were we missold mortgage life insurance

dunstonh

just a simple matter of not being told that I no longer had to have life insurance with a repayment mge.

Did you ask?

If there was any changes in my personal circumstances that effect mge and I didnt tell them

There is no requirement for you to tell them.

holly_hobby

I've told her all this Duns....

But she will not accept that the responsibility to verify if life cover (under the LCE) was a continued requirement was her's alone, and instead asserts that it was the responsibility of Halifax to have directly advised her to cancel the existing policy (despite her seeking no financial advice or suitability advice from Halifax or any other practitioner).

She steadfastly believes that as Halifax did not directly tell her to cancel her LCE (post mge change), and neither did she seek guidance to the same - they are directly to blame for her actions and continuance of it .... this is despite our professional comment that this claim has no merit - which she refuses to accept.

Whats the saying these claims companies use ... "where's there's blame there's a claim" .... she obviously genuinely believes she has a case, expects Halifax or FOS to accept her claim, roll over and issue her a nice little cheque .. job done !

I know the tone of this post is not my usual, but I am really quited vexed about this, and the claim and blame culture that has sprung up.

Holly

dunstonh

I know the tone of this post is not my usual, but I am really quited vexed about this, and the claim and blame culture that has sprung up.

I understand it well. I have seen too many of these opportunistic try it on posts in the reclaims section on this site. It has become a bit of a free-for-all for compensation chasers to commit fraud and get away with it.

harvey115

It is indeed the 'blame and claim culture'

Just this morning I heard a women talking to her friend saying she got a compensation on her PPI claim but if she had all the documents (she shredded them recently) she could have gotten more then double the compensation.

Some how people seem to think that they can simply sue big companies for anything. Imagine if a person signs up for a free trial period and then claims that they should be compensated for any issues they faced during their trial period with their account...

Majority of us seems to want something for nothing...

SaRaH_3

So its quite ok for financial organisations to rip off the their customers but not ok for their customers to try to put a stop to it

dunstonh - are you insinuating that Im committing fraud

holly_hobby

How on earth have you been ripped off !!!!

The policy was suitable at the point of sale, and you admit it matched your risk profile ... "it (the claim) has nothing to do with poor performance".

The fact that you chose to change your endowment mortgage to a capital and interest mortgage, was yours alone - as an execution only change they had no responsibility to ensure that your provision following this event, remained appropriate.

Indeed it is the individuals responsibility to ensure that their life, protection and pension provision remains adequate and relevant as they venture through life ... seeking professional advice/guidance where appropriate - which apparently you failed to do.

It is both obvious and disappointing from your replies, that despite professional guidance, you are determined to complain no matter what, regardless as to whether appropriate or not.

But that's your consumer right I guess ....

NB - Duns. is not saying YOU are committing fraud - he is referring to fraudulent complaints generally .... i.e where complainants do not really believe they were mis-advised or mis-sold, but rather seeing the culture we are in, fancy their chances in taking a punt in claiming that the contract sold was not suitable/appropriate to them at POS, and keeping their fingers and toes crossed there are no POS docs to have survived, and thereby get an instant uphold as the Firm is unable to defend.

Thats a fraudulent claim ....

Hope this helps

Holly

Senior_Paper_Monitor

A society in which we know (supposedly) our rights but not (or choose to ignore) our responsibilities I'm afraid.

SaRaH_3

What about the responsibility of the lender to its customer. The complaint is not about the endowment but about the lender not telling me that the compulsory life insurance that was taken out at the outset of the mge was no longer compulsory at the switch to the repayment mge. The lender is responsible to tell its customers about its products and to ensure they understand what they are taking on. As for professional guidance, who knows who you are.

harvey115

Responsibility is a big word and has so many assumptions attached to it for example:

You take a Sky+ offer with compulsory Sky movies package

After an year you find a New offer say Sky++ this time with a compulsory of Sky Adventure package.

In the above scenario Sky is not going to tell you to get rid of Sky movies package, you are expected to see the requirements of the new package you bought and adjust your other sign ups accordingly to your suitability.

At the time of sale the lender has the responsibility to give you details of what is compulsory or not, however as your circumstances change you have to assess yourself or through the help of professionals, your requirements/needs.

Sorry for the bad example, could not think of anything better at the time.

holly_hobby

SaRaH wrote: »

What about the responsibility of the lender to its customer. The complaint is not about the endowment but about the lender not telling me that the compulsory life insurance that was taken out at the outset of the mge was no longer compulsory at the switch to the repayment mge.

You did not take out compulsory life insurance when you effected your interest only mortgage - you effected a qualifying repayment vehicle in the form of a low cost endowment. Which as explained previously, has term assurance as an intergral basis to permit its proceeds to be paid tax free to the policyholder at maturity.

SaRaH wrote: »

The lender is responsible to tell its customers about its products and to ensure they understand what they are taking on.

You instigated, requested and effected your change from an interest only mortgage to a capital and interest repayment method. They Firm did not try to sell you any products in connection with this change, in fact you didn't request to see a mortgage or financial adviser at all as part of this change. And you "didn't take anything else on", other than your requested change of mge repayment method.

You say you retained your LCE solely as Halifax did not advise you to cancel it. As stated previously a Halifax counter adviser would not have been permitted to give any financial advise, and to advise someone to cancel a policy as unnecessary to their requirements, clearly constitutes advice. It was your responsibility to take professional advice from an adviser (in house or an external IFA) to determine if the policyt you retained remained appropraite to your needs/aspirations.

SaRaH wrote: »

As for professional guidance, who knows who you are.

I'm a qualified Financial Adviser, and someone who amongst other areas, investigates and provides recommendations to Firms regarding regulated compliants, such as yours ... thats who I am ...

Holly