Did Halifax include PPI on buildings insurance??

antdon

Just when I thought I was finished with PPI (apart from helping others).....

I have just had 3 mppi claims paid out by the Halifax.... Very very happy

Then read a post, and started pondering......

I have had buildings insurance with the Halifax since the mortgage started......

Could this have included a PPI ????

di3004

antdon wrote: »

Just when I thought I was finished with PPI (apart from helping others).....

I have just had 3 mppi claims paid out by the Halifax.... Very very happy

Then read a post, and started pondering......

I have had buildings insurance with the Halifax since the mortgage started......

Could this have included a PPI ????

Hi there
First of all, well done on your success!:beer:

I am really not sure about the buildings insurance though and you could contact them directly and question this, but otherwise hopefully someone will know on this site and post up soon, good luck.

dunstonh

Could this have included a PPI ????

No. Its home insurance.

antdon

di3004 wrote: »

Hi there
First of all, well done on your success!:beer:

I am really not sure about the buildings insurance though and you could contact them directly and question this, but otherwise hopefully someone will know on this site and post up soon, good luck.

I was thinking that building and content insurances was going to be the next round of mis-selling claims....

The Halifax (and I assume others) didnt just mis-sell ppi's

When I took out my first mortgage in 1986 the Halifax gave you no choice.... I was.... "Want a 100% mortgage then you have to have our buildings insurance and our ppi to protect our investment"

Then both the ppi and the buildings insurance was hidden in one 'mortgage' payment.. After a couple of years you had no idea how much you were paying...

A few years ago the ombudsman forced the banks to show the individual costs in an annual review...

I can remember getting my annual review 4 or 5 years ago to find I was paying £450 for buildings insurance... a google search... £105 same cover.....

So I was robbed of £345 per annum.....

And this wasnt just me.....

dunstonh

I was thinking that building and content insurances was going to be the next round of mis-selling claims....

How?

When I took out my first mortgage in 1986 the Halifax gave you no choice.... I was.... "Want a 100% mortgage then you have to have our buildings insurance and our ppi to protect our investment"

Absolutely correct advice and is still the case today. Lenders can even insist on life assurance or MPPI and as long as it is actually a condition of the mortgage then it is not a mis-sale. it is only when its not a condition and you are lied to that it is a mis-sale. However, even that is largely irrelevant as very few complaints get upheld on that basis due to lack of evidence to support the accusation.

antdon

dunstonh wrote: »

However, even that is largely irrelevant as very few complaints get upheld on that basis due to lack of evidence to support the accusation.

The mis-selling, on the basis of it being 'tied-in', is open to interpretation...

But the fact the the Halifax hid the cost within the mortgage, and obviously increased the amount by obscene amounts is the problem. I mean £350 over the market rate.......

Surely that is mis-selling......

dunstonh

But the fact the the Halifax hid the cost within the mortgage, and obviously increased the amount by obscene amounts is the problem. I mean £350 over the market rate.......

Halifax didnt hide the cost. They put them on the annual statements.

Yes the bank insurance plans were expensive but they were also comprehensive. The levels of cover they offered was typically far superior to the cut down internet versions you can buy today. The ability to shop around has existed for over 20 years. The willingness of the consumer to do it has existed far less. That doesnt make sales from two decades ago wrong. Just as paying more isnt wrong.

Surely that is mis-selling......

No. It is mis-buying. Not something that can be complained about as no rules have been broken.

antdon

dunstonh wrote: »

Halifax didnt hide the cost. They put them on the annual statements.
.

Not for the first 10 years they didnt.....
(I think....but then again it was a long long time ago)