Can I claim on a Mortgage PPI and who from

rickuk99

Hi All,

I have read lots of info on the PPI claim back however still have a few questions hopefully somebody will help me with.

13 years ago I was looking for a house and the estate agent recommended a financial advisor to sort out the mortgage. I already had endowment policies which would have been worth 40,000 when they matured.

The Finacial advisor set up an additional endowment policy to cover the different between the 40,000 and purchase cost of the house, and an interest only mortgage with Alliance and Leicester. I was also told I needed mortgage PPI which I took out with another company The Childrens Mutual. At the time I was told I would get a large lump sum when the policy mutured, which in real terms looks like being about 1000, i pay about £38 a month which increases year on year.

Could I claim and if so, who from, the Finacial Advisor, the mortgage company or the PPI company?

Regards Richard

dunstonh

I was also told I needed mortgage PPI which I took out with another company The Childrens Mutual. At the time I was told I would get a large lump sum when the policy mutured, which in real terms looks like being about 1000, i pay about £38 a month which increases year on year.

The childrens mutual dont offer a PPI. Plus, PPI doesnt have an investment element like this friendly society plan would have. I suspect you have an investment backed permanent health insurance (which they did offer).

Could I claim and if so, who from, the Finacial Advisor, the mortgage company or the PPI company?

Why would you make a PPI complaint about a product that isnt PPI?
What exactly is your complaint?

rickuk99

Thanks Dunstonh for your reply,

This just goes to show the confusion with what I was sold, I dont know what it is!

It was a policy origanally taken out with Tunbridge Wells Equitable who along the way the policy change to be Childs Mutual. It states on the policy "Replacemnt Income Cover", I take it this is not the same as PPI?

Regards Richard

dunstonh

It was a policy origanally taken out with Tunbridge Wells Equitable who along the way the policy change to be Childs Mutual. It states on the policy "Replacemnt Income Cover", I take it this is not the same as PPI?

That is permanent health insurance. It is the best form of income protection. It comes under long term insurance rules (PPI comes under short term). PHI is considered one of the most important types of insurances to have by the regulator and ombudsman and advisers. It is also one of the easiest for an adviser to justify as PHI is designed to kick in when employer benefits stop. So, there is no overlap.

PPI was typically put in place by unqualified sales reps. PHI is typically put in place by qualified advisers and its a product that IFAs in particular dominate.