PPI on my Halifax Mortgage

Magalicious

Hi there
I am new to this site and after some guidence please

I took out a mortgage with Halifax in 2006 and was also sold a TMP Policy. This was to cover me should i go on long term sick or am made redundant etc. However, at the time i was sold the policy i also cover with my work which would cover me for critical illness, and redunancy payout. I however, was still sold the policy. I've been paying into this policy every month since i took it out.

Only after speaking to a friend i realised that i actually shouldnt have been sold this and I decided to write to Halifax to cancel the policy and a reclaim. Halifax very quickly responded to me concluding that Halifax are unable to uphold my complaint. Admitly at the time of cancelling the policy i didn't explain in the letter that i was covered for sickness etc with my work benefits.

I have since then taken this up with the Financial Ombudsman who are currently investigating this. i have detailed in the documentation that i already had cover at work for things like illness etc but i was still sold this policy. However, i understand taking this up with the FO, this could take up to a year or over to resolve and i just need to understand if i have a valid claim ?

daveyr

Hi, I'm no expert, but if you had cover from work for accident, sickness, and redundancy then they shouldn't really have sold you the policy as you were already covered!!
I'd say you have a valid claim. My lender has also refused my claim so I'm trying to find out what to do next before going to the FO.
Hope your successful...

dunstonh

Only after speaking to a friend i realised that i actually shouldnt have been sold this

Why? Are you exempt from suffering a critical illness?

I have since then taken this up with the Financial Ombudsman who are currently investigating this. i have detailed in the documentation that i already had cover at work for things like illness etc but i was still sold this policy. However, i understand taking this up with the FO, this could take up to a year or over to resolve and i just need to understand if i have a valid claim ?

You almost certainly have no case on the CI cover. Most of those complaints are rejected. It doesnt overlap with employer benefits and it is not PPI. So, using PPI complaint reasons for a non-PPI product typically wont work (a firm has to investigate the sale of a policy when a complaint is made to see if any wrong doing took place even if its not in an area you mention).

On the PPI side, your complaint is weak. Halifax do tend to roll over easily on the PPI side refunding more often than not. However, this is MPPI. It is the least upheld of any type of PPI. Both by firms and by the FOS. Halifax only sold monthly premium PPI. Not single premium. So, it doesnt suffer a technical failing. Their cover also pays out in addition to employer benefits. So, unless you had savings of around 12-24 months income, it would be hard to see how this could be a mis-sale.

Employer benefits is a good complaint reason with types of PPI which do not pay out in addition to employer benefits. It is not a good complaint reason for those that do pay out in addition to employer benefits unless you have significant savings.

We dont have the benefit of having access to your files. The FOS will. However, the FOS do reject most MPPI complaints. It is generally regarded as the one PPI that is worth having and is one of only two types of PPI still sold today.

_Andy_

So if you were already covered, why did you take the policy up?

_Andy_

daveyr wrote: »

Hi, I'm no expert, but if you had cover from work for accident, sickness, and redundancy then they shouldn't really have sold you the policy

People aren't 'sold' - you make it sound one-way. A policy is offered/suggested - the OP wasn't held at gunpoint

magpiecottage

daveyr wrote: »

I'm no expert

Clearly not!

Nobody's employer insures them for replacement income if they are made redundant because if the think the employee might be then they are uninsurable and if they don't it would be a waste of money.

They may pay lump sum but it is ALWAYS discretionary and if the employer goes bust only the statutory amount will be paid.