I`ve been stitched up on my mortgage!!!

Arijha

dunstonh wrote: »

Your post does not indicate that has taken place.



The adviser is required to recommend to what your needs are. You agreed with that and proceeded. Since then, you have chosen to ignore your financial needs and decide to reduce your cover below what your needs are. If you said to the adviser at the time that you couldnt afford to cover yourself to the ideal then the adviser would have given advice on ways to reduce the cost whilst telling you that you would be compromising your coverage and putting you and your house at risk.

If you suffer a claimable event for which you are no longer covered, will you be complaining to your husband's mate that he has left you financially worse off?



Nothing suggests you have been gullible. Indeed, making the changes you have could cost you a greater amount in the long term.



Are you reading the replies?

If we were to lose our jobs we would have to get new ones, and I have saved a lot of money by not paying for mortgage protection. And anyway, she did not show us any other products like cheaper ones, she just wanted to get paid... if things r like you say why are so many ppi claims? an insurance you din`t ask for it but still took it???

dunstonh

f we were to lose our jobs we would have to get new ones, and I have saved a lot of money by not paying for mortgage protection.

What if you suffered a critical illness and were not able to work? What the adviser recommended would have paid off the mortgage. What you have now would not. You have replaced a policy that was statistically more likely to pay out with one that is unlikely to pay out as it wont be needed.

And anyway, she did not show us any other products like cheaper ones, she just wanted to get paid.

This may come as a surprise to you but people do expect to be paid when they work.

Unless you choose to use an independent financial adviser, you will be sold the products that the tied agent has to offer. Nothing else. A tied agent will never shop around as they do not have the remit to do so.

. if things r like you say why are so many ppi claims?

There are not. Just 0.2% of PPI complaints at the FOS are about adviser cases and the majority are rejected.

an insurance you din`t ask for it but still took it???

You did ask for it. The adviser presented the options and you agreed to them. Nothing at all comparable with PPI.

Arijha

John1993 wrote: »

No, people are being polite, and helpful, and you are throwing your toys out of the pram.

Now, do you want some help, or do you want to have a bit of a tantrum? If you want help, then you'll get more if you do people the courtesy of asking for it in as close to standard English as you can muster.

Not really interested of u got to say, like I said, I`m not here for an argument some people r being sarcastic that is all. I have thanked the people who r trying to help me even if I don`t agree with the answer. Sorry if my English is not good enough for you, considering is my second language I don`t think is that bad.

Georgiegirl256

Arijha wrote: »

If we were to lose our jobs we would have to get new ones, and I have saved a lot of money by not paying for mortgage protection. And anyway, she did not show us any other products like cheaper ones, she just wanted to get paid... if things r like you say why are so many ppi claims? an insurance you din`t ask for it but still took it???

So if you lost your jobs, do you have savings that would cover the mortgage payments etc?

Also, it's just not that easy anymore to just jump from one job to another, if either of you did lose your jobs, it could be months/a year for example until you find a new one.

No one "forced" you into taking the mortgage protection, you signed up for it, you didn't have to take it.

Arijha

dunstonh wrote: »

What if you suffered a critical illness and were not able to work? What the adviser recommended would have paid off the mortgage. What you have now would not. You have replaced a policy that was statistically more likely to pay out with one that is unlikely to pay out as it wont be needed.



This may come as a surprise to you but people do expect to be paid when they work.

Unless you choose to use an independent financial adviser, you will be sold the products that the tied agent has to offer. Nothing else. A tied agent will never shop around as they do not have the remit to do so.



There are not. Just 0.2% of PPI complaints at the FOS are about adviser cases and the majority are rejected.



You did ask for it. The adviser presented the options and you agreed to them. Nothing at all comparable with PPI.

I`m saying about mortgage protection not critical illness. Yes I know they expect to be paid but I didn`t want to have them do my mortgage in the first place, they wanted me to do it all with them and not the bank. And I went along with it cos I didn`t want to lose the house. I have got more protection now with my life insurance and house insurance than before I can assure you that.

Georgiegirl256

Arijha wrote: »

And I went along with it cos I didn`t want to lose the house.

So you weren't forced into it then?

Arijha

Georgiegirl256 wrote: »

So if you lost your jobs, do you have savings that would cover the mortgage payments etc?

Also, it's just not that easy anymore to just jump from one job to another, if either of you did lose your jobs, it could be months/a year for example until you find a new one.

No one "forced" you into taking the mortgage protection, you signed up for it, you didn't have to take it.

That's a matter of opinion. I can get a job tomorrow if I want to it is a matter of opinion, but I understand where u coming from. Yes I did have to take the mortgage protection or she wouldn`t go ahead with the mortgage.

Cornucopia

OP - did you ever say what kind of mortgage it was?

Without that information, no one is going to be able to give you anything other than basic advice... and criticism.

To add to that, obviously everyone needs to check on the suitability of their financial products not just at the point of purchase, but regularly afterwards, too.

Depending on the types of products you bought, you may have been able to get out of them before now, saving more money.

Arijha

Georgiegirl256 wrote: »

So you weren't forced into it then?

if I wanted the house I had to have the insurance according to her, so yes, it was.

Arijha

Cornucopia wrote: »

OP - did you ever say what kind of mortgage it was?

Without that information, no one is going to be able to give you anything other than basic advice... and criticism.

To add to that, obviously everyone needs to check on the suitability of their financial products not just at the point of purchase, but regularly afterwards, too.

Depending on the types of products you bought, you may have been able to get out of them before now, saving more money.

it was a fixed for five years. It would cost us a lot of money to leave. That`s why we r paying 1000 pounds now to get a better deal.