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Mortgage payment protection

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Comments

  • glkelly
    glkelly Posts: 33 Forumite
    Part of the Furniture
    I would be happy with just the £4000 back! Just have a feeling they are going to very difficult.... No idea where or how we found the broker but they have changed company name since...
  • dunstonh
    dunstonh Posts: 121,412 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Doesnt matter if they are difficult. If they reject you go to the FOS and you are virtually guaranteed for the FOS to uphold it as there is no justification for doing a single premium MPPI and adding it to the mortgage when you have a nice simple monthly premium plan available.
    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.
  • roonaldo
    roonaldo Posts: 3,420 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    FOS will still reject single premium PPI, as long as the cost of PPI, interest and total cost of PPI is clearly disclosed. Cancellation rights and term mis-match of PPI is disclosed. A sale 4 years ago should have this as mis-sale complaints were becoming big, but who knows.
  • glkelly
    glkelly Posts: 33 Forumite
    Part of the Furniture
    I don't recall anything being explained and I have no idea why we opted for single payment... That's not to say it wasn't explained but I really have no recollection. It's only cos I am sorting through some paper work I noticed it.... Frustrating that I am paying interest on something which is of no use to me!!!!
  • roonaldo
    roonaldo Posts: 3,420 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    glkelly wrote: »
    I don't recall anything being explained
    probably wasnt! i've worked at brokers where advisers barely mentioned it, just added into remortgage and told their monthly payment of £x includes ASU.
This discussion has been closed.
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