Mortgage payment protection

glkelly

Hi
My husband and I were sold mortgage payment protection for himself when we remortgaged 4 years ago. It was a one off payment of almost £4000.

A year later my husband moved out and has not contributed towards to mortgage payments since, including the mpp.

Is there any way of claiming this back at all and if so how?

Thanks

dunstonh

Is there any way of claiming this back at all and if so how?

MPPI is the one PPI that is generally regarded as worth having. However, it should be set up on a monthly premium basis and not single premium. Most monthly premium MPPI complaints are rejected but most single premium MPPI complaints are upheld.

So, you complain to the seller that they mis-sold you single premium MPPI when it should have been monthly premium.

glkelly

Do I need to go back to the mortgage broker then? Also do I ask for a refund?

dunstonh

You complain to the broker as they sold it to you. You dont need to ask for a refund. You just need to state that you believe it was mis-sold and why. Single premium is a straightforward reason as it was added to your mortgage and you pay interest on whereas monthly is pay as you go and no interest charged. Plus, it is open ended whereas single premium doesnt cover you for the full period of the mortgage.

glkelly

Ok,,, many thanks for this! I guess I am best to put it in writing to them....

glkelly

Sorry to be a pain but what do I do if they deny it was mis sold?

Annisele

If they deny it was mis-sold, they should give you referral rights to the Financial Ombudsman Service. (If they don't give you referral rights, go to FOS anyway - contact details on their website).

I am slightly confused by your first post though:

glkelly wrote: »

My husband and I were sold mortgage payment protection for himself when we remortgaged 4 years ago. It was a one off payment of almost £4000.

Together with

A year later my husband moved out and has not contributed towards to mortgage payments since, including the mpp.

If the MPPI was a single premium of £4k, why do you say that your husband hasn't contributed to the MPPI payments since? Surely there haven't been any MPPI premiums for him to contribute to?

glkelly

He hasn't contributed to any payments. By mppi I meant the interest on the £4000. Sorry, I didn't explain it very well!

Stupid_Question

Did the MPPI cover you? Have you been paying for a policy in your husbands name for 3 years while he's not being paying at all?

glkelly

No it did not cover me and yes I have!!!!! Stupid me!!!!!

dunstonh

Normally in a case like this you would expect the redress to be a refund of premiums plus interest. However, you could suggest they cover the mortgage interest as well for that £4000.