Question regarding MPPI

mrwoods81

Hi,

I took out a mortgage in 2005 but didn't really have much knowledge in Mortgages and what insurances you need or do not need. I took out Buildings Insurance as I needed this and was persuaded to take out life insurance although I cancelled this soon after, this is all I remember taking out. Fast forward a few years I cancelled my buildings insurance to go with someone cheaper. I'm not one for overly checking my bank statements I have a look but nothing ever looked out of place until I noticed a payment for insurance and then another which didn't add up. A little digging and it turns out I have MPPI for my mortgage. This only covers me for £300 per month which at the point of taking out my mortgage wouldn't have covered my monthly mortgage payments anyways. I need to look back now to figure out if I have any documents about MPPI because I can't remember getting any documents. What constitutes been mis-sold MPPI or am I best just cancelling it and forgetting about it?

Thanks,

M

dunstonh

What constitutes been mis-sold MPPI or am I best just cancelling it and forgetting about it?

Three main things with MPPI

1 - Single premium instead of monthly
2 - no financial need (i.e. you already have 6 months full pay, 6 months half from employer)
3 - not eligible for cover (significant illnesses prevent cover being provided)

mrwoods81

Cheers,

Probably looks like I should just leave it and file it under read the small print next time.