We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage PPI help.....
leelee80
Posts: 2 Newbie
Im so sorry if this is in the wrong place, Ive been a lurker for ages and now need a bit of advice...I didnt know where to post!
Basically we have had mortgage ppi for as long as we've been homeowners (approx 13 years) with Legal and General, it was sold to us via an IFA who told us we had to have it. We adjusted it a few years back so that it only covered my partner as we felt It wasnt worth covering me any longer but kept it for him as he was hearing whispers of redundancy. THis has now happened and he is currently mid way through working his 3 months notice
. We contacted Legal and General with regard to raising a claim and they have sent us a form BUT i wasnt aware that the policy had a 'deferred period' and they wont pay out unit after 90 days. Is this right? Do we have any basis to contest this or claim or something? It just seems ridiculous that we have been paying all this money all this time only to find that when we really need the help its not actually as readily available as we'd thought. I'd imagine its our fault for not reading the t&cs properly but we certainly werent informed of the deferred period.
I hope that makes sense....:huh:
Basically we have had mortgage ppi for as long as we've been homeowners (approx 13 years) with Legal and General, it was sold to us via an IFA who told us we had to have it. We adjusted it a few years back so that it only covered my partner as we felt It wasnt worth covering me any longer but kept it for him as he was hearing whispers of redundancy. THis has now happened and he is currently mid way through working his 3 months notice
. We contacted Legal and General with regard to raising a claim and they have sent us a form BUT i wasnt aware that the policy had a 'deferred period' and they wont pay out unit after 90 days. Is this right? Do we have any basis to contest this or claim or something? It just seems ridiculous that we have been paying all this money all this time only to find that when we really need the help its not actually as readily available as we'd thought. I'd imagine its our fault for not reading the t&cs properly but we certainly werent informed of the deferred period.I hope that makes sense....:huh:
0
Comments
-
We contacted Legal and General with regard to raising a claim and they have sent us a form BUT i wasnt aware that the policy had a 'deferred period' and they wont pay out unit after 90 days. Is this right?
Yes it is right. All policies have a deferment period. If they did not, the premiums would be massive. The balance of cover and affordability is between 30-90 days.
No. It is a black and white fact.Do we have any basis to contest this or claim or something?It just seems ridiculous that we have been paying all this money all this time only to find that when we really need the help its not actually as readily available as we'd thought. I'd imagine its our fault for not reading the t&cs properly but we certainly werent informed of the deferred period.
You would have been informed of the deferment period. Better plans have 30 days but 90 was typical of plans from over a decade ago. The information would be in the policy schedule and report, if the adviser issued one.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.0 -
Thats pretty much what I thought, just wanted clarification, thanks for replying
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards