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mortgage PPi?
loulabelle81
Posts: 8 Forumite
Im confused - I had an old mortgage with Abbey National - all paid up now - If i had PPI on it can i claim this back as well?
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loulabelle81 wrote: »Im confused - I had an old mortgage with Abbey National - all paid up now - If i had PPI on it can i claim this back as well?
Hi there
I will leave this one for Dunstonh and/or Magpiecottage to help you with, good luck.;)The one and only "Dizzy Di"
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It will depend on a number of factors:
When was it taken out?
When was it repaid?
Who sold it to you?
Was it a regular premium or a single one added to the loan?
What were the possible benefits?
As a rule of thumb, if you were eligible for benefits and it was a monthly premium, probably not for a mortgage because the consequences of default make it prudent to do so. If it was a single premium, you would probably get the difference between what it cost you and what a regular premium policy would have cost - probably assuming a premium of £9 per month for every £100 of cover.0 -
Thank you - im awaiting the statement - i work for the police so would my sickness at work etc not have covered it?0
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i work for the police so would my sickness at work etc not have covered it?
If that was the case at point of sale then you may have a strong case if you were in a role that is more dangerous. You can ask the insurer if they cover your role. If they dont then you complain on the fact you were not eligible. If they do cover it then you were eligible so no point complaining that you were not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
is mortgage ppi not actually reclaimable as loan/cc is?0
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is mortgage ppi not actually reclaimable as loan/cc is?
Anything is potentially reclaimable if it is mis-sold. However, in the case of MPPI the reasons you use for loans and credit cards wont apply most of the time.
i.e. MPPI should be set up monthly and typically paid by direct debit from your account. So you cant complain about that. Most MPPI are sold under advice by authorised and regulated individuals. So, you cant complain the person selling it is not qualified. Also, because its sold under advice they should have a needs analysis on file showing why you need it. So, its easy for them to reject your complaint if you say you dont need it.
Typically, the only time you are likely to succeed on an MPPI complaint is if it is single premium or you were not eligible at point of sale.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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