Being sacked is nearly always rejected and quite right too. Being sacked for an illegal activity is almost certainly going to see a rejection.

sackings do occur with questionable circumstance!!so not necceseraly "quite right" for the poor !!!!!! sackedjust for the record its not illegal to fail a drug test,regardless of what was found.but thanks for your reply

stephjrowland

Hi,

I'm trying to tidy my finances up at the moment and clear my debt and am unsure of what I need insurance wise for my mortgage. I currently have a mortgage £135000 (with partner) with northern rock and have:

friends provident life or earlier critical illness (decreasing)-£24.28
norwich union mortgage linked life assurance -£28.86pm
payment shield disability and unemployment insurance -£45.36pm

I think this is quite alot to pay out a month (my mortgage adviser sorted it out and we were in a rush to buy) my question is do we need all this? If not what do I need?

any help would be great!

thanks Steph

drew9

Hi everyone, I am hoping that someone may be able to help me with an issue I have with MPPI.

I took out a policy when I first got my mortgage, then last year my fixed rate ended and what with the interest rate rises and borrowing a bit more money to do some home improvements, my payments went up by £170 a month.

The thing is that I meant to up the insurance back then, but I had a run of bad things happening and it clean went out of my mind.

So, at the beginning of this year, with the help from this site, I have started to sort out my finances. Better rates for my car and home insurances, transfer my credit card to zero rate, etc. I realised that I hadn’t sorted out my MPPI.

I did my research for prices then got on the phone to the company that I was already with. As the new price wasn’t that much different to what I was quoted elsewhere I decided to stay put.

They told me that the new rate would kick in at 90 days time.

Now, here’s my problem. The company I work for has just gone into administration and I do not know yet if I am to be made redundant and if I am, when?

So, my questions are:

They asked me if I knew at that time if I was to be made redundant, at the time I had no idea that this would be happening. Will they still honour the insurance? Or will they throw the claim out, by saying that I must have known something or I wouldn’t have upped the premium?

If they do that would I have any right of appeal or legal right to challenge?

Thanks in advance for any help or insight that you may have for me.

mike.a.kenny

In 2001 I obtained a mortgage via the services of Bradford and Bingley, and was also sold a Bradford and Bingley Payment Protection Insurance.
Then in 2004 I received a letter from Bradford and Bingley to inform me that any claims must now be made to St. Andrews Group.
Then in May 2007 I lost my job as my employer decided with my agreement that I was no longer fit enough due to disability to carry out my duties.
After consulting my doctor I was declared unfit to work and as such been claiming Disability Benefits ever since.
Upon contacting St.Andrews Group I have been told that I can only claim Disability Benefit cover if I am employed, and can only claim Unemployment Benifit if I am claiming Jobseekers Allowance.Being Disabled and Unemployed is not covered.
If I claim miss selling who is my claim against .I never asked or gave permision to switch to St.Andrews and the payments are still being taken as far as I know from the same standing order (I have never signed a new order ).
I have wasted £1146.60p on this insurance to find it doesn't protect me as I expected it to.
Not Happy and in need of advice.
Mike.A

dunstonh

If I claim miss selling who is my claim against

Why are you going to claim mis-selling? Nothing in your post suggests a mis-sale.

I never asked or gave permision to switch to St.Andrews

You dont need to with a change of underwriter. Companies often sell their books on.

Your best approach is to make a complaint using the official complaints process and if that fails then go to the FOS stating that you feel your rejection of protection is not fair.

mike.a.kenny

dunstonh wrote: »

Why are you going to claim mis-selling? Nothing in your post suggests a mis-sale.



You dont need to with a change of underwriter. Companies often sell their books on.

Your best approach is to make a complaint using the official complaints process and if that fails then go to the FOS stating that you feel your rejection of protection is not fair.

Will follow your advice, Thanks again for your time and considerations.

Luv2Save_3

We had insurance which covered household bills including insurance if either of us were ill etc.
When I tried for the first time to claim on it after being signed off long term they said that because it was a pre-existing condition we could not claim.
This was not brought to our attention when it was sold to us, is this classed as mis-selling ?

dunstonh

When I tried for the first time to claim on it after being signed off long term they said that because it was a pre-existing condition we could not claim.
This was not brought to our attention when it was sold to us, is this classed as mis-selling ?

No. Its not mis-selling. You cannot claims for a pre-existing condition but other unrelated issues you can.

There is only so much that can be said to you verbally at point of sale. Being told something as obvious as you cannot claim for something you already have is not really something you would expect. That is a bit of a common sense thing.

JimmyTheWig

Have just done this and increased our cover for less than half what we were paying.
Got three months free with Abbey when we took out their mortgage so thought we'd go with that and then shop around. That was over two years ago. Grrrr. All that money we've wasted...

Should this article go in the weekly email some time as a reminder to people that they can save loads of money?

dunstonh

Have just done this and increased our cover for less than half what we were paying.

A difference that big suggests you are not getting like for like cover.

Common errors on this are different deferment periods, budget plans replacing comprehensive or even worse, replacing a PHI with an MPPI.