Can I claim for mis-selling a Mortgage Protection Policy?

Janey51

regularsaver1 wrote:

yes they have archie - but the OP wants to claim as though the insurance would have paid out

That was the original point I was trying to make...sorry if it wasn't very well explained.
As I said before, we would have carried on paying the RBOS an extra £10 a month for the life of the mortgage if we had never had to try to take advantage of the policy as we had had it originally explained to us.

ArchieB_2

You can't have your cake and eat it! You have not suffered a loss. The fact you were sold a policy that you did not need does not mean the insurers owe you a load of money to the value of a possible claim.

If you refer it to the ombudsman they would NEVER make Halifax pay the value of a claim because you have not lost your own money because the policy did/would not pay out.

It would be like me buying a policy to cover a yacht I don't have and then trying to make a claim on the policy, the insurer realising I don't have a yacht and then me expecting them to pay out £50k for the yacht. Poor example- but it is early. My point is, the only 'loss' I have experienced is the premium I have paid NOT £50k.

They missold the policy, realised this and paid the premium back. You are in no way out of pocket.

Janey51

But but but....lol....what if we had paid them all the premiums for the life of the mortgage and never made a claim?

I really do understand what you are saying but surely the RBOS have a responsibility to their customers to make sure their employees are selling products correctly?
I definitely remember asking the Bank Manager if we could have this policy as it was for a buy to let mortgage. The policy details they sent to us said that, in the event of a claim, they would pay half(£90) to whichever of us was claiming. Of course, I have binned these as its over 5 yrs ago.

At the very least, they could have paid us interest for the use of our money. After all, they have been quick enough to add daily interest to the money we owed them. And a letter of apology for their mess up.
That £90 a month would have been a godsend to us when my husband was made redundant.

ArchieB_2

Janey51 wrote:

"..surely the RBOS have a responsibility to their customers to make sure their employees are selling products correctly?"

"...they could have paid us interest for the use of our money. After all, they have been quick enough to add daily interest to the money we owed them. And a letter of apology for their mess up."

I concur 100%.

regularsaver1

ArchieB wrote:

If you refer it to the ombudsman they would NEVER make Halifax pay the value of a claim because you have not lost your own money because the policy did/would not pay out.

.

Why say halifax? - It was RBOS - in no relation to HBOS

regularsaver1

Buy to Let mortgage is on your tenants rent though - so don't know why they sold it

Janey51

regularsaver1 wrote:

Buy to Let mortgage is on your tenants rent though - so don't know why they sold it

Neither do we:D

However, after the problems with RBOS over the past few weeks...nothing surprises me.

I will try to claim something. After all I can only ask.

ArchieB_2

regularsaver1 wrote:

Why say halifax? - It was RBOS - not relation to HBOS

Sorry misread! Anyway, it's 'no relation' rather than 'not relation'.;)

regularsaver1

Its my typing lol!