old endowment mortgage not sure if ive got ppi

dunstonh

These were payment protection policy's. Dont think they paid out if you snuffed it lol .

andy said in post #3 that it was a life policy. Not a PPI.

justjohn

dunstonh wrote: »

andy said in post #3 that it was a life policy. Not a PPI.

Well i am confused.

if the original poster had an endowment policy it would of had life cover/policy built into it.

so why would the bank make him take out a further life policy on top of the endowment life cover built into the policy?

justjohn

lynnee wrote: »

Well put justjohn! that's what I meant. Any ideas anyone? any way of getting a definitive answer?

Maybe you could tell us exactly what you had, as i think there are some crossed lines/misconseptions.

i had endowment policy with life cover,built in. A mortgage payment for the interest. And then a 3rd monthly payment for insurance incase of sickness and unemployment to cover the payment too the bank of the mortgage interest.(did not matter what type of mortgage you had, the bank forced you too take this policy out.

justjohn

dunstonh wrote: »

We are going back to 1991 here. So, verbal allegations of wrong doing are going to fail. No evidence to support them will exist and a complaint over 20 years after the point of sale lacks credibility on the basis of verbal allegations. The only way a complaint would succeed is if there was no financial need for the life assurance policy at point of sale. That is likely to be incredibly difficult unless you were single, living alone and had no children. If you had a spouse/partner then there was almost certainly a financial need.

These mortgage payment protection policy's were forced. No verbal discussion was ever entered into. Or any assessment of need. it was a case of you must take it out, end off.

dunstonh

These mortgage payment protection policy's were forced. No verbal discussion was ever entered into. Or any assessment of need. it was a case of you must take it out, end off.

What evidence is there to support that allegation?

so why would the bank make him take out a further life policy on top of the endowment life cover built into the policy?

covered in post #10. The one that you laughed at for being wrong in your opinion

justjohn

dunstonh wrote: »

What evidence is there to support that allegation?

My payment protection for mortgage repayments were not discussed with me. They were forced, i was told i must take it out. Premium was based on the mortgage repayment amount. It had nothing to do with my earnings. it had nothing too do with my long term repayment plan. It was taken out because the bank demanded it was taken out to safeguard the repayments of the endowment mortgage interest per month.

Maybe what i had was different from the original OP...i donno lol

dunstonh

My payment protection for mortgage repayments were not discussed with me. They were forced, i was told i must take it out.

And what evidence do you have to support that?

Premium was based on the mortgage repayment amount.

Just as you would expect it to be.

It had nothing to do with my earnings.

You wouldnt expect it to be unless you happened to be earning less than the mortgage payment.

it had nothing too do with my long term repayment plan.

again, it wouldnt be expected.

It was taken out because the bank demanded it was taken out to safeguard the repayments of the endowment mortgage interest per month.

And what evidence is there to support that allegation?

Maybe what i had was different from the original OP...i donno lol

You are talking about MPPI. You have an opinion it was mis-sold and it could well have been. However, it is the weakest complaint reason going as you almost certainly cannot prove your allegations. It is highly likely the seller has nothing on file to support the allegations. So, assuming no other wrong doing and no auto payout, you would expect a rejection of that complaint.

The OP was talking about another life policy. Not PPI. Most people have multiple life policies to cover their multiple needs. Arranging your family protection (or other needs) at the same time as the mortgage protection is very common. You are effectively killing two birds with one stone. Especially as the adviser should be doing a needs analysis to make you aware of shortfalls (on full advice cases).

justjohn

OK lol MPPI

Was required for mortgages purposes at least by RBS in 91/92(or at least thats what i was told at time off aplication). No MPPI no mortgage. i remember saying do we need it, and them saying it was mandatory. i cannot remember if the mortgage application said it was compulsory.

I remember all this because money was tight and it was my first house. interest rates were high and was looking to save as much as possible. i was young and naive maybe they verbally hood winked me into it, if thats what you mean by can i prove it lol

dunstonh

Was required for mortgages purposes at least by RBS in 91/92(or at least thats what i was told at time off aplication). No MPPI no mortgage. i remember saying do we need it, and them saying it was mandatory. i cannot remember if the mortgage application said it was compulsory.

If it was mandatory (and that was not uncommon in the 90s) then that is allowed. Where a lender insists on insurance then that is not a mis-sale. It is where they lie about it being mandatory.

i was young and naive maybe they verbally hood winked me into it, if thats what you mean by can i prove it lol

Its a case of you making an allegation of wrongdoing on the basis of he said/she said but having nothing to support that allegation in the way of facts or evidence.

justjohn

dunstonh wrote: »

If it was mandatory (and that was not uncommon in the 90s) then that is allowed. Where a lender insists on insurance then that is not a mis-sale.
.

Even if they use there own company or sister company to provide the insurance. There was definitely no choice as to the provider.

It was a case of i must take RBS MPPI with them. i think they used too use sister company too provided the policy.

The definitely verbally insisted on MPPI.

taken from martins blog "Q. I mortgaged in 2004 and was told PPI was compulsory by the advisor in bank. Can i reclaim?
ML. Depends, MPPI can be compulsory by some lenders (ie they require you to have policy) but not THEIR policy"

Any good to me lol