Mortgage PPI

RealMadrid4ever

I took MPPI when I started a mortgage in 1995--this was recommended @ the time
I also worked @ the same bank giving the mortgage--I think I was mis-sold MPPI as I was already covered for 12monthds sick pay & as a fairly new employee(joined Dec 1994) was unlikely to be made redundant
DO I HAVE A CLAIM??????

dunstonh

I took MPPI when I started a mortgage in 1995--this was recommended @ the time

Nothing wrong with that or today.

I was already covered for 12monthds sick pay & as a fairly new employee(joined Dec 1994) was unlikely to be made redundant

Whilst that reason works well with loan and credit card PPI, it doesnt with mortgage. The fos have been rejecting complaints using that as a reason with MPPI.

The mortgage is considered a major debt with big consequences if you dont pay it. So, MPPI is treated as being more important.

peadars

Sorry if I have posted on wrong thread but I am interested in the tmpp
area of discussion as I had tmpp with my mortgage and was made redundant 18 months ago but I did not claim on the policy as the company I worked for had very good provisions for sickness and redundancy. My question is regarding a conversation with the tmpp provider recently where I mentioned that I had been made redundant but had not claimed they asked if I wanted to make a claim now for the period I was out of work and had I signed on I said I hadn't they said I couldn't claim as I hadn't signed on is this correct they did not ask for any other proof of redundancy is this right? surely not everyone claims unemployment benefit but pay tmpp why are they not covered regardless of the fact that they can fund their mortgage.Had I known this I would not have the policy at all.
Sorry if I am wrong but there are other ways to check if someone has been made redundant.
I would appreciate any advise as to whether I should question this further you all seem to know best practice in these matters.
Thank you in advance.

roonaldo

Punctuation please.

You need to sign on for JSA to be registered as unemployed, there are no other ways to be registered as unemployed. This is nothing to do with PPI mis-selling. It would be your decision for not registering for JSA and not making a PPI claim.

peadars

Sorry about the punctuation not a strength of mine.
Thank you for your reply it is very helpful and correct I'm sure but unlucky for me.
Thanks again

dunstonh

hey said I couldn't claim as I hadn't signed on is this correct

Correct. To be registered as unemployed you need to sign on.

they did not ask for any other proof of redundancy is this right?

you are not paid on redundancy. You are paid as being registered as unemployed. If you didnt sign on, you were never unemployed.

Surely not everyone claims unemployment benefit

A lot of the time, it is not about the jobseekers allowance. It is about getting your NI paid and making sure you qualify for entitlements and can prove your status.

peadars

Thank you for your comment you make valid points.
my main problem is that it is described as replacing lost income which is what happens upon redundancy and surely tax and bank records would prove if in employment should that be needed also redundancy notice.
I am not asking for something for nothing but feel that its very one sided against the person paying for income replacement. I feel that if aware this was the restriction on the policy I would have cancelled years ago as it gives me no choice in a product I paid for.
My way of looking at things may differ from others as I believe that fair play is important and in this instance for me is unfair.
I appreciate your comments as each day we get a little wiser by seeking the views of others.

misschicken

It depends on the definition in the policy document. Usually it would be something along the lines of......you will only be covered for a period of unemployment if you are registered with the Dept of Work and Pensions etc. Only if you were ineligible for JSA might they accept other proof such as copies of job applications and registrations with job agencies but again it would depend on the wording of the policy.

dunstonh

my main problem is that it is described as replacing lost income which is what happens upon redundancy and surely tax and bank records would prove if in employment should that be needed also redundancy notice.

Many people who are made redundant decide to finish work altogether or have a period of not working by choice. They would not be classed as unemployed. If you read what documentation you have you will see that you can claim after redundancy but to qualify, you need to sign on. (whilst a small number of plans may consider other options, signing on is by far the most common requirement).

My way of looking at things may differ from others as I believe that fair play is important and in this instance for me is unfair.

Without signing on as unemployed, how do you prove unemployment against say a voluntary period of not working or retiring? Signing on is by far the easiest way and anyone being made redundant should do it, even if its only for a couple of months as the NI coverage is worth it even if the payouts under jobseekers are a joke. I signed on once for 3 months after I was made redundant and I was setting my company up. Didnt need the money and hated the place. But I did it to keep my NI record up.

magpiecottage

RealMadrid4ever wrote: »

as a fairly new employee(joined Dec 1994) was unlikely to be made redundant

I once knew a group of employees who were made redundant within a couple of months of starting their jobs with a financial institution.

One of them only joined a couple of hours before their redundancies were announced!

peadars

Thank you Dunstonh,
I think I should have signed on as you state but as I had the funds and had my mum ill at the time claiming was not a priority.
As there was no discussion about the insurance at the time I took the mortgage I guess I was a little ignorant, and as you know ignorance is no excuse so I guess its a lesson learned.
I always enjoy your reply's to others questions as you get straight to the point.
Keep doing your thing.