Mis sold mortgage protection plan?? Help!

Wmo2

I bought my flat in 2003. The mortgage and all the insurances where arranged by the Estate agents, Mann countrywide. I remember the guy telling me I HAD TO have mortgage protection and he promptly arranged it with countrywide and moved on. Clearly this has been Mis sold as I now know that that is not the case! I have stopped paying the insurance but can I make a claim to get my payment back??

Insider101

Wmo2 wrote: »

I bought my flat in 2003. The mortgage and all the insurances where arranged by the Estate agents, Mann countrywide. I remember the guy telling me I HAD TO have mortgage protection and he promptly arranged it with countrywide and moved on. Clearly this has been Mis sold as I now know that that is not the case! I have stopped paying the insurance but can I make a claim to get my payment back??

Mortgage protection can refer to either mortgage PPI or mortgage related life cover. Which one is it you have?

The term "have to" is open to interpretation. Do you mean "have to" as in compulsory or "have to" as in essential?

If you were told the cover was compulsory then is wrong unless the mortgage provider insisted on it as a condition of the offer (I'd contact them to find out if this was the case). However, mortgage PPI is considers a very good idea for most people and life cover is also usually recommended unless you have no dependants.

I think you're going to struggle with trying to get anything back either way as 2003 was before either mortgages or insurance were regulated.

dunstonh

but can I make a claim to get my payment back??

No. Mortgage brokers didnt become regulated until Jan 2005 for insurance. So, this is pre-regulation.

I remember the guy telling me I HAD TO have mortgage protection and he promptly arranged it with countrywide and moved on.

A lot of mortgage brokers require you to purchase insurance to get free mortgage advice. That model is allowed. Even if you were told incorrectly, with it be pre-regulation, they dont need to consider the complaint

Once_bitten

Now you have stopped paying the insurance what happens if something goes wrong and you can't keep the payments up?

[Deleted User]

Once_bitten wrote: »

Now you have stopped paying the insurance what happens if something goes wrong and you can't keep the payments up?

Clearly the OP just wants a refund regardless of the possible consequence.

magpiecottage

Wmo2 wrote: »

I remember the guy telling me I HAD TO have mortgage protection and he promptly arranged it with countrywide and moved on. Clearly this has been Mis sold as I now know that that is not the case!

It might be misselling

It might be mispurchasing

It might be misremembering

It might be miscomplaining


So a one in four chance - that is not quite so clear cut.

can I make a claim to get my payment back??

If you can prove that you were told the cover was compulsory when it was not and that you would not have taken the cover out if you had not been told it was compulsory (despite the Mortgage Code Compliance Board advocating that it was recommended in all cases where borrowers were eligible) and the seller voluntarily submitting to FOS jurisdication (and paying £850 to FOS).

Otherwise no.

In the meantime, what do you intend to do if you lose your income through illness or redundancy and cannot meet your mortgage repayments?