We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
???Miss-sold
da2j21uk
Posts: 5 Forumite
Hi can anyone advise me please?
I signed up for my mortgage years ago and took out everything that they (won't name the building society) put in front of me because i thought i had to in order to get my mortgage. Part of the deal was signing up for insurance/critical illness which would pay out the full amount of my mortgage on death or critical illness.
2 or 3 years ago someone started cold calling from the mortgage providers asking us to change this policy. I wasn't sure what he was talking about so said i wasn't bothered. Over the next few weeks i had numerous calls telling me that this was the policy for us, that it was a much better product than the one i had and that it was recommended. In hindsight after much badgering like a fool i trusted the person and agreed to the change.
Now i realise that after paying for years the new policy appears to be much better for the insurance company:( not me. Ive given up a policy that paid out my full mortgage cost for one that only pays out what i owe on the mortgage, reducing as the time goes on (in effect if something happens when i only owe £100 the policy will only pay out £100 whereas the old one would have paid out ~£65000).
Truthfully im usually on the ball with things and i feel stupid that ive been hoodwinked by someone that sounded young enough to be my son!
Can anyone advise me please.
Thanks in advance:)
I signed up for my mortgage years ago and took out everything that they (won't name the building society) put in front of me because i thought i had to in order to get my mortgage. Part of the deal was signing up for insurance/critical illness which would pay out the full amount of my mortgage on death or critical illness.
2 or 3 years ago someone started cold calling from the mortgage providers asking us to change this policy. I wasn't sure what he was talking about so said i wasn't bothered. Over the next few weeks i had numerous calls telling me that this was the policy for us, that it was a much better product than the one i had and that it was recommended. In hindsight after much badgering like a fool i trusted the person and agreed to the change.
Now i realise that after paying for years the new policy appears to be much better for the insurance company:( not me. Ive given up a policy that paid out my full mortgage cost for one that only pays out what i owe on the mortgage, reducing as the time goes on (in effect if something happens when i only owe £100 the policy will only pay out £100 whereas the old one would have paid out ~£65000).
Truthfully im usually on the ball with things and i feel stupid that ive been hoodwinked by someone that sounded young enough to be my son!
Can anyone advise me please.
Thanks in advance:)
0
Comments
-
Already answered your duplicate thread.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards