Mortgage Protection Plan

supergrand

Hi, Im looking for a bit of advice Is a Mortgage Protection Plan the same type of thing as P.P.I.? I took out a Mortgage in 2004 through a mortgage broker who sold me their Mortgage Protection Plan , It was a single payment insurance added to the cost of my mortgage which was for 30 years but the plan was only for 5 years, that 5 years is now up and I didnt extend it as I realised that my employer's sick pay would cover my mortgage payments should I become sick, as far a s I remember this wasnt discussed at the time I took out the Plan,Do you think I would be eligable to reclaim the premium? Thanks in advance for your advice.

magpiecottage

It sounds like FOS would uphold a complaint as it is a single premium added to the loan.

However, it depends who sold it to you as it does not have jurisdiction over everybody that far back.

supergrand

Many thanks for that it was sold to mE by The Mortgage Group but the insurance was underwritten by C I G N A Europe.

magpiecottage

There is no firm called simply The Mortgage Group on the FSA register.

Where were they based and when did you take it out?

supergrand

Hi sorry taken so long in replying but not been around for a few days. The Plan was sold to me by The Mortgage Group in Falmouth in September 2004, They have since changed their name to The Money Group, hope this helps, thanks

magpiecottage

Okay - it has taken me a bit of sniffing around but I think you can pursue this.

The Mortgage Group (Cornwall) Limited seems to have changed its name a few times.

It MAY argue that it was an Appointed Representative of GE Money from 31 October 2004 and therefore FOS has no jurisdiction but I think, because it subsequently became directly authorised by the FSA on 24 March 2006 you would be able to persuade FOS otherwise.

It may also argue that it did not subscribe to the GISC code (I have not checked). However, it almost certainly will have subscribed to the Mortgage Code in September 2004 so I think FOS would accept it on that basis if necessary.

supergrand

Many thanks for you help, will set the ball rolling, thanks alot

dunstonh

Remember that single premium MPPI is considered bad in 99% of cases. Dont accept rejection. MPPI should be set up as monthly premium. Yours was not. So, you have a very strong case.

supergrand

Thanks for that Dunstonh, I also have another problem which you or magpiecottage may be able to help with, my aplogies if I should have started a new thread. I used a claim company in 2008 to claim back p.p.i. which I beleived to be mis-sold as it was also added to cost of loan as single premium, after several weeks tre claim co. wrote back and said that because of my arrears on the loan it was not worth them persueing it and they were withdrawing but stated that if i wanted to i could persue the claim myself. I didnt do anything about it at the time but recently after reading of all the successes i decided to have a go myself, i filled in the F.O.S. questionnaire and sent it off to who sold me the insurance. they have replied and said they are not upholding the claim as it has already been claimed for by the claim company in 2008 and the claim company had already received their final response, the claim company did not mention this final response to me at the time. Do I persue this any furthur do you think? or should i give up. your advice would be appreciated, thanks