Do I have a claim? MPPI - HSBC

CMCM

Hello,

Just joined. My wife and I were sold mortgage repayment protection insurance for our mortgage back in 2001. We don't recall any conversation or advice on the product. Certainly wasn't made aware that it was optional. The premiums are paid monthly (£50.49), and cover is for a maximum of twelve months (£850 per month).
My wife had and has sick pay cover of full pay for six months, then half pay for the next six months. I had and have an Income Protection policy with HSBC for the maximum I could be insured for (around £1330 a month when the mortgage was agreed) deferred for 13 weeks.(I'm self employed, and the policy does cover for that). This Income Protection Insurance has increased and the deferral period shortened over the years since. Both have standard Life and Critical Illness policies with HSBC.
Surely we had ample cover without the MPPI?

Requested details of the terms and conds. policy details etc through 77-79 consumer credit act letter, together with details of various loans. Was sent details (or rather ppi table of loan/ppi costs) of loans, but nothing of the MPPI policy was sent . Instead had to contact Life dept. to get what I think maybe relevant (policy schedule/policy doc.), this all after six weeks, not the original 12 working days per my 77-79 CCA letter.
Sorry this is so long. Just need to know if we have a case to claim back the premiums?

magpiecottage

MPPI was, and is important because failing to meet mortgage payments could result in the loss of your home, so as I started reading your post from the position that you would find it difficult to argue a missale.

However, it would seem that much of the cover you required was in place, particularly in the form of a Permanent Health Insurance policy. Therefore, there seems to be a case for HSBC to answer. That is not to say that it is indefensible because we do not know all the details but I think it is reasonable for you to ask it to justify the sale.

dunstonh

We don't recall any conversation or advice on the product.

It was 10 years ago. It shouldnt be a surprise you dont recall it.

Certainly wasn't made aware that it was optional.

if you cannot recall the conversation then you cant really say you were or were not.

Requested details of the terms and conds. policy details etc through 77-79 consumer credit act letter, together with details of various loans. Was sent details (or rather ppi table of loan/ppi costs) of loans, but nothing of the MPPI policy was sent

You wouldnt get anything on the MPPI as its a standalone product. You made the request using the wrong act.

Just need to know if we have a case to claim back the premiums?

Quite probably you do but not for you forgetting what was said. More to do with the level of overlap with existing provision. That should be the focus. The rest is irrelevant and something you cant prove. How the cover fits with your needs is something you can prove. The fact you have a PHI policy with a deferment of just 13 weeks works in your favour. They should have set the PHI with 52 weeks. So, either they set the PHI policy up wrong or they shouldnt have done the MPPI.

CMCM

Thanks For That

CMCM

Thanks For that