PPI - cancel insurance or not

spursberry

Hi

I got PPI for my(our) mortgage when we brought our house a few years ago.

I wish to claim on these. I still have the insurances tho.

I have one question tho:

Should I cancel the related insurance covers or not while going for the claim back. I'm not sure what is the best course of action. Keep them open or close them?

I wish to cancel them anyway but not sure what is best while trying to claim back the PPI

safestored4

If you fall ill, get knocked over by a bus, or are made redundant how will you pay the mortgage?

dunstonh

I got PPI for my(our) mortgage when we brought our house a few years ago.

As very many people do.

I wish to claim on these. I still have the insurances tho.

Do you mean claim or complain?

Should I cancel the related insurance covers or not while going for the claim back. I'm not sure what is the best course of action. Keep them open or close them?

It looks like you mean complain. It is up to you what you do. They will void them anyway.

If you fall ill, get knocked over by a bus, or are made redundant how will you pay the mortgage?

Which is one of the main reasons mortgage PPI has a much lower success rate on complaints than other types of PPI. This is not some unsecured debt that causes minor hassle if not paid. This is a major debt which can lead to repossession and a lifestyle changing event if not paid. The regulator and the ombudsman both understand this and MPPI is treated as being more important as a financial need than other types of PPI. Hence why so many fewer complaints succeed. (other reasons being that adviser/broker cases tend to have a much better audit trail, monthly premium MPPI is set up correctly and MPPI is standalone and not charged interest on - single premium MPPI is considered bad).

roonaldo

sorry I dont get it. either you want the insurances or not? if you dont then cancel it but if you want it you shouldn't complain about it. remember this is for your mortgage, your most important asset.

spursberry

Thank you all for your help.

It was more the way it was sold. But you have given me useful stuff to add to my research - many thanks everyone!

I've been a long long time lurker on this site so it's great to get on here and get useful info

Many thanks