paying twice for 7 years!!!

plonker777

_Andy_ wrote: »

"everthing nowadays is direct debit/standing order what more can i say??"

Why would that mean you wouldn't notice it/check your statements?

sorry mate, came on here for some advice. if i was as SMART as you, i wouldnt need it would i! if you've nowt decent t say please dont say owt

_Andy_

plonker777 wrote: »

sorry mate, came on here for some advice. if i was as SMART as you, i wouldnt need it would i! if you've nowt decent t say please dont say owt

There really is no need to be rude or defensive. My point is that you're implying that just because something's paid by DD, you wouldn't know anything about it.

However, given you're obviously rather rude, I will leave things here.

ACG

Life policies although taken out to cover the mortgage arnt linked together. If you paid off your mortgage or cancelled the policy you wouldnt be obliged the cancel the other.

1-2 months the insurer may have refunded the premiums as a gesture of goodwill. 7 years you have no chance as they would have paid out (its not like car insurance where you only need one policy), the broker will say he told you to cancel the policy.

plonker777

i will be making an appointment to see the IFA on monday. i have just found all my copies, numbered and dated with specific instructions for from him. he thouroughly outlines exactly what the previous policly covered and what the new policy will cover. the benifits of moving to a new insurance provider and as instructed he will sort out all the relavent paper work and contact us in due time.
i have gone through it, as has my wife and it does not mention us having to cancel the exsisting policy.
so i don't know how it will outcome, but as far as i am hoping, he was paid nearly £500 with a monthly payment of £0.86 per month for the original. and £800 and a monthly payment of £1.17 for the new policy. Surely for that kind of money he would advise the cancelation??????????

BobQ

plonker777 wrote: »

The life insurance is morgage linked, amount comes down with the amount of the morgage and is directly conected to the morgage provider, or so i thought?
surely, when legal and general realise i havent had the morgage with the company they insured it for, for the past 7 years they must see it as an over payment?

for all those who would like to mock me for not noticing sooner, go ahead, cheers it makes me feel loads better!
everthing nowadays is direct debit/standing order what more can i say??

I was actually thinking about this in another way. Lets accept that that you have paid and benefited from the insurance policies and that this was not a mistake. If both of these policies were taken out to repay an amount equal to the mortgage you were sold insurance at a level that was greater than you needed. Can you complain that the IFA sold you insurance you did not need so the advice to buy it was unsound? I have no idea but might be worth exploring.

Quentin

plonker777 wrote: »

.......he was paid nearly £500 with a monthly payment of £0.86 per month for the original. and £800 and a monthly payment of £1.17 for the new policy. Surely for that kind of money he would advise the cancelation??????????

Why would his commission have anything to do with you cancelling the policy?

Do you expect him to refund you the commission??

Why should he?

(Have you cancelled the policy yet?)

ACG

Its common practice now to put in the letter do not cancel your policy until the new one is in force - not sure whether it was when you put that one in place.

But it doesnt matter if the commission is £1 or £10,000 - surely common sense would dictate a policy needs cancelling - if your unsure you ask the question. If he had to tell you each and every instruction you wouldnt have got through the front door.

He could quite easily say he told you to cancel it and there is no way to prove otherwise. This sounds like you have messed up and your trying to pass the buck. If you took out car insurance or home insurance would you cancel the old policy?


BOBQ - The policy was needed, it was a replacement for the existing policy for whatever reason (better cover, cheaper premiums - the OP will know why), the policy wasnt sold as extra cover it was to replace what he already had.

Quentin

ACG wrote: »

...... This sounds like you have messed up and your trying to pass the buck......

He wouldn't be thinking of passing the buck if he'd kicked the buckET during the last 7 years!

dunstonh

The adviser has no ability to cancel the old plan. It is impossible for them to do that.

There are two things that normally happen in this scenario.
1 - they tell you to cancel the old one once the new one is in force or
2 - they pre-prepare a cancellation letter for you and post it once the new one is in force and tell you to cancel the direct debit.

Either way, it needs your involvement.

Whilst, you appear to have forgotten to cancel your old policy, you can have as much life assurance as you like (some caveats apply). You can have multiple plans and many people do. L&G will not refund as they have provided the service. The adviser will probably say they told you to cancel it with your bank and the insurer.

lisyloo

Could the OP claim that he was missold the excess insurance which he did not need?

Only if there is something to show that.
It's not a given just becuse it's in excess to the mortgage.
People take out life ins for all sorts of reasons - funeral costs, childcare, to help spouse live in current home temporary until sorted etc. etc.
It's not necessarily mis-sold just because it's more than the mortgage.

for all those who would like to mock me for not noticing sooner, go ahead, cheers it makes me feel loads better!

Ok, but you need to accept that the 7 year gap does affect your changes of success with a complaint.
The fact that you didn't notice could imply to some that it wasn't a mistake but now you regret the decision i.e. sour grapes.
If you are being honest that your expectation was that the old policy would be cancelled then you are bound to be asked why you didn't question it when it appeared as an outgoing on your statements every month for 7 years.
I'm afraid it's bound to come up because some people make fradulent claims when they've changed the way they feel.
I'm not implying that's true in your case just trying to explain why it's relevant.