Mortgage payment protection

anthem

I have today found out from the company I pay an insurance to protect me and my mortgage when I am off sick/redundant etc. from work for 30 days or more, that because I took this out originally through my bank who I did my mortgage with has cost me (at present) £10 more a month than it would do if I go direct to the company itself. furious I never knew this, and I am not up on all this ort of thing but what I am asking is, is there anyway I can claim back anything extra I have paid since I took this out in 2006 and get back the difference? thanks.

roonaldo

Only if the cost wasnt displayed which it would be. As this was a regulated sale of a ppi there will be a demands and needs statement and a ppi application form and you would pay for it monthly, so you would have been aware of cost from day one.

Cost isnt a mis-selling reason just like complaining to waitrose that their food is more expensive that asda. also have you actually checked the policy that is £10 cheaper is any good? you cant use this as a complaint reason if yours was a superior policy.

Also there isnt anything wrong with having a monthly mortgage ppi.

anthem

hi and thanks for the reply, I appreciate what you are saying, but what I am trying to say is, at the time in 2006 when I took this mortgage ppi out through the bank, they did not tell me I could get it cheaper if I go direct to the same company I was actually signing with (if you know what I mean).


yes the price I have been given is for exactly the same policy ppi and it is with the same company, just not going through the bank, which is the bit I did not realise why I have been paying over the odds, if you like. so as I see it, I have been charged extra money for exactly the same policy just because I took it out through the bank as I was advised in 2006.

dunstonh

furious I never knew this, and I am not up on all this ort of thing but what I am asking is, is there anyway I can claim back anything extra I have paid since I took this out in 2006 and get back the difference?

Cost is not grounds for complaint. Banks are never the cheapest places to buy financial products.

they did not tell me I could get it cheaper if I go direct to the same company I was actually signing with (if you know what I mean).

They wouldnt. They are not required to. Indeed, no such requirement exists in an retail business. It would be illogical for such a rule to exist.

magpiecottage

anthem wrote: »

what I am trying to say is, at the time in 2006 when I took this mortgage ppi out through the bank, they did not tell me I could get it cheaper if I go direct to the same company I was actually signing with (if you know what I mean).

If we follow your logic then, by not telling your employer that they could get somebody else to do your job more cheaply, you have missold your services to them.

roonaldo

anthem wrote: »

hi and thanks for the reply, I appreciate what you are saying, but what I am trying to say is, at the time in 2006 when I took this mortgage ppi out through the bank, they did not tell me I could get it cheaper if I go direct to the same company I was actually signing with (if you know what I mean).

would you expect to be told in waitrose that asda is cheaper? was a tv mis-sold as currys sell it more than amazon?

the bank or firm can only discuss products it sells and has no obligation to discuss anything else. its a myth they have to.

also, again it may not be exactly the same policy, insurance companies may taylor certain policies for certain banks or retailers.

you cannot complain about the cost if it was clearly disclosed.

anthem

thanks everyone, as I say I was just asking advise. cheers