is this a claim

griffb23

hi everyone , does anyone know if this is a potential claim,
several years ago we remortgaged with a advisor who was working for a insurance company, while our morgage was with a bank(endowment running along side) i was talked in to taking out a five year insurance which was all paid upfront, i was told this would be cover for me if i was taken ill as i am self employed, while i know the name of the firm i cannot find any paper evidence to back this up,
thanks for any advice given

dunstonh

A claim is what you do if you suffer illness or have an accident. What you mean is do you have a complaint.

the answer is yes you do have a valid complaint. MPPI/ASU should always be set up monthly premium. Not single premium and especially not single premium added to mortgage.

Self employment is irrelevant as most MPPI/ASU plans cover the self employed.

So, a complaint that you were sold single premium and not monthly should be made.

griffb23

thanks, can this be done without originall paperwork

di3004

If you just have the account number that will help, good luck.

griffb23

thanks guys, yes do have account no, any tips on content of the letter, (not clued up on these sort of things) thanks

dunstonh

You dont need account number or original paperwork. MPPI is a standalone product. You need the MPPI policy number. Thats all.

griffb23

nooow dont have the accont no, just the mortgage account

dunstonh

The mortgage account is irrelevant. The lender has no liability. Indeed, strictly speaking you dont need the MPPI policy number either. The broker can get all that from your name and address.

griffb23

thanks again for your information, will send a letter see what say

griffb23

dunstonh

thanks for your advice, is their any particular way to approach this
or would it be better to pass it on to a claim company

cheers

dunstonh

would it be better to pass it on to a claim company

Who will have to ask you the same information you have to tell themselves and stick it in a template letter you can download for free and then put a second class stamp on it. Then after doing nothing else after that, they take 30-40% of what you are paid.

, is their any particular way to approach this

Tell the truth, don't make things up or embellish. Don't have perfect recollection when you dont.

The bottom line is that you have a complaint reason that is as close to 100% as you are going to get for getting redress. Single premium MPPI is bad. Monthly premium MPPI is good. You have the bad. You just need to state that you were charged single premium MPPI and as it was added to the debt, you have paid interest on it for the next 25 years (or however long it is). You then ask them to refund this as it was mis-sold.

About 3 sentences should do the trick. It really is that easy.