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cancelling mortgage insurance

spender76
spender76 Posts: 36 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Insurance & life assurance
got a mortgage decreasing insurance feb 2011 through an indepandent finance advisor with zurich,when i tried to cancel it i got told by the advisor that it will cost me £9000 fine for an early cancelation fee,they said that i wont be able to stop it befor the 48 months i ve signed for.spoke to zurich direct ,they said they have no probleme with me stopping the policy and they wont charge me any fine.
please advise.
thanks.

Comments

  • Quentin
    Quentin Posts: 40,405 Forumite
    They definitely cannot "fine" you! (Fines get imposed on criminals).

    Ask the IFA to supply you a copy of any agreement you signed to this effect, as he is probably just trying it on!
  • spender76
    spender76 Posts: 36 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    i did ask for it,once i get it then i ll see what i can do ,thats what i thought as well,as usual they allways try it .
  • dunstonh
    dunstonh Posts: 121,289 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    got a mortgage decreasing insurance feb 2011 through an indepandent finance advisor with zurich

    You cant be an independent financial adviser and be with Zurich.

    Zurich reps often have a clawback written into their fee agreements.
    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.
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