Woolwich mortgage PPI.

Janett

Hi all, newbie here, so may be asking a question already covered.
I took out a mortgage with the Woolwich in 1987, there is a mention on some papers dating from 1997, about an Insurance with Gresham Insurance Co. LTD. An annual premium of £247.64, is this a case off PPI ?

Any advice appreciated.


Also would there have been any cover over the first 10 years of the mortgage ?

magpiecottage

Could be one of a number of things but my guess is that it is buildings and/or contents cover.

dunstonh

I took out a mortgage with the Woolwich in 1987, there is a mention on some papers dating from 1997, about an Insurance with Gresham Insurance Co. LTD. An annual premium of £247.64, is this a case off PPI ?

House insurance, contents insurance, life assurance or a bunch of other things. My gut would be home insurance as MPPI wasnt around in 1987 and even its forerunner, ASU, was rare in those days. PPI was typically monthly premium as well. Not annual as it didnt renew as it is effectively pay as you go.

roonaldo

I saw a complaint about halifax MPPI sold to someone in 1985 dunstonh.

dunstonh

It would have been called ASU at that time though wouldnt it?

roonaldo

but PPI is cover for accident, sickness and unemployment. at the end of the day, its the same whatever name you put on it. from what i remember they just called it MPI or MPP.

dunstonh

ASU and MPPI are actually two different product types. The differences are minimal but they are considered two different things. Well, they are in the eyes of the CII. (which hints at me being sceptical too)

flufty

MPP is to help pay off the actual mortgage in the event of your death. Most banks made you take this, however they were allowed to do this.

Mortgage PPI on the other hand covers your repayments in the event of sickness or unemployment. it's mostly always taken as a monthly premium as well.

Source: I work in a bank's Mortgage PPI complaint department

roonaldo

flufty wrote: »

MPP is to help pay off the actual mortgage in the event of your death.

thats called life insurance. 1 or 2 firms branded their PPI under different names. MPP which stands for Mortgage payment protection which I was referring to. you are obviously being very specific if you mean there is a life one called MPP.

I was referring to the names PPI was given by some firms, theres MPPI, MPI, MRP, MPP, Abbey called it Paymentcare. amongst others i've seen.

Source- I was an adjudicator at FOS .

Janett

Thankyou all for the replies, still confused. :think:

antrobus

Janett wrote: »

...
I took out a mortgage with the Woolwich in 1987, there is a mention on some papers dating from 1997, about an Insurance with Gresham Insurance Co. LTD. An annual premium of £247.64, is this a case off PPI ?...

The insurer of Barclays Home Insurance is Gresham Insurance Limited. And Woolwich is a Barclays brand.