mppi

frankie500

Hi
Paid off our mortgage in May 2009 on which we had payment protection. Would we be "chancing our arm" if we tried to claim this as missold as I did not require it as I would have been paid if I became ill and I also had long term health issues that may have prevented pay out any way. Also we later found out that it would not have covered redundancy if hubby was paid off. This was not made clear to us at point of obtaining the mortgage.
Any advice is welcomed

TIA
Frankie

ACG

With regards to the redundancy - it doesnt matter so much what you were told - as its your word against theirs - its whats on the paperwork.
What happens if you were off on long term sick (according to LV the avg health claim is 7 years - i imagine your employer doesnt pay out that long...so there was arguably a need).

However....
If the medical conditions would result in you never being able to claim then you would be able to claim it back.

If they would pay out despite the medical conditions then i think you would be a chancer...but it doesnt sound like it.

The_J

MPPI wasn't really missold. It was PPI on loans and the like that was the problem.

You can still have cover if you are ill, it is usually excluded from being covered and this is made clear (if you mention it, if you don't then...it's kinda your fault).

Having work cover is no reason not to have protection. You could lose your job, change employers etc. and not have any cover whatsoever.

frankie500

Thanks for the replies. As a matter of fact my health did take a turn for the worse and I have been in ill health retrement since 2001 but never felt the need to claim on this insurance as I was paid for 18mths albeit at half pay laterly. Although I am now late 40's I am on a pension so again never felt I needed to claim. I am not entirely sure that lloyds would have paid out any way as I had an income of sorts.. to be honest I really didnt want the hastle anyway .
I will drag out the old paper work and peruse but to be honest I dont think I will be claiming on this one as it seems to be a bit more complex. One question though .. does it make any difference if the protection was incorporated into the mortgage repayments? It was never clear as to what portion of the payments was the protection part, even on our yearly statements :huh:.

Thanks again

Frankie

The_J

Always worth digging out the details because tied insurance sales of the past were questionable at best.

But why didn't you claim? It's irrelevant that you were still getting paid. If you had life cover you'd claim on that even if you got a lump sum from the death in service.

frankie500

Hi J
To be honest I dont really know why I didnt claim.. I had an income (Pension and Incapacity).. hubby was bringing in a wage. I didnt think I was entitled because of this.. and I really didnt feel confident or "spirited" enough to persue it. To be honest we weren't struggeling to meet our commitments at the time so it really wasn't foremost in our thoughts ... Silly I know

Frankie