PPI Insurance - Mortgage

ironman1

I have read and seen so much advertising about miss-sold PP Insurance and was wondering what is 'miss sold'?

When I took out my mortgage as a 22 year old three years ago we were told to purchase this insurance in case I got injured at work and couldn't afford bills bla bla, by our mortgage advisor at Halifax.

This cost us £85 a month until I cancelled it about 8 months in, so I didn't spend a great amount but would we be able to claim it back? Or was we offered it and took it?

Thanks!

_Andy_

No you can't claim it back.

Once_bitten

What will you do if you 'got injured at work and couldn't afford bills'?

ironman1

Use the money I have saved since I stopped paying the £85 a month probly...

_Andy_

So you're saying £85 would cover your mortgage, bills etc.?

magpiecottage

You have not said anything that indicates a missale. It is a monthly premium and I would make a guess that it provides about £900 per month cover. If you fall ill and cannot work that £900 is still going to have to be paid each month. Suppose you are unable to work for five months, as I was last year, where are you going to find that money from?

dunstonh

There is nothing wrong with having insurance. Indeed, for mortgages it usually vital as the consequences of not having it can be awful for those left behind (if death) or paying the bills if illness etc.

There is nothing here indicating you have been mis-sold. Despite the coverage it gets, mainly to opportunistic claims companies trying to get you to complain, the issue is still only a minority issue overall and mortgage PPI is just a very small area. Indeed, that is why some claims companies dont even mention mortgage in their adverts.