Is a Friends Provident policy classed as PPI

paulandviki

Hi,
I might be barking up the wrong tree here so please forgive me if I am.
We took out a N/Rock mortgage 5 years ago (100%, personal loan + mortgage one) When we took it out we were told that we had to have a payment/insurance policy with it, they sold us a Friends Provident policy which apparently went down in value as the life of the mortgage progressed. We sold our house 16 months ago and are still paying the friends provident policy (£27.19) per month as, until recently we though it was a life insurance policy. Have we been mis-sold this, is it classed as PPI, do we have a leg to stand on?! If so, what next? If not, fine, we'll move on!
Many thanks,
Paul and Viki

roonaldo

Life insurance is not a PPI. There is nothing wrong with having insurance.

dunstonh

Freinds Provident are a life assurance company. Not a general insurance company. They dont offer PPI.

hen we took it out we were told that we had to have a payment/insurance policy with it, they sold us a Friends Provident policy which apparently went down in value as the life of the mortgage progressed.

That is life assurance, not PPI.

Have we been mis-sold this, is it classed as PPI, do we have a leg to stand on?!

You havent been mis-sold, its not PPI.

Even if it was MPPI, it wouldnt matter. Just having MPPI is not a mis-sale. It's how it was set up and if you were eligible that matters. Not the fact you have it.