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PPI Reclaiming Discussion Part 5
Comments
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Hi people!
Any advise would be very much appreciated.
When me and my partner brought our house we dealt with a mortgage advisor.
The mortgage advisor was very helpful and took out some personal protection insurances on our behalf with a company. We consented as we were under the impression we needed these insurances in order to get a mortgage.
Now the more i speak to people/ friends they dont seem to have this personal protection plan (which for me alone is £17.91 per month.)
Do i have a claim? And if so do i approach my insurance company or the mortgage advisor?
Many thanks!!!:D
You complain to the broker that sold them to you but if it was sold to you prior to January 2005, your complaint is over because they weren't regulated. Bear in mind that you will be complaining to an individual, not a company, that MPPI complaints have the owest upheld complaints of every PPI complaint, just because it's completely different, and protects your home.
Perhaps a bit mroe info would help, like who sold it to you, when, what did it cover etc.Non me fac calcitrare tuum culi0 -
You complain to the broker that sold them to you but if it was sold to you prior to January 2005, your complaint is over because they weren't regulated. Bear in mind that you will be complaining to an individual, not a company, that MPPI complaints have the owest upheld complaints of every PPI complaint, just because it's completely different, and protects your home.
Perhaps a bit mroe info would help, like who sold it to you, when, what did it cover etc.
Thankyou for replying. My mortgage advisor works for a company called Countrywide mortgages and the policy was taken out with Friends Provident.
Its a Personal Protection Plan and seems to cover income loss?
Policy was taken out in December 2010.
Thankyou for your help
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This was taken out so recently that I sincerely doubt you'll be able to argue it was mis-sold to you. MPPI doesn't suffer from the same inherent faults as loan and credit card PPI and your broker will still have a full record of your "Demands and needs" from three years ago. In addition, PPI was already in the news three years ago so I fully expect the broker to have carefully outlined the policy to you prior to you agreeing to it.Its a Personal Protection Plan and seems to cover income loss?
Policy was taken out in December 2010.
It really doesn't matter that "people/friends" don't have this insurance, in order to have a valid complaint it needs to have been mis-sold to you.0 -
Moneyineptitude wrote: »This was taken out so recently that I sincerely doubt you'll be able to argue it was mis-sold to you. MPPI doesn't suffer from the same inherent faults as loan and credit card PPI and your broker will still have a full record of your "Demands and needs" from three years ago. In addition, PPI was already in the news three years ago so I fully expect the broker to have carefully outlined the policy to you prior to you agreeing to it.
It really doesn't matter that "people/friends" don't have this insurance, in order to have a valid complaint it needs to have been mis-sold to you.
I feel it was mis sold due to use being informed 'These are what you need in order to get a mortgage'. But i fully understand where your coming from, yes it was very recent but as first time buyers we were not aware what was necassary and what wasnt, we were going on the advice from our advisor.
I just feel a little let down due to these insurances not being necassary, or thats what they seem to be. I wasnt to keen on cancelling the policy without finding out if i had a leg to stand on, rather than cancel and years later to be told i could have.
Thankyou very much for your help:), would seem id be better to just cancel the policy and forget about it. Save myself a little money aye
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That isn't actually mis-selling where Mortgage PPI is concerned. The broker is allowed to "disturb" you when advising insurance. It's actually sound advice. You do realise that mortgage PPI is still regarded as Insurance worth having? It protects probably your most expensive asset.I feel it was mis sold due to use being informed 'These are what you need in order to get a mortgage'.
Think carefully about this, far from being mis-sold, you've actually been sold a useful insurance.would seem id be better to just cancel the policy and forget about it. Save myself a little money aye0 -
Moneyineptitude wrote: »That isn't actually mis-selling where Mortgage PPI is concerned. The broker is allowed to "disturb" you when advising insurance. It's actually sound advice. You do realise that mortgage PPI is still regarded as Insurance worth having? It protects probably your most expensive asset.
Think carefully about this, far from being mis-sold, you've actually been sold a useful insurance.
Ok i see, well we also have a mortgage protection plan insurance for both of us together which we pay monthly. So i assume the personal one i have just for me would only cover my income should i loose my job, and would not cover the mortgage. Is that correct?
We havnt even thought about cancelling the mortgage insurance as like you say this is our most expesive assest.
I do appreciate your help here
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Thankyou for replying. My mortgage advisor works for a company called Countrywide mortgages and the policy was taken out with Friends Provident.
Its a Personal Protection Plan and seems to cover income loss?
IIRC, Friends Prov didnt offer a PPI policy. They offered an permanent health insurance (income protection policy). So, i doubt that is actually PPI.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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Put a mis sell claim in, I don't think that the time you had off after accident was long enough to be able to make a claim, I believe you have to be off for at least a month.
Ask them to look at this loan with the reasons you gave for mis sell on the other.
Accept the offer but put the claim in for the second loan.
If this loan is still running they may take back anything you owe out of any redress, if the loan is cleared and you win mis sell, then you get whatever compensation there is.
Many thanks for the reply.
So once I went into payment arrangement I effectively had a second loan? Is that how it would be viewed in the eyes of the FOS?
If this is the case as I understand it your advice would be to claim on the loan as it was after I went into payment arrangement with the same reasons that got me an offer on the same loan before arrangement?
If I accept the first claim - on the letter it states: "I accept on the basis that such an offer is accepted in full and final settlement of all or any claims against RBS/Lombard on the account no.<stated>"
If I accept the first doesn't this leave them washing their hands? Getting nervous now since its nearly a month since I received the offer....
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The type of plan says Personal Protection Plan, is this different to Personal Protection Insurance? Thanks!
PPI stands for payment protection insurance. Not personal protection insurance.
Friends provident offer life assurance, critical illness cover and PHI.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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