Mortgage PPI help needed - getting confused.

joe.stalin

Hi to everyone.
I was advised by one of forum users (thx di3004) to start separate thread so I go with her advice lol.
I recently started following topis of reclaiming missold MPPI, read article and a lot of discussion on this forum but I would be very gratefull if someone could give me a helping hand and answer my question.
In 10.2008 my wife and me we've bought our house. We used a mortgage advisor and she picked up the best deal on that time - mortgage with halifax and some policy with Scottish Provident (Scottish Mutual Assurance Limited) called SELF ASSURANCE MORTGAGE with benefit Death or earlier critical illness benefit. We were told by the mortgage advisor that this policy is something me and my wife need. Can anyone tell me is that policy also a kind of Payment Protection Insurance and can I claim those payments back or not cos I'm getting a bit confused... Thanks for all your help. Cheers
Martin

amersall

joe.stalin wrote: »

Hi to everyone.
I was advised by one of forum users (thx di3004) to start separate thread so I go with her advice lol.
I recently started following topis of reclaiming missold MPPI, read article and a lot of discussion on this forum but I would be very gratefull if someone could give me a helping hand and answer my question.
In 10.2008 my wife and me we've bought our house. We used a mortgage advisor and she picked up the best deal on that time - mortgage with halifax and some policy with Scottish Provident (Scottish Mutual Assurance Limited) called SELF ASSURANCE MORTGAGE with benefit Death or earlier critical illness benefit. We were told by the mortgage advisor that this policy is something me and my wife need. Can anyone tell me is that policy also a kind of Payment Protection Insurance and can I claim those payments back or not cos I'm getting a bit confused... Thanks for all your help. Cheers
Martin

Hi martin, as di said, our expert dunstonh who knows about mortgage protection will help you with this when he comes on. What would be the reasons you are claiming mis sell for this product?.

dunstonh

Can anyone tell me is that policy also a kind of Payment Protection Insurance and can I claim those payments back or not cos I'm getting a bit confused.

You cant just reclaim premiums back. The sale of them has to be incorrect or you need to have no financial need. Any financial product (or any product for that matter) could be mis-sold. So, what is your reason for mis-sale?

In 10.2008 my wife and me we've bought our house. We used a mortgage advisor and she picked up the best deal on that time - mortgage with halifax and some policy with Scottish Provident (Scottish Mutual Assurance Limited) called SELF ASSURANCE MORTGAGE with benefit Death or earlier critical illness benefit. We were told by the mortgage advisor that this policy is something me and my wife need.

All sounds good and correct so far. So, what is wrong with that?

kpwll

I am a firm believer in the right to reclaim mis-sold policies, but I am ever so grateful that we had been paying for mortgage protection for 14 years, as in February my husband broke his ankle and was out of work for over 6 months. We had to wait the requisite 60 days but our mortgage was paid plus a small sum* was paid into the bank account (*this might have been just due to this scheme).
Not all policies are useless and you just might need it 1 day.

amersall

kpwll wrote: »

I am a firm believer in the right to reclaim mis-sold policies, but I am ever so grateful that we had been paying for mortgage protection for 14 years, as in February my husband broke his ankle and was out of work for over 6 months. We had to wait the requisite 60 days but our mortgage was paid plus a small sum* was paid into the bank account (*this might have been just due to this scheme).
Not all policies are useless and you just might need it 1 day.

I agree with this as well. Protection against the unexpected is invaluable, as long as people are happy with the cover and they can make a claim when needed.

joe.stalin

dunstonh wrote: »

You cant just reclaim premiums back. The sale of them has to be incorrect or you need to have no financial need. Any financial product (or any product for that matter) could be mis-sold. So, what is your reason for mis-sale?

That is exactly what I am getting really confused with as i can't imagine any reason why I should have this policy - there's no history in my or my wife's family with any of critical ilnessess mentioned in policy and the only thing we may be affraid of is sudden death.

dunstonh wrote: »

All sounds good and correct so far. So, what is wrong with that?

I just simply can't see the reason why according to mortgage advisor we need a policy for critical illness whilst all of critical ilnessess mentioned in policy are less then unlikely to happen to us.

dunstonh

That is exactly what I am getting really confused with as i can't imagine any reason why I should have this policy - there's no history in my or my wife's family with any of critical ilnessess mentioned in policy and the only thing we may be affraid of is sudden death.

None of that is grounds for mis-sale though. You have a financial need and the product meets that financial need. Its a bit like saying you are not going to die or not become ill. No-one knows when these things are going to happen.

I just simply can't see the reason why according to mortgage advisor we need a policy for critical illness whilst all of critical ilnessess mentioned in policy are less then unlikely to happen to us.

That may give your grounds for now cancelling it but not grounds for mis-sale. It would be an absolute doddle to reject a complaint on this basis.

joe.stalin

Thanks Dunstonh that puts much more light and now I know a bit more on what I'm standing on. Now I'll try to explain it to our lass lol

roonaldo

joe.stalin wrote: »

I just simply can't see the reason why according to mortgage advisor we need a policy for critical illness whilst all of critical ilnessess mentioned in policy are less then unlikely to happen to us.

Insurances are to cover what might happen.

pedrolespieds

Hi,

Sorry to post on an old thread, but i also have Scottish Provident 'Self Assurance' protection & i am wondering if i was miss-sold on account of my savings. I had approx £10k of savings, so would easily have been able to afford being out of work for a few months.

Does this qualify me for a claim?

Many Thanks in advance!

dunstonh

Scottish provident self assurance protection is a generic name covering their protection products. This would include life assurance, critical illness, income protection and unemployment cover.

So, what cover was provided by your policy?

Having £10k of savings is a possible reason for not having some cover of having the cover reduced. However, it really depends on your income and your liabilities. It would be totally justifiable not to include £10k of savings on the basis of it being your only savings (£10k is not a lot by 2011 standards). If you die, would the £10k pay off the mortgage. If you were unable to work for 2 years, would it continue to pay you sufficient income to keep your house?

Does this qualify me for a claim?

Without knowing what you have it is impossible to say. However, this product was sold under a full advice process. So, the adviser would have done a factfind, needs analysis and report (or statement of demands and needs depending on when). So, you would effectively have to show you didnt need it to show mis-sale as none of the other PPI reasons would apply (as they typically dont use an advised and regulated advice process - which is partly why so many result in redress).