Reclaim PPI

pinklady2011

could anyone help me with this one please. I currently pay a PPI on my mortgage to protect it, Its with payment shield. i have been paying it for 8years, but I also have been paying mortgage protection on a life policy with prudential and neither of them are any use to me, that's why i was looking at the policy's last night, as when I increased my mortgage i never increased the cover on them. What i would be grateful for is some information on whether I can claim this back and then take out a new life insurance that will be suitable for me.
please help me
many thanks

dunstonh

I currently pay a PPI on my mortgage to protect it

as many people do and with good reason.

Its with payment shield.

Good quality option and on monthly payment basis which is how it should be.

but I also have been paying mortgage protection on a life policy with prudential and neither of them are any use to me

Why are neither any use to you?

What i would be grateful for is some information on whether I can claim this back and then take out a new life insurance that will be suitable for me.

You havent indicated any wrong doing by the broker that set these up. So, what would be your complaint reasons?

magpiecottage

Why do you say they are no use to you?

The life cover will repay your mortgage if you die so that your family are not thrown out onto the street. Clearly if you do not it will have been of "no use" to you but the premiums will go into a pot to meet the needs of those less fortunate than your family. That is what insurance is about.

Under the legislation as it stood in 2003, if you had fallen ill and been unable to work or lost your job you would have receive no state help for nine months. By then you would probably have lost your home - so the Mortgage Code Compliance Board actually told advisers they should get disclaimers from any borrower refusing PPI.

So what you have told us does not indicate the products were unsuitable or that a missale occurred.

pinklady2011

dunstonh wrote: »

as many people do and with good reason.



Good quality option and on monthly payment basis which is how it should be.



Why are neither any use to you?
Because these would not cover me if i was off sick from work and also why should i be paying two?
also i have added more to my mortgage and now its higher than what it was in 2003 so i was going to look at cancelling these two and getting a new one.


You havent indicated any wrong doing by the broker that set these up. So, what would be your complaint reasons?

well i have been paying two ppi on my mortage,

pinklady2011

magpiecottage wrote: »

Why do you say they are no use to you?

The life cover will repay your mortgage if you die so that your family are not thrown out onto the street. Clearly if you do not it will have been of "no use" to you but the premiums will go into a pot to meet the needs of those less fortunate than your family. That is what insurance is about.

Under the legislation as it stood in 2003, if you had fallen ill and been unable to work or lost your job you would have receive no state help for nine months. By then you would probably have lost your home - so the Mortgage Code Compliance Board actually told advisers they should get disclaimers from any borrower refusing PPI.

So what you have told us does not indicate the products were unsuitable or that a missale occurred.

Yes i am aware what it is for but why i have two for the same thing I am not sure also neither of them pay out if i am off work sick

pinklady2011

pinklady2011 wrote: »

well i have been paying two ppi on my mortage,

Because these would not cover me if i was off sick from work and also why should i be paying two?
also i have added more to my mortgage and now its higher than what it was in 2003 so i was going to look at cancelling these two and getting a new one.

pinklady2011

Sorry i`m new to this forum,
do you think then that i should ask the policy be modified to my need, i mean add more because the mortgage has gone up and also I want cover if i am off sick from work.
i have two doing the same thing i feel its a waste of money.
Many thanks:)

dunstonh

I am not sure also neither of them pay out if i am off work sick

One is an MPPI and the life is life assurance. There is no overlap. MPPI providers are general insurance companies. Life assurance is provided by life assurance companies.

Because these would not cover me if i was off sick from work

Why wouldnt the MPPI (or to give it it's other name of Accident, Sickness and Unemployment cover) pay out on sickness?

also i have added more to my mortgage and now its higher than what it was in 2003 so i was going to look at cancelling these two and getting a new one.

If you say the existing plans wouldnt pay out then why would you want to buy another one?

do you think then that i should ask the policy be modified to my need, i mean add more because the mortgage has gone up and also I want cover if i am off sick from work.

yes.

pinklady2011

Both are for my mortgage though, so they are the same thing. Both only paying out on death or critical illness. One i`v just checked pays out after you`v been off work 30 days is this normal/
Many thanks