Standing order confusion

GingerFurball_2

If it's a standing order then the OP can ask his bank for the money back but as it's his error, not the bank's then he could be onto plums.

noh

There almost certainly is no error.
Insurance is a stand alone product. The mortgage finishing will not automatically mean the cancellation of an insurance.
The OP needs to find out what is being insured and then decide if they still want the cover provided.
My guess is that it is life insurance.

Goldiegirl

noh wrote: »

There almost certainly is no error.
Insurance is a stand alone product. The mortgage finishing will not automatically mean the cancellation of an insurance.
The OP needs to find out what is being insured and then decide if they still want the cover provided.
My guess is that it is life insurance.

I agree.

My guess was that it was house insurance, but the same principle applies.

Just because the mortgage is being paid off, it doesn't mean that the property insurance automatically ends.

The mortgage holder may continue to live in the property, and may still require the insurance. So, the insurance would continue until the policy holder tells the insurance issuer that it is to be cancelled.

MisterMotivated

It could also be mortgage payment protection insurance. The OP needs to clarify what the insurance was for and if it was actually paid standing order or a direct debit.

Thrugelmir

Blackpool_Saver wrote: »

We seem to be reading more and more of people who don't know what is going in and out of accounts, I can't understand it. Nowadays you can access accounts all the time, it's not like the old days where you got a statement once a month

As a nation of people we are definately become lazier and looking to blame someone else rather than accept personal responsibility.

Aquamania

jonesMUFCforever wrote: »

Probably house insurance. ...

I doubt it. It would be very unlikely that the house insurance is exactly the same price today as it was in 2012.

But I guess we'll never know ... :cool:

Aquamania

GingerFurball wrote: »

If it's a standing order then the OP can ask his bank for the money back but as it's his error, not the bank's then he could be onto plums.

He can ask his bank anything, but if it is a SO then highly unlikely the bank will oblige in returning the money.

jonesMUFCforever

Aquamania wrote: »

I doubt it. It would be very unlikely that the house insurance is exactly the same price today as it was in 2012.

But I guess we'll never know ... :cool:

If it is a standing order and not a D/D and nobody told him to increase/decrease premiums it could be?

noh

I didn't think it would be buildings insurance because there would be a renewal invitation and policy document sent every year. I would hope that the OP would be aware of that.
If the amount of premium paid was less than that required the insurer would have written informing the OP.
For those reasons I think that it was a long term insurance contract with a level premium such as life insurance.

Buzby

Any error with the SO will be the OP's problem. He authorised the instruction, saw it being paid out each month and never thought to cancel.

Trying to pass the buck to a third party is risible for 2 reasons: (1) even if the mortgage is paid off, the property still requires insurance regardless. You continue to pay, so they provide cover (probably discounted). (2) the only Pierson who can modify an SO is the account holder - nobody else.